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China-Singapore Chongqing Connectivity Initiative Financial Summit

Chongqing, 4 Nov 2019  – The China Singapore (Chongqing) Connectivity Initiative Financial Summit was held in Chongqing with the theme Financial Connectivity along the “Belt and Road” ─ Financial Opening and Innovation to Promote the New International Land Sea Trade Corridor.  The summit was co-hosted by the Ministry of Commerce of the People’s Republic of China, the People’s Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange and the Chongqing municipal government, as well as the Ministry of Trade and Industry and the Monetary Authority of Singapore.

More than 1200 government officials and corporate leaders attended the event.  Distinguished guests include Chongqing mayor and deputy secretary of the Municipal Party Committee Tang Liangzhi, Singapore Minister of Education and Monetary Authority of Singapore board member Ong Ye Kung, Monetary Authority of Singapore Managing Director Ravi Menon, People’s Bank of China Vice President and State Administration of Foreign Exchange Director Pan Gongsheng.

Left to right: Mr Wang Xiao Ping, Chairman of the Board, Chongqing Xian Tao Data Valley Investment Management Co Ltd; Ms Karen Woong, GM, WiseNet Asia Chongqing; Mr Xia Xiu Jun, Director of the Talents Office,Yubei District Committee

During the signing ceremony, a memorandum of agreement was signed between WiseNet Asia, Xian Tao Big Data Digital Valley and Yubei District Office to facilitate talents placements in Chongqing.  WiseNet Asia was represented by Ms Karen Woong, GM, WiseNet Asia Chongqing.

—End—

 

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2nd Western China International Fair for Investment and Trade(WCIFIT)

16 May 2019 –  WiseNet Asia participated in the 2nd Western China International Fair for Investment and Trade in Chongqing to present its Belt and Road HR Solutions. This is the largest trade fair in Western China, and a significant event for Chongqing to carry forward it’s trade opening up through global collaborations.  The trade opening up policy is in line with the Belt and Road Initiative for the Western region.

The 3 days event from May 16 to 18 attracted participants from 95 countries, consisting of 4000 companies and 70,000 visitors. A total of 132 projects with investment value of RMB337.53 billion are signed during the event.

 

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Chongqing Connectivity Initiative Bureau and Singapore Manufacturing Federation Started Initial Discussion on Leveraging of Southern Transport Corridor

 

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28 Feb 2019:  WiseNet Asia facilitated a meeting between Chongqing Connectivity Initiative Bureau, China (CCIB) and Singapore Manufacturing Federation (SMF), the aim of the meeting is to create awareness and promote trade in the Southern Transport Corridor to members of SMF.

Chongqing Connectivity Initiative Bureau is represented by Mr Hu Jian Bo, Minister of the Transport & Logistics Promotion Department, CCI.

Singapore Manufacturing Federation is represented by Mr Poh Choon An, Vice President.  Mr Poh is also the Vice Chairman, China and North Asia Business Group, Singapore Business Federation (SBF).  Other attendees from Singapore included Mr Wesley Hui, Executive Director, WiseNet Asia, Mr Chan Fook Seng, Consulting Director, Global Trade Services and several other key figures from each of these entities.

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Left: Mr Hu Jian Bo, Minister of the Transport & Logistics Promotion Department, CCI; Mr Poh Choon An, Vice President, Singapore Manufacturing Federation

The Southern Transport Corridor is an extension of the Chongqing Connectivity Initiative (CCI), the 3rd government-to-government joint project between China and Singapore.  Chongqing is the western hub of the Belt and Road Initiative due to its strategic location that connects the “Silk Road Economic Belt”, “21st Century Maritime Silk” and the “Yangtze River Economic Belt”.

The Southern Transport Corridor is a southward trade route of multimodal rail and sea logistics networks.  The Corridor consist of:
– Chongqing-Guizhou-Guangxi-Singapore rail-sea multi-modal logistics passage
– Southward cross-border road passage via the provinces of Sichuan, Guizhou and Guangxi
Southern Transport Corridor

With Southern Transport Corridor and the Europe bound north west rail route (YuXinOu), Chongqing is well positioned as the logistics hub for the western region.

Most of the members of Singapore Manufacturing Federation have set ups in countries along the Southern Transport Corridor, hence they will benefit from lower cost of goods sent, and reduced shipping time.  SMF currently has 3000 members; SBF have another 5000 members, members from both associations will be alerted on the new network and its opportunities.

As of to date, not many Singapore companies are aware of the Southern Transport Corridor.  When the faster and lower cost transport networks are fully maximized, the benefits are enormous.  Moving forward, WiseNet Asia will assist companies that intend to expand into Southern China through its strength in business matching and talents management.

—End—

 

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Singapore Chongqing Cross-Border Businesses Representatives Meet with Chongqing Municipal Government Officials to Discuss Business Challenges

12 March 2019 – Representatives from companies that operate in both sides of Chongqing and Singapore met with government officials from the Chongqing Municipal Government to discuss challenges in the course of doing business cross-border. This meeting aims to discuss business issues and possible solutions.

More and more multinationals and SMEs expand their businesses cross-border under the Chongqing Connectivity Initiative (CCI), the third government-to-government project between Singapore and China, which was set up in Nov 2015.  Four priority sectors identified for joint development under CCI are financial services, aviation, transport   and   logistics   and   Information   and   Communications Technology (ICT).

This meeting is hosted by Mr Qi Xiao Feng, Deputy Director, Chongqing Connectivity Initiative Bureau.

Other representatives from Chongqing include Mr Deng Hui Lin, Deputy Mayor of Chongqing Municipal Government; Mr Qi Xiao Feng, CCIB Deputy Director; Mr Pang Li Qiang, Municipal Public Security Bureau Criminal Investigation Corps Political Commissar; Mr He Qiang, Director of Chongqing Public Security, Chengdu Railway Public Security Bureau.  Also in the meeting are representatives from Municipal Government Port Logistics, Municipal Public Security Bureau, CCIB, YuXinOu Railway.

The Singapore based companies in Chongqing that have their representatives present are from WiseNet Asia, YCH Group, City Developments Ltd, Vibrant Group Ltd., Fooyo, Business China, FinTech Association.

The Chongqing based companies in Singapore that have their representatives present are from Chongqing International Trade Group, Zomwork, Xinyi Jimao, Shybuild, Dawn Group, Quanneng Pharmaceutical, Singapore Chinese medicine industry,Rong Teng Technology (Nova), Perfect International School, SECC Holdings, Meridian Industries.

