Amid sluggish global economic growth, the inaugural China International Supply Chain Expo (CISCE) and Global Supply Chain Innovation and Development Forum, which concluded in Beijing on December 2, marked a significant milestone as the world's first-ever national-level supply chain expo, reports WealthPK. CISCE strategically focused on five key supply chain domains, including smart vehicle, green agriculture, clean energy, digital technology, and healthy life, alongside a supply chain service exhibition area. This initiative aimed to establish a revolutionary open platform that fostered enhanced supply chain exchanges and cooperation within the global business community. Dr Ghulam Samad, a senior trade economist at the Asian Development Bank/Central Asia Regional Economic Cooperation (CAREC) Institute, said: "China's remarkable economic ascent has been attributed to its central position in the worldwide supply chain framework. Functioning as a colossal manufacturing hub, the nation has successfully lured in a multitude of multinational corporations drawn to its cost-effective production opportunities and the expansive consumer market it offers."

"It serves as a key intermediary between raw material suppliers and consumer markets worldwide. This integration into global supply chains has not only boosted China's economic growth but has also significantly impacted international trade dynamics," he opined, while talking to WealthPK. Dr Hassan Daud Butt, an associate professor and former project director of CPEC, told WealthPK that China is now moving up to the value chain through innovation, which is seen as a crucial strategy to increase China's gain from trade and its long-term competitiveness. "Due to the flow of investment, opportunities through trade, cross-border employment opportunities, and technological advancements, this global expansion and integration have not only benefited China but also the rest of the world through positive spillover effects of economic growth," he maintained.

He said that hosting the inaugural CISCE held substantial promise in catalysing economic recovery and ensuring that the outcomes of economic development extended their benefits globally. "Amidst a backdrop of economic uncertainties and shifting geopolitical dynamics, the expo has served as a beacon of collaboration, bringing together key stakeholders from across the world," he stated. The five-day expo has attracted a total of 515 enterprises, among which are 53 Fortune 500 companies and 57 Fortune China 500 companies, as well as 132 international companies from 55 countries and regions, including the United States, Japan, the United Kingdom, and Germany, as well as two international organisations – the African Union and the League of Arab States.

Credit: Independent News Pakistan (INP)