Global outlooks discussed in Chongqing

City hosts economic forum that aims to help enterprises expand abroad

Chongqing, which aims to improve recognition of its products in overseas markets, hosted the 2024 Land-Sea Economic Forum, themed "China, an Opportunity: New Era of Brand Globalization", at the Chongqing Yuelai International Convention Center on Saturday.

The forum hosted more than 200 guests from more than 20 countries including Italy, Russia, Australia, Cambodia, Honduras, Singapore, the United States, Argentina, Germany, Serbia, Pakistan and Nepal. They explored global industry shifts, providing companies insights and strategies for international expansion.

The event was co-hosted by the Western China International Communication Organization, CITIC Press Group and China Watch, a think tank powered by China Daily.

During the Chongqing Brands Global Promotion launch ceremony, it was announced that the municipality in Southwest China plans to promote its roles as an international communication center in Central and West China, a destination for investment and overseas study, and an auto industry hub. In addition, it plans to put its delicacies and natural scenery in the global spotlight.

The first batch of Chongqing brands to be promoted overseas — such as Chongqing hotpot, Chongqing noodles, Fuling pickled mustard tuber (or Fuling zhacai), the Three Gorges of the Yangtze River and the City of Hot Springs — were officially released.

In a speech at the launch ceremony, Chongqing Mayor Hu Henghua said: "Chongqing boasts an outstanding geographic location, a rich history and culture, a solid industrial base, strong innovation and a comfortable living environment."

Hu said guests are welcome to invest in Chongqing, experience the vibrant modern city and help it go global.

In recent years, Chinese brands have received increased recognition from overseas consumers. According to Kantar BrandZ's 2023 "Chinese Global Brand Builders" report, the reputation of Chinese companies "going global" has been bolstered by improvements to product research and development, winning the hearts of foreign consumers by providing products tailored to their needs.

Chongqing, with a population of 32 million, became the country's fourth municipality in 1997 after Beijing, Shanghai and Tianjin. It covers 82,402 square kilometers, making it the largest of the four.

Located on the upper reaches of the Yangtze River, the industrial powerhouse boasts key geographical advantages as a strategic pivot in the national development programs for China's western regions and the Chengdu-Chongqing Economic Circle. It is also a connecting point for the Belt and Road Initiative and the Yangtze River Economic Belt.

Xi Guohua, chairman of CITIC Group, a State-owned financial conglomerate, said at the event that the group will continue to support Chongqing's opening-up.

"CITIC has always regarded Chongqing as an important region for investment and business development," he said. "We will serve as a bridge connecting domestic and international markets and help more Chongqing enterprises to expand overseas."

"Argentina and China have had a very tight relationship in the past half-century, and we are looking forward to furthering that relationship and expanding trade and investment," said Marcelo Suarez Salvia, Argentina's ambassador to China, at the event. He noted cooperation between Argentine provinces and Chongqing in areas such as education and healthcare has been enhanced.

Argentina's Cordoba and Santa Fe provinces have established friendly relations with Chongqing. Argentina will take this event as an opportunity to work together to find new cooperation opportunities and build a more prosperous and sustainable future, he said.

Parag Khanna, founder and CEO of AlphaGeo, who is also a renowned global strategy adviser and an expert on geopolitics, globalization and diplomatic issues, emphasized that Chongqing's strategic location at the heart of China makes it the ideal launchpad for initiatives like the China-Europe Railway and the New International Land-Sea Trade Corridor.

Khanna noted that China is the world's second-largest economy, with other Asian economies such as India, Turkiye, Indonesia and the Philippines experiencing rapid growth. With its low interest rates, Asia is the epicenter of economic expansion, offering opportunities for borrowing and financing.

As the Association of Southeast Asian Nations and Southeast Asia are now among China's largest trading partners, he described the region as young, vibrant, fast-growing and full of opportunities for Chinese enterprises expanding abroad.

Cao Hu, global partner and China and Singapore CEO of Kotler Marketing Group, emphasized the need for Chinese companies to stay rooted in China to achieve global excellence.

Cao highlighted the fact that China's talent, culture, manufacturing and engineering advantages are indispensable for their success, as they ensure sustainable growth.

The 2024 Research Report on Chinese Enterprises' Overseas Development, a report that offers macroeconomic analysis and insights into overseas experiences and case studies across 20 industries, was released by China Securities at the forum.

According to Qian Wei, chief analyst of overseas economies and asset classes at China Securities, noted that transitioning from exports to international expansion enhances global operations, brand-building and cultural export capabilities. This shift requires a long-term commitment to overseas market development, brand values and cultural dissemination.

During the forum's dialogue session, representatives from The Wall Street Journal, Alibaba and Amazon China and executives from companies like Changan Automobile shared their experiences in cross-border financing and supply chain logistics. They also discussed leveraging artificial intelligence and intelligent cross-border platforms for brand globalization.

The forum also featured the "Made in Chongqing" Industry-Going Global Resource Matching Session and the "Where Land Meets Sea" Businesses Banquet, which provided networking and service platforms for enterprises aiming to go global.