The Singapore companies’ feedback on challenges they are facing in doing business in Chongqing, some of these include work permit validity for 1 year, which can be a hassle to renew yearly.  Other areas where the participants requested for improvements include local corporate governance with better clarity, clearer defined legal protection for overseas companies’ investment and joint ventures.

Wesley & Dep Dir CCIB

From left: Wesley Hui, Executive Director, WiseNet Asia and Qi Xiao Feng, Deputy Director, Chongqing Connectivity Initiative Bureau

–End–

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Chongqing: A Growing Career Destination to Explore

Why you should consider career opportunities in Chongqing

 

Positioned at the confluence of Asia’s economic markets, Chongqing is the largest of China’s four municipalities. What’s more, it has seen a year-on-year double digit GDP of 11% reflecting its rapid growth and development.

A vibrant and unique city

Touted as the world’s fastest growing tourism city according to the World Travel & Tourism Council, Chongqing is the gateway to the stunning Three Gorges reservoir and home to alluring valleys.[1] Its location in the Sichuan region also makes it a great place to enjoy simmering hotpot dishes. Thrill-seekers can expect the American-owned Six Flags amusement park franchise to open an adrenaline-pumping space here in 2020.[2]

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The Chongqing region is identified as one of the focuses under China’s 13th Five-Year Plan (2016-2020) for socioeconomic development, with a mandate for greater urbanization and connectivity by strengthening its shipping centers in the Yangtze River, the longest river in Asia.

Chongqing is a key inland transportation hub for the Belt and Road Initiative which connects Western/Southeast Asia, Africa and Europe. The recent Belt & Road Chongqing Brand Expo 2018 drawing 20,000 visitors highlighted the city’s auspicious position as the intersection of the Silk Road Economic Belt, Indo-China Peninsula Economic Corridor and Yangtze River Economic Belt.

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Transport options abound with Jiang-bei International Airport located in the heart of the city, over 150 trains passing through daily to connect major cities like Beijing and Shanghai, and 6 easily navigable subway lines linking Chongqing’s 9 districts, just to name a few. The huge investment in connectivity here has, in turn, attracted investment from other cities in China.[3]

Establishing a career in Asia’s largest smart city

Primed to be Asia’s largest smart city and also China’s pilot city to apply Big Data Intelligence by 2020, Chongqing hosted the Smart China Expo in 2018 which welcomed key personalities in business and tech such as Alibaba’s Jack Ma and Tencent’s Pony Ma.[4] Recently, Alibaba partnered with a local bank to develop financial service apps and Tencent announced its 1,000-strong workforce in the city, an increase from the previous figure of 400.[5] The presence of these MNCs here is testament to the growth potential of Chongqing—you certainly want to get on board this wave of progress!

 Incentives for talents

Career opportunities are impressive as the local government seeks to attract worldwide talents. The launch of the Hongyan Talent Plan in 2017 is a major factor: it offers monetary incentives based on industry classification, services around investment and financing, eligibility for resident visa and household status, medical services and more.

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Eligible talents (those who meet skillset requirements and sign an employment contract of a minimum of 3 years in Chongqing) can apply for the Chongqing Talent Service Card. This helps with household registration based on the available range of accommodation selections in expat-preferred areas, residential visa privileges, finding employment for spouse/children, schooling privileges and preferential medical arrangements. Entrepreneurs are also given support via tech initiatives, project financing, loan subsidies and more.

Those with children or looking to start a family can choose from a good variety of established international schools catering to ages from nursery to tertiary. Medical care is also just a ring away with most major serviced apartments having 24-hour call services with doctors on standby.

Achieving success

Adapting to life in Chongqing is easier than imagined with the availability of expat support networks and activities. These might include café meetups to get to know fellow expats in a relaxed setting, or even marathon races, seminars and conventions.[6]

Whether you’re a first-timer or a seasoned expat, keep an open mind and be willing to explore. Get rid of any preconceptions you may have and you might learn something new along the way!

In terms of business etiquette which can be delicate in Chinese tradition, here are some tips to follow:[7]

  • 关系 (guānxì) or strong relationships is particularly important in China—this may involve several meetups which could involve informal lunches/dinners to achieve your objectiveGuan Xi
  • If you are new, it helps to have an intermediary as most Chinese don’t conduct business with people they don’t know
  • Small talk is common and expected before meetings, instead of just getting to the point
  • Maintain composure and avoid strong displays of emotion, as losing and gaining ‘face’ is a key Chinese concept
  • Enter meeting rooms in order of seniority; the person entering first is usually the head
  • ‘Yes’ doesn’t always mean yes, and ‘no’ is only said in private

With practice and over time, these customs will naturally come to you.

With a plan dedicated to attracting world-class talents to this lively city brimming with opportunity, Chongqing is definitely a place you should consider for your next career move!

–End–

Sources:

[1] Source: https://edition.cnn.com/travel/article/chongqing-china-tourism/index.html

[2] Source: https://investors.sixflags.com/news-and-events/press-releases/2018/04-24-2018-213034885

[3] Source: https://www.internations.org/chongqing-expats/guide/working-in-chongqing-18651

[4] Source: http://en.people.cn/n3/2018/0830/c90000-9495761.html; https://www.prnewswire.com/news-releases/chongqing-to-host-smart-china-expo-boosting-development-of-big-data-technology-300699414.html

[5] Source: https://asia.nikkei.com/Business/Business-Trends/China-s-top-tech-flocks-to-inland-cities-to-develop-AI

[6] Source: http://www.cqexpat.com/

[7] Source: https://www.todaytranslations.com/doing-business-in-china; https://www.cnbc.com/2017/06/27/etiquette-tips-for-doing-business-in-china.html; https://cnbusinessforum.com/chinese-business-etiquette-101-business-china/

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Top 5 Challenges Faced by Foreign Enterprises in China Today

Article Top5_3

With the rapid development in the China market, China has now become one of the world’s leading economies. This has brought more and more foreign companies to China. China’s business environment and culture are different from other parts of the world. To succeed in China, foreign companies are inevitably faced with various challenges that must be overcome.  In response to these challenges, we conducted a brief interview with Ms. Gao Xin, who has worked for many years in foreign companies.  Ms. Gao Xin has more than 20 years of experience in human resources management.  She is also the founding partner of the New Organization Development Research Institute. Ms Gao’s working experience include Director of Human Resources for Forbes500 Enterprises and Vice President, HR of listed companies in China. She is now working with Chinese local companies.

