The ICC G20 CEO Kunshan policy consultation was part of a larger effort to strengthen ties to the Asia-Pacific region that also included high-level meetings in Beijing. The consultation was held in the city of Kunshan, located in the Jiangsu Province. The province is of key importance for business. Growing at 8.8%, it accounts for 10% of China's GDP, one quarter of all FDI to China and is home to over 400 foreign companies with investments in the province.
Directly following the ICC Asia-Pacific Regional Consultative Group meeting, the G20 consultation took advantage of the presence of business representatives from the region to glean business policy recommendations.
Zhang Wei, Vice-Chairman, China Council for the Promotion of International Trade (CCPII) and China Chamber of International Commerce (CCOIC) gave the welcoming remarks and expressed substantive suggestions for input into the B20/G20 process.
Following, ICC presented on its role in ensuring a continuous global business representation in G20 and Business-20 activities, year-over-year. A status report on recommendations under consideration by the Australian B20 task forces was followed by a facilitated roundtable discussion, where business representatives contributed to policy input.
The meeting was organized by the ICC G20 CEO Advisory Group and attended by business representatives from the Asia-Pacific region. In addition to Zhang Wei of CCPIT/CCOIC, Jean-Guy Carrier, Secretary General and Stefano Bertasi, Director of Policy and Business Practices represented the International Chamber of Commerce.
Zhang Wei offered substantive policy suggestions, which were largely welcomed by those in attendance.
- Uphold multilateralism to protect free trade, and eschew trade protection that is an obstacle to economic recovery by protecting the multilateral trading system.
- Promote governance reforms in international financial institutions, particularly the IMF to ensure a better representation of emerging economies.
- Maintain capital security, keep inflation low, protect foreign reserves, and prevent economic crises by strengthening financial reserves.
- Encourage greater economic cooperation to promote sustainable growth, and especially energy efficiency.
Likewise the roundtable discussion revealed business' views that showed strong support for an open multilateral trade and investment system. Participants agreed that Chinese companies should be treated in the same way as domestic companies in developed economy markets, and that there is a need to translate the "macro-economic" policy directions of the G20 into actionable "micro-economic" measures that can be taken by national and local governments as well as firms.