ICC's executive board convened here today to set strategic priorities for the world business organization in 2004 and listen to the insights of two recognized experts on the most pressing geo-political issues facing the world and the rising economic importance of China .

Business leaders from 16 different countries - representing a cross-section of industry sectors - convened to hear the International Crisis Group chairman, Gareth Evans, and First Eastern Investment Group CEO, Victor Chu.

At the meeting, overseen by ICC Chairman and Vivendi Universal CEO, Jean-René Fourtou, board members approved the ICC Strategic Priorities for 2004 before being treated to a brief tour of the world's major trouble spots and some timely insights into the rise of the Chinese economy.

Mr Evans began by assuring his audience that, contrary to popular belief, major conflicts in the world were in decline. But, he said, three "big problems" faced the world at the start of the 21st century.

"International terrorism, the proliferation of nuclear and other weapons of mass destruction and the threat to global security posed by failed and failing states will be the biggest challenges we face as a global community," he said.

He added that the US had a key role to play in the resolution of all three of these global problems.

Victor Chu used his speech to the ICC Executive Board to offer an inside analysis of China's integration into the world economy.

Citing such regional Asian tensions as those between India and Pakistan, China and Taiwan and the two Koreas, Mr Chu said China stood out in Asia as "the only bright spot on the horizon".

"Despite the backdrop of a weak global economy and the SARS epidemic, China still managed to post nine percent real growth in GDP in the past year," he said. "After 25 years of reform, China is now the fifth largest trading nation, is a destination of choice for foreign direct investment and is a growi ng force in international commodity and financial markets."

He added that China faces many challenges in the years ahead, including unemployment, "overheating" urban centres and a heavy dependency on privatization for reform.

ICC's Executive Board comprises leading business executives from countries as far afield as France, Saudi Arabia, Austria, Pakistan, the US, Turkey, Germany and the UK.