Based on her many years of experience and the observations working in foreign companies, Mr. Gao shared with us the top five challenges that foreign companies are facing while developing in China:

1. Foreign companies’ response to market changes is not timely

Due to rapid development, the Chinese market dynamics are constantly changing. Gao feels that the overall response of foreign companies to the market is obviously slower. She thinks the main reason is the inherent organizational structure of foreign companies. The headquarters of foreign-funded enterprises are all overseas, and the decision-making brain is often not in China. Many foreign companies in China are branches, and some are even divisions of the local Asian headquarters, thus, the distance from the real brain is quite far.

When the market has new developments, local companies will quickly respond with countermeasures. In the case of foreign-funded enterprises, their China’s branches need to report the new trends and counter measure plans to their headquarters. The headquarters will then go on meetings to discuss whether it can pass the proposed plans. This leads to the situation whereby when the local companies have already implemented counter programs, the foreign enterprises are still deciding which plan is better.

The congenital factors of foreign-funded enterprises to a certain extent determine that their response to changes in the market is not timely. Under the ever-changing market environment in China, the influence of this inherent problem of foreign companies is still quite substantial.

2. Foreign companies have low acceptance of new technologies in the domestic market

Gao thinks that although many advanced technologies are developed in the United States, the application of these technologies is very fast in China. She said that China does not have much historical burden on the use of new technology solutions, so it is very fast when it comes to the use of technological transformation. For example, credit card payment widely used in the West is not so popular in China, so new payment methods such as WeChat payment are widespread and fast. In the process, she discovered that many foreign companies are slower in this respect. In foreign companies, many office systems, management systems, and so on, all these technical applications need to be consistent with the headquarters for ease of management. The head office of foreign companies hopes that these systems will achieve global unity. Today, the development of information technology in China is changing with each passing day. Especially in the Internet industry, office software systems are constantly developing. For example, DingDing and WeChat Office fully realizes wireless connectivity with mobile phones, real-time office and remote office. Most local companies have begun to exercise these apps or software to improve their work efficiency. However, due to factors such as information security and global standardization, foreign-funded enterprises cannot decide whether to use the software in a short period of time, even if the software can effectively provide employees with work efficiency.

Gao also mentioned that many foreign companies have become accustomed to using e-mail to communicate, but the communication channels of local companies are relatively more diversified, and the exchange of information is very fast. To cope with fast market changes, the speed of decision-making must also be relatively fast, and the basis for the application of technology by foreign companies cannot support the pace of changes in the outside world.

3. China’s preferential policies for foreign enterprises have weakened

Gao shared that in the early days when foreign-funded enterprises entered the Chinese market, the Chinese government provided many preferential policies, such as tax incentives, industry-based preferential terms, etc. This series of policies allows foreign-funded enterprises to have a greater advantage when competing with local companies.

However, as more and more foreign-funded enterprises enter the Chinese market, coupled with the enormous development of local companies, the preferential policies for foreign-funded enterprises are slowly weakening. At the same time, the government is also supporting the development of local enterprises. This has resulted in foreign companies losing competitive advantage in the Chinese market. According to Gao’s observation, many foreign companies may not be able to cope with this change. For example, she mentioned that when a foreign company first entered the Chinese market, the company had a large preferential policy on income tax. Now that the policy has changed, the company’s expenditures and income have also changed. However, when the company reinvested in the Chinese market, it failed to take a very effective approach to deal with the weakening preferential policies.

4. Corporate culture differences

The work environment provided by foreign-funded enterprises to employees is relatively stable, comfortable and humane. Most people in Western countries are pursuing a state of balance between life and work. They hope that work and life are completely separate. Working hours are devoted to work, and at the end of the day, they should devote themselves fully to their own lives. However, in China, most people are very hardworking and aggressive, and their pace is relatively fast. Many people are willing to sacrifice their own rest time and devote themselves to work, hoping that they can achieve something in their career. Although employees of foreign-funded enterprises often have overtime, the reason for this overtime is mostly for internal communication purposes. Due to the time difference with the headquarters, most branch offices need to report work based on the time of the headquarters.

Gao feels that the rhythm of the entire society in Europe and the United States is relatively slow compared with China. Although the humane management style of foreign-funded enterprises is very attractive to most people, however, due to the fierce competition in the Chinese market, compared with local companies, foreign-funded enterprises have not developed the kind of ‘fierce’ spirit in response. In the long run, it appears that the competitiveness of foreign companies lags behind their Chinese competitors.

5. Foreign companies are becoming less attractive to talent

Mr. Gao shared that in the 90s and even the beginning of 2000, foreign companies ranked top on the list of companies favored by talents. However, today, there are more and more local companies that ranked ahead as favourable employees, such as Alibaba, Huawei, Tencent and others. In the early days, foreign enterprise talents were very popular in the market. But now, their popularity is on the decline.

Gao also analysed that foreign companies have advantages in the field of technology and industry experience, and a relatively longer market development time, this forms a more mature management model and philosophy. The advantages of foreign companies are a clear organizational framework, standardized processes, and meticulous definition of work scopes. These are some HR aspects that were highly regarded before.  However, it is also because of this, we realized that foreign enterprises employees can have depth in their work yet their scope is limited.

In addition, foreign branches in China do not have strong authority, and rely on the system from head office for implementations, consequently people feel more restrained. China start-ups often do not have a clear framework in the beginning.  People who work in there have multi-talents and are able to work beyond their scope. Ms Gao foresees that in the future, due to the continuous development and changes in the market, these multi-faceted talents are what the employment market will be lacking.

Finally, for foreign companies, many organization structures are fixed and it is difficult to make a big difference. Many times, a position can only rise up to certain level, where beyond that level are all foreigners. For Chinese people there is no path for further growth.

In China, the attractiveness of foreign enterprises to talents are gradually declining.  Talents that come out from foreign-funded enterprises are also losing their appeal in the employment market.

As a conclusion, Gao feels that when foreign companies are navigating the rapid development of the Chinese market and the aforementioned challenges, they need to reconsider their development strategy and positioning. If the Chinese market is the company’s target or future key market, then there need to be some adjustments in the management system and thinking. For example, to set the target market as priority, the headquarter can work as a resource and strategy center that supports the rapid development of the market. The frontline in the target market is given the authority and space for decision-making, while the headquarters mobilize resources for support.

