On August 1-4, Mr. Frank Ning, Chairman of Sinochem Group, attended the Third Meeting of 2016 APEC Business Advisory Council (ABAC) in Shenzhen as the Chinese representative of 2016 ABAC and the Co-Chair of ABAC Sustainable Development Working Group.
In the opening ceremony, Mr. Frank Ning delivered the speech, expressing his views on the topics, including the role of trade in promoting growth, striking a balance between the trade policy and financial and monetary policies. Mr. Frank Ning pointed out, trade holds great significance for economic growth, but current global trade growth is challenged, and almost all countries have resorted to trade protectionism to some extent. At present, the supply-side structural reform necessitates the balance between the trade policy and financial and monetary policies. Deglobalization, trade protectionism and abuse of financial and monetary policies for driving economic growth have become a trend that cannot be overlooked, and if this trend continues, free trade would be faced with great challenges and grave crises in five years.
On ABAC Sustainable Development Working Group Meeting, Mr. Frank Ning put forward the proposal of Promoting Green and Low-Carbon Energy Development in Asia-Pacific Region. Mr. Frank Ning pointed out, facing the high ratio of the fossil fuel consumption in the total energy mix and the challenge posed by slumping oil prices, it is required to realize clean and highly efficient use of the fossil fuel on one hand, and strengthen the development and utilization of renewable energy on the other. Mr. Frank Ning called for more favorable conditions and resilient mechanism in trade and investment of natural gas, and acceleration of infrastructure building related to the trade of natural gas. Besides, the government shall strengthen the financial investment or give proper subsidy to promote the development and utilization of renewable energy.
ABAC is the main platform of the business community in participating in the Asia-Pacific Economic Cooperation Agenda, promoting regional trade and investment cooperation and development, and offering the advices and policies to the APEC leaders, and is also the permanent institution on behalf of the business community under the APEC framework. ABAC representatives are the most influential personnel in the business community from APEC members.
More than 260 representatives from 21 economies in Asia-Pacific Region participated in this ABAC Third Meeting, in which APEC Economic Leaders' Report submitted by ABAC was passed, and preliminary arrangement has been made regarding the ABAC representatives and APEC Leaders’ Dialogue to be held in Peru this November.