The above article is the interviewee’s point of view and does not represent WiseNet Asia’s position. We are very grateful to Mr. Gao for taking the time for this interview.

About Miss Gao Xin

Ms. Gao Xin has more than 20 years of experience in human resources management, organizational and leadership development.  She is also the founding partner of the New Organization Development Research Institute. Ms Gao’s working experience include Director of Human Resources for Forbes500 Enterprises and Vice President, HR of listed companies in China.

Qualifications:

Master of Sustainable Leadership, University of Cambridge, UK.

MBA, Federation University, Australia

MBA, Human Resources Management, Beijing University of Science and Technology, China.

National Secondary Psychological Consultant, National Human Resource Manager, Accountant, Financial Economist, ICP Certified NLP Coach, DISC Practitioner.

 

 

 

 

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Chongqing Municipal Government’s Hongyan Talent Plan Benefits both Talents and Companies in Chongqing

 

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The Chongqing Municipal government’s Hongyan Talent Plan, launched in year 2017, aims to attract talents from all over the world to the city.

Domestic and foreign talents can now apply to be part of the Hongyan Talent Reward Plan and enjoy the relevant policies and services according to their industry classifications.

Incentives*:
• Category A talents: Monetary incentives equivalent to twice the amount of annual income tax contributed or fixed quantum incentives not amounting to more than RMB 2 million.
• Category B talents: Monetary incentives equivalent to 1.5 times the amount of annual income tax contributed or fixed quantum incentives not amounting to more than RMB 1 million.
• Category C talents: Monetary incentives equivalent to 1.2 times the amount of annual income tax contributed or fixed quantum incentives not amounting to more than RMB 300K.
*Payout of the incentives will take place over a period of three years. 40% of the incentives will be paid out on the 1st year, 35% will be paid out on the second year and subsequently, 25% will be paid out on the third year.

One-stop Services:
• Entrepreneurship: Readily available services for investment, financing, applications for national and provincial level technological projects, etc.
• Resident Visa: Eligible to apply for 5 year residence permit and enjoy perks for permanent residence status.
• Settlement / Household registration: Eligible to apply as a registered household in Chongqing for the talent and family.
• Assistance on employment for spouse and children.
• Medical Service: Enjoy privileges of priority medical services via the “green channel” in hospitals, including priority for appointments, hospitalisation,
and surgical procedures.

INDUSTRY REWARD TIERS:
Applicable Industries: Water Conservation, Agricultural Leasing, Environmental & Public Amenities, Building, Mining, Wholesale and Retail, Manufacturing, Real Estate, Transportation, Warehousing, Cultural, Sports, Entertainment, Food & Beverage and Hospitality.
Category A: Professionals with an annual salary of RMB 1.2 million and above.
Category B: Professionals with an annual salary of RMB 600K to RMB 1.2 million.
Category C: Professionals with an annual salary of RMB 300K to RMB 600K.

Applicable Industries: Education, Public Administration, Social Organisations, Electricity, Heat, Gas, Water Works, Health & Social Works, Scientific Research, Technical Services and Information & Communications Technology.
Category A: Professionals with an annual salary of RMB 1.6 million and above.
Category B: Professionals with an annual salary of RMB 800K to RMB 1.6 million.
Category C: Professionals with an annual salary of RMB 400K to RMB 800K.

Applicable Industries: Financial Institutions, Private Equity and Venture Capitals. This also includes professionals who are involved in Offshore Finance, New Financial Products Research, Risk Management, Financial Leasing and CFA, CFP & Finance Professionals.
Category A: Professionals with an annual salary of RMB 2 million and above.
Category B: Professionals with an annual salary of RMB 1.2 million to RMB 2 million.
Category C: Professionals with an annual salary of RMB 600K to RMB 1.2 million.

WiseNet is accredited by the Chongqing Municipality with the following:

  • Chongqing Municipality Talent Attraction Work Station 重庆市引才工作站
  • Talent Acquisition Service Provider for Chongqing Municipality from 2018-2019 under the Hong Yan Talent Scheme 重庆鸿雁计划海外服务供应商

Learn more about Hong Yan Talent Plan, click here: Hongyan Talent Brochure_PRINT

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Belt & Road Chongqing Brand Expo 2018

Date: Friday, 23rd Nov 2018 to Sunday, 25th Nov 2018
Time: 10:00 – 6:00pm (Sunday expo closes at 5pm.)
Location: ChongQing International Expo Center

 

Why choose ChongQing?

Event Belt Road CGQ opportunities

Event Details
Theme:  Quality of Life to Share

With the strong support of Chongqing Municipal People’s Government, Chongqing Commerce Commission, China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity Administrative Bureau, and Liangjiang New Area Government, the Expo will be launched in Chongqing, the only municipality in Western China, to deepen the implementation of the “Belt and Road” Initiative along China’s Yangtze River Economic Belt and to establish a world-class serial exhibition.

Well located in the crossroad of “Silk Road Economic Belt”, ”China – Indo-China Peninsula Economic Corridor” and “Yangtze River Economic Belt”, Chongqing set up China (Chongqing) Pilot Free Trade Zone in 2017. In addition, since Chongqing – Xinjiang – Europe International Railway became operational, Chongqing has become a key gateway connecting Europe, Asia-Pacific Region and ASEAN.

Statistics from “Belt & Road” Expo 2017
During the 2017 Expo, 12 sessions of road shows and 70 match-makings were held. Nearly 60 journalists from over 40 mainstream media delivered live report, releasing a total of over 1400 news reports throughout the event.

Event Belt Road CGQ 2017 statistics

Event Activities:

Event Belt Road CGQ 2018 event activities

Click here to register:  Registration for Brand Expo 2018

Contact Person

Mr Toh Boon Lai
WiseNet Asia Pte Ltd
T:  +65-9239 7509
E: boonlai.toh@wisenetasia.com

WhatsApp for Enquiry:  Click here

 

 

 

 

 

 

 

 

 

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China-Singapore Chongqing Connectivity Initiative ‘Southern Transport Corridor’ Rail and Sea Networks Going Global

Original source from China People’s Daily.  View source in Chinese:  https://bit.ly/2tpLcPV

 

19 Jun 2018 —

果园港码头

Chongqing Guoyuan Port plays an important role in the multimodal transport system. The picture shows a ship unloading at the Port

In September 2017, Chongqing Connectivity Initiative’s Southern Corridor bound multi-modal transportation of rail and sea ways starting its journey from the Chongqing Railway Port

In September 2017, Chongqing Connectivity Initiative’s Southern Transport Corridor bound multi-modal transportation of rail and sea ways starting its journey from the Chongqing Railway Port

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Photo courtesy of Chongqing Gongyun ASEAN International Logistics Co., Ltd.

The first shuttle truck from Chongqing to the ASEAN roads took off from Chongqing ASEAN International Logistics Park on 28 April, 2016, the 10 standard container trucks loaded with export goods passed through Pingxiang, Guangxi, and finally arrived in Hanoi, Vietnam. The journey took about 40 hours, which was 15 days shorter than sea transport.

The trade channel is changing – starting from Singapore, via the Southern Transport Corridor, the container rail and sea transportation arrive in Chongqing in 10 days, which saves 15 days compared to the Jianghai-Channel intermodal route;

The logistics efficiency is changing – the multimodal intelligent system can find cargo information in 5 minutes, realize rapid container collection, and solve the problems of pallet configuration that has plagued the enterprise for many years;

The service industry is changing – the goods, technologies and resources are coming together. New business opportunities have given birth to a number of foreign trade services such as multimodal transport, cross-border big data platforms, and joint venture business collaborations.

Business exchanges are growing – Chongqing and Singapore’s round-trip passenger flow has increased from 45,000 in the past to 190,000 last year, there are more and more business travellers.  Flights have increased from 5 to 14 per week;

……

The changes originated from the third government-to government project between China and Singapore.

On November 7, 2015, the third inter-governmental cooperation project, the China-Singapore (Chongqing) Strategic Interconnection Demonstration Project (hereinafter referred to as ” Chongqing Connectivity Initiative (CCI)”), “settled in” Chongqing. Over the past two years, with the theme of “modern interconnection and modern service economy”, 116 key projects with a total value of approximately US$20.8 billion have taken root in Chongqing in the four major areas of financial services, aviation industry, transportation and logistics, and information and communications. “.

Southern Transport Corridor Connects International Shipping Network

On April 19th, a 40-foot container full of mold raw materials set off from Singapore. Ten days later, Yi Shen Die Technology (Chongqing) Co., Ltd. successfully received the goods.

This speed of delivery makes the company’s inventory manager Tan Yu happy.  Prior to this, importing goods from Singapore through Jianghai, first arrived in Shanghai and then entered Chongqing, which took nearly a month. “Today, the goods are sent from Singapore, first to Guangxi’s Qinzhou Port and then to “Chongqing New” Railway Sea Intermodal Class to Chongqing. The entire process takes only 10 days.”

This new line is the southbound channel of the Chongqing Connectivity Initiative (hereinafter referred to as the “Southern Transport Corridor”).

As the operation center, Chongqing has a unique geographical advantage. To the west, the Chongqing-Europe railway (YuXinOu) reaches China’s northwest, Central Asia, and Europe; towards east, it connects Shanghai to the sea via the “Golden Waterway” of the Yangtze River. To the south, more than 250 routes converge at the Singapore Port on the southeast side of the Strait of Malacca.

Through the construction of the Southern Transport Corridor, complimented by the Silk Road Economic Belt and the 21st Century Maritime Silk Road.  All three logistics infrastructure completed a perfect trade network.

In September 2017, the Changgui New Tiehai Intermodal trains are fixed as routines and marked the official operation of the Southern Transport Corridor: starting from Chongqing to Qinzhou Port in Guangxi, and connecting sea to reach the ASEAN ports, and then connecting to the international shipping network. network.

At the same time, Chongqing’s cross-border road transport and international rail transport to the Indochina peninsula are also being realized.

Cross-border highway shuttle bus line: It departs from Nanpen Chongqing and exits through border ports in Guangxi and Yunnan, leading to countries such as Vietnam, Laos, Thailand, and Myanmar.

International railway transport links: From the southwestern railway network, through Pingxiang, Hekou, Mohan, Ruili and other border ports, and the Pan-Asian railway network convergence, connecting the Indochina Peninsula.

Three lines, vertical and horizontal miles, complement each other.  Southward, the “secondary governor” of foreign trade in the western region of China was opened up; to the north, the economic and trade exchanges between Singapore and other ASEAN countries leading to western China, Central Asia, and Europe were invigorated. “This will connect most of China’s entire territory with Southeast Asia, Eurasia, and Africa, greatly increasing the speed of cargo transportation,” said Zheng Yongnian, director of the East Asian Institute of the National University of Singapore.

On April 20th, a batch of LCD screens from Vietnam took only 10 hours to reach Qinzhou Port from Vietnam, then onto Chongqing via the Southern Transport Corridor.  The LCDs went on the same day’s Chongqing-Europe railway (YuXinOu) to Poland.

“It takes only 90 minutes to complete the sea-railway transport up to customs declaration in Qinzhou Port. It takes only 70 minutes to complete the railway transit declaration at the Chongqing Railway Port, and it is very fast and efficient!” said Wang Yupei, Chairman of China-Singapore Southern Transport Corridor.   Southern Transport Corridor and Chongqing-Europe railway (YuXinOu) together have achieved seamless convergence.

Currently, the internal and external ports of the Southern Transport Corridor rail and sea transports covered 82 ports in 45 countries and regions including East Asia, Southeast Asia, Africa, the Americas, and the Middle East.

Chan Chun Sing, Minister of Trade and Industry of Singapore, interprets the goal of the Southern Transport Corridor as ‘one channel that connects China and Singapore, one rail and sea intermodal network that reaches every part of the world’.

”Innovation” –

The Chongqing Connectivity Initiative project connects China and Singapore’s strategic channels.  Unlike China-Singapore cooperation in the construction of Suzhou Industrial Park and Tianjin Eco-City, this project has no land development and park planning, and it has no physical scenes.

Han Baochang, director of the Chongqing Connectivity Initiative Management Bureau, stated that there is no precedent when carrying out this project, there are only trials and errors.

In Zheng Yongnian’s view, when there is no physical entity, the Chongqing Connectivity Initiative project will face greater challenges than the previous two Sino-Singapore cooperation projects, and it will have more important innovation significance.

To achieve a “from 0 to 1” leap, we must grasp the “golden key” of innovation. The relevant national ministries and commissions gave support to the project’s 57 innovation initiatives.  In 2017, Chongqing also proposed some new innovation measures.

Innovation begins with the working mechanism. The Joint Implementation Committee “discovered problems”, the Joint Working committee “researched issues”, and the Joint Coordination Council “solved problems.” “The three-tiered working mechanism, ‘from the bottom to the top’, opens up the blockage and promotes problem solving. This is the most attractive facet for the Chongqing Connectivity Initiative,” said Han Baochang.

Step by step, the purpose of Chongqing Connectivity Initiative is increasingly becoming more meaningful.

In March this year, Sasseur REIT was listed on the Singapore Exchange.  As the Western regions first real estate investment trust listed in the Singapore Exchange, this is of great significance for the exploration of the new cross-border financing model for enterprises in the central and western regions.

There are many more “firsts” created under the umbrella of Chongqing Connectivity Initiative: In December 2016, Loncin Holdings issued 0.8 billion yuan of overseas bonds on the Singapore Exchange, the first private corporate bond in western China. It pioneered the launch of innovative financial services such as bill-bill financing, “export double-pace” trade financing, cross-border asset transfer, and inland river carrier liability insurance.

Today, both China and Singapore sides have established diversified cross-border investment and financing channels, cumulatively completed 60 types of cross-border credit financing projects with financing amount of US$5.06 billion, and reduce financing costs by 1.15 percentage points. The cross-border financing for the provinces of Sichuan, Qinghai, Shaanxi and other provinces amounted to 2.23 billion U.S. dollars, and the successful implementation of the China-Singapore cross-border financing model radiated to neighbouring provinces.

Through cooperation with Singapore companies, Chongqing companies are also advancing in innovation. A few years ago, Ding Yan’s Chongqing Pucheng Logistics Co., Ltd. had to implement rapid consolidation through manual inquiries and telephone calls. The Singapore Huilian Group’s multimodal intelligent system requires only the input of container, departure port, and destination information, and cargo information can be found within 5 minutes. Seeing this, Ding Yan immediately agreed to the requirement of “51% stake in the company.” Last May, the two companies jointly set up a new company – Chongqing Huilian Pucheng International Logistics Co., Ltd.

Ding Yan benefited from the sophisticated management brought by innovation: from the numerous departments and the complex management level, to the development of individual assessment and profit indicators according to the branch company model; from focusing on the cost of employing personnel to the use of a comprehensive compensation system.  “The staff has increased by 1/3, but the efficiency has more than doubled.” Ding Yan said: “Even the design of the warehouse has been optimized and innovative, and the warehouse has become a double storey. The increase in cost per square meter is less than 1,000 yuan, but the area of usage has increased by twofold.”

Many small and medium-sized enterprises are not able to form a full case of transportation due to the small volume of goods. The Chongqing Connectivity Initiative has brought business opportunities for Chinese and Singaporean companies collaborations.  Fuxin Europe (Chongqing) Supply Chain Management Co., Ltd. and Singapore Huantong Logistics Group jointly established Zhongxin Huantong (Chongqing) Multimodal Transport Co., Ltd. in February last year to provide public LCL services.  Mixed pallet price is similar in shipping, but it also saves time,” said Wang Huoquan, deputy general manager of the company.

“Sharing” –

Expanding channels of “friends circle”

Chongqing Liangjiang Digital Economy Industrial Park, an office building with coffee and musk – this is the Chongqing Coffee Exchange Center.  Sun Zheng, Deputy General Manager of the center, said that before, coffee beans imported from Vietnam were shipped to Chongqing via JiangHai intermodal transport route, processed into coffee powder and sent back to Vietnam. After the launch of the Southern Transport Corridor, the time efficiencies for transportation has greatly increased, and foreign companies have set up factories in Chongqing.

As the largest coffee spot trading place in China, Chongqing Coffee Exchange Center will also sell coffee from Yunnan and Southeast Asia to Europe to form an agglomeration of the global coffee industry.

Not just for coffee commodity, after the Southern Transport Corridor and the Chongqing European Railway (Chongqing YuXinOu Railway) are seamlessly connected, the canned tuna in the Philippines, Vietnamese clothing, etc. will no longer need to be transferred from Iran. After customs declaration at the Chongqing Railway Bonded Logistics Center, the goods can board on the Chongqing European Railway the same day, depart China from Xinjiang and arrived in Germany in less than 20 days.  Onions, apples, summer vegetables, and Chinese herbal medicines in northwestern China have also begun to become “demanding goods” in Southeast Asian countries.

“The higher the amount of freight traffic aggregated on the channel, the more participants there are and the greater the economies of scale, which can reduce costs, benefit all parties including enterprises, benefit the business environment in western China, and promote investment.” Chan Chun Sing said.

As the Southern Transport Corridor continues to expand through multiplying effects, the economic values for it’s surrounding areas are enhanced.  As an operation center, Chongqing will cooperate with Guangxi, Guizhou, Gansu, and Qinghai to conduct regional cooperation and jointly discuss the establishment and sharing of the Southern Transport Corridor.  In April of this year, the Southern Transport Corridor Chinese joint meeting has invited Inner Mongolia, Sichuan, Yunnan, Shaanxi, Qinghai and Xinjiang provinces to participate.

The channel is not a simple “aisle”.  It needs continuous improvements in services. China-Singapore Smart City has launched pilot projects in five districts and counties, and cooperation in smart transportation, smart animal husbandry and smart buildings is underway. Three unattended supermarkets will be launched in Singapore during the year; the data service platform went online in April this year. The platform gathered information on corporate data from the two countries and promoted the transnational development of enterprises. The Zimwork Sino-Bilingual Talent Service Trading Platform has been officially launched as joint venture between Chongqing Zhūbājiè Network and Singapore Press Holdings Group.

Interconnection, creating new opportunities for opening up inland

Since the beginning of this year, WiseNet Asia (Chongqing) Co., Ltd. has added 10 Singaporean corporate customers who are preparing to invest in Chongqing.  Karen Wong, GM of WiseNet Asia (Chongqing), plans to recruit more talents from the neighboring provinces.  According to Karen, “Southern Transport Corridor connects Singapore with the mainland of China. Our business is getting busier.”

 

About WiseNet Asia (Chongqing) /重庆中新巍海商务咨询有限公司

Wisenet Asia (Chongqing)/重庆中新巍海商务咨询有限公司 is a wholly owned subsidiary of Wisenet Asia (S) Pte Ltd.  It is the first overseas high-end headhunter company in Chongqing’s Human Resources Industrial Park, dedicated to implementing the Chongqing Municipality’s HongYan (talent) scheme, and helping Chongqing organizations in their talent needs.  The company was also selected as one of the Talent Acquisition Service Provider for Chongqing Municipality from 2018-2019 under the HongYan (talent) policy.

Follow WisenetAsia in China through WeChat:

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Chongqing Connectivity Initiative: Notable Mention of WiseNet Asia in the News

19 Mar 2018 –  A notable mention of WiseNet Asia by Minister in the Prime Minister’s Office Chan Chun Sing in Parliament on Monday (Mar 19), on the progress of the Chongqing Connectivity Initiative. This was in response to questions from MP Sun Xueling.

imageedit_3_6610583588

Minister Chan Chun Sing, Minister in Prime Minister’s Office and the Secretary-General of the National Trades Union Congress (NTUC)

View Minister Chan Chun Sing’s speech transcript in Parliament:  (No 6) – https://www.mti.gov.sg/Newsroom/Parliamentary-Replies/2018/03/MinisterPMO-Chan-Chun-Sings-oral-reply-on-the-Chongqing-Connectivity-Innitiative-Project

Since its launch in Nov 2015, the China-Singapore (Chongqing) Demonstrative Initiative on Strategic Connectivity (CCI) has made good progress  in catalysing the economic development of Western China and Southeast Asia by enhancing connectivity in the areas of financial services, aviation, transport & logistics, and information and communications technology (ICT).

The key milestones to date are as follow:

  • Cross-border financing deals totalling RMB 25.3 billion (around SGD 5.2 billion) have been completed to date
  • Aviation connectivity from 5 flights to 14 flights per week
  • The CCI-Southern Transport Corridor (CCI-STC) project enhancing multi-modal connectivity between Western China, Southeast Asia and to the rest of the world. The CCI-STC has been referred to by China’s President Xi Jinping as the international land and sea corridor that connects the overland Silk Road Economic Belt with the 21st Century Maritime Silk Road
  • CCI is about enhancing connectivity in both sides.  As cross-border trade activities increase, demand for related services like finance, legal and other professional services will also increase. These in turn, create more opportunities for our businesses and our people. For instance, WiseNet Asia has also entered Chongqing to provide HR recruitment services.

To view a copy of the oral reply, please follow this link:  https://www.mti.gov.sg/NewsRoom/Pages/Minister(PMO)-Chan-Chun-Sing’s-oral-reply-on-the-Chongqing-Connectivity-Innitiative-Project.aspx

–End–

 

 

 

In 200 seconds: Major Belt & Road Initiative (BRI) events of 2017

Source: Belt and Road Portal | Updated Jan 5, 2018

 

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China Insight: Bridging the gaps between China and Foreign Investments in Belt & Road Initiative (BRI)

Written by TY Chin | Updated Feb 28, 2018

Copyright © 2017 WiseNet Asia Pte Ltd.  All Rights Reserved

Bridging China

 

Belt and Road Initiative, setting South East Asia region as central Global Value Chain of the future

In 2016, China companies invested US$14.53 billion in countries along the “Belt and Road”; where the contract value for projects along the routes amounted to US$126.03 billion, with a turnover of US$75.97 billion (Source: Ministry of Commerce, China). A large part of the investment is in South East Asia countries that includes Singapore, Indonesia, Thailand and Malaysia. From 2013 to 2016, the Belt and Road Initiative has created more than 180,000 local jobs, and paid $1.1 billion in tax to local governments.

The Belt and Road Initiative (BRI) is China’s globalization project introduced by President Xi in 2013. It encompasses more than 60 countries, 4.4 billion people and up to 40% of the global GDP. The routes consist of the “21st Century Maritime Silk Road” and the “Silk Road Economic Belt”. The Belt is a land route from China’s western region through Central Asia, extending up to North of Europe. The Road consists of shipping lanes from Western Asia, through South East Asia, Africa and Europe.

The plan opens up new market opportunities for companies along the routes, but also comes with complicated risks and challenges.

Economic Belt Map

(Image Source: Maps of world 2017)

Belt and Road benefits China and the countries along the route through shared economic growth. According to the Asian Development Bank, Asia needs to invest $26 trillion by 2030 to maintain its growth momentum. Aside from Singapore, most of South East Asia countries are hampered by infrastructure deficits. China’s investments in infrastructure connectivity will fill in the gaps in economic expectations, and also the possibility of developing the South East Asia region into the centre of a future global value chain.

Asia Infrastructure Development

(Image Source:Asian Development Bank)

 

Chongqing, the Place for the Belt & Road Project

Chongqing is a key location in the Belt and Road Initiative, where much of the Belt and Road actions are happening through its land, air, water transportation hubs, logistics city and free trade zone. Chongqing is situated on the upper reaches of the Yangtze River in western China, linking China to Europe through a network of roads and rails across Central Asia. It is also connected to Southeast Asia through a highway that connects to the port city of Qinzhou in southern Guangxi. The Chongqing-Xinjiang-Europe (Yuxinou International Railway) is a 10,000-km-plus rail route stretching from Chongqing to Duisburg, Germany. As at end of 2015, the railway has handled over US $10 billion worth of freight both ways.

Map of Trans-Eurasia Railroad & Schengen Area

(Image Source: USA China Daily)

The Chongqing free trade zone connects the new Silk Road to the Yangtze River. Approved in April 2017, it aims to accelerate development in the western region and also to promote Belt and Road activities.

Chongqing is also the base of China-Singapore (Chongqing) Demonstration Initiatives on Strategic Connectivity, in short, Chongqing Connectivity Initiative (CCI). Launched in 2015, this is the third government-to-government project between Singapore and China, and a linchpin of the Belt and Road Initiative. Four areas of collaboration between the two countries are financial services, aviation, transport & logistics, and information & communications technology.

Under the CCI initiative, a total of US$3.22 billion financing deals have been signed as at the end of 2016, leading to savings of RMB 152 million for Chongqing businesses. Through Chongqing, Southeast Asian companies can expand into Western China; likewise through Singapore, Chinese companies can venture into ASEAN (Source: Ministry of National Development, Singapore)

Chongqing is positioned to be a major port for inland logistics that connect to international routes.  Under the CCI Transport and Logistics Master plan, the Chongqing Logistics Development Platform (CLDP) and the Multimodal Distribution and Connectivity Centre (DC) are rolled out in Feb 2017. The CLDP is set up to do logistics planning and develop standards for the transport and logistics industry. The DC is a logistics hub that caters to different transport modes, such as river, rail, air and road.

The Challenges

Alongside the encouraging developments thus far, there are also gaps to market entry and business growth in the form of various risks and challenges. The gaps must be addressed as failure will have a multiplying effect on the business entities and the bank that financed the project.

Economic and Political Risks
Countries along the Belt and Road are vastly diverse with various ethnics, cultures and languages. Many countries have their own risk profile. On the macroeconomic level, political controversies in some South East Asia countries have undermined investors’ confidence, prompting prolonged exchange-rate volatility. Other risk factors include volatile energy prices, natural catastrophes with flood and drought, and security with the threat of terrorism and violent demonstrations.

In foreign trade, China has implemented capital control measures earlier in 2017; however, the control is not applicable for China companies participating in the Belt and Road initiative. The projects in Belt and Road are approved by various government agencies and state enterprises. Hence, within the government offices, there should be people who are experienced with due diligence and risk assessments in international projects. The implementation of control measures starts from top down. Approval of the wrong projects could cause taxpayers money for the mistakes.

Singapore, being a global trade and financial centre, is the most stable in the region, yet it faces the problem of low birth rate whereby fertility ranks last among 224 nations in a study by the U.S. Central Intelligence Agency. This poses the risks of impending economic growth and tax revenues.

Labour Risks
Malaysia economy’s manpower needs over the past decade has been largely supported by foreign labour taking up jobs that the locals will not do. Foreign labours are consistently at a shortage. However, the government has implemented measures to reduce reliance on them, resulting in higher operational costs for companies who have to import skilled labours.

Risks face by China companies investing abroad
More than $250 billion in China’s overseas investments failed between 2005 and 2015, according to the China Global Investment Tracker.

A research report by the Centre for China and Globalization points out that for China companies expanding in the belt and road routes, their main concern is political risk whereby two thirds of the sixty over countries have debts burden classifying them below investment grades.

Other challenges encountered by Chinese enterprises investing overseas include low participation in existing international standard establishments, lack of professional managers with international experiences, miscommunication between Chinese enterprises and international Non-governmental organizations, misunderstanding of foreign trade unions, difficulties in promoting Chinese brands internationally, and low ability in facing legal and political risks.

Detrimental effects of poor investments
Poor infrastructure investments that end up as white elephant or abandoned projects cost more over the long term, incurring interest payment and underutilization cost. The risks commonly associated with megaprojects are overrun in timeline and budget. Bent Flyvbjerg, the most cited scholar in the world in megaproject management at Oxford’s business school, estimated that nine out of ten megaprojects go over budget. The cost overruns anything between 50% and 1900%. One example of failed megaproject is the 2004 Olympic Games in Athens, which became a contributing factor to Greece debt default in 2011. In such instances, governments with tax payers’ money will have to pay for the failed projects.

International Arbitration in ASEAN
With the risks associated with going global, disputes between business partners are also inevitable. Arbitration is one way to resolve high value cross border disputes. The Hong Kong International Arbitration Centre (HKIAC) and the Singapore International Arbitration Centre (SIAC) are the two most popular jurisdictions by numbers of cases handled. Other centres include The China International and Economic Trade Arbitration Commission and The Kuala Lumpur Regional Centre for Arbitration (KLRCA).

According to the International Chamber of Commerce (ICC) 2015 Report, Singapore has been the number one seat of ICC arbitration in Asia for five years running, as well as being  the fourth most preferred seat globally.  The other two dispute resolution institutions in Singapore are the Singapore International Mediation Centre (SIMC) and the Singapore International Commercial Court (SICC).

In Jan 2018, China announced the formation of three arbitration courts dedicated to settling Belt and Road disputes.  The headquarter is located in Beijing, the court in Xian would settle commercial disputes in the land routes (Belt), and the court in Shenzhen would focus on disputes in the sea routes (Road).  According to Xinhua News, the new institutions will be based on Beijing’s existing judiciary, arbitration and mediation agencies.

Despite the growing popularity, arbitration has its challenges and disadvantages. According to Matthew Gearing of Allen & Over:
– there is a propensity for court intervention in certain Asian jurisdictions;
– courts in certain jurisdictions have refused to enforce arbitral awards on grounds which go beyond the terms of the New York Convention; and
– the pool of suitably experienced arbitrators based in the region is comparatively small compared to Europe.

Navigating through the gaps of doing business in Belt and Road

The challenges are real, so are the vast market opportunities. Even though it is impossible to completely work out all the major risks with their subsets of secondary risks, it is still viable to navigate through the right framework and strategy in both government and private sectors, driven by one common agenda.

People
As a safety measure, a third party business and HR advisory with links in China and trading countries helps to shorten the learning curve. They can assemble a team together, cut through the noise on cultural gaps and cushion on tensions when it arises. An advisory body works out the teething problems in the starting phase and is part of the implementation team. Aside from facilitating cross border collaboration, their role is to minimize costs from mistakes.

Once the link is established, there needs to be human capital that can deliver long term business objectives and also contribute to social and economic growth of the area. Mega projects could take up to 10, 20 or even 30 years to build; therefore there needs to be a committed team with long term vision. Also, the steering team needs to work hand in hand with local authorities to drive social benefits for the area. This includes control of air pollution and waste management.

Best Practices
On the state level, state administrative bodies need to establish one set of common quality standards and best practices in each sector of cooperation, and monitored by a joint management body. An example of this is the Chongqing Logistics Development Platform set up to develop standards and best practices for the transport and logistics industry.

Collaborative risk management between government and private enterprises; rather than a one sided approach is more efficient as each side has their own authority and expertise that can be utilized when faced with different type of challenges.

Final Thoughts

The Belt and Road projects may mean different things to different companies; but undoubtedly, it is an economic growth engine that will develop emerging markets in Asia as centre of global value chain in the near future. As companies’ growth hit a bottleneck; there are always opportunities outside their existing market. Navigating the gaps of growth might seem challenging, but when done with the right timing, speed, agility and high standards, the rewards are priceless.

 

Sources:
Ministry Of Commerce,PRC. (2017). MOFCOM Department Official of Outward Investment and Economic Cooperation Comments on China’s Outward Investment and Cooperation in 2016 -.

James Griffiths, C. (2017). Just what is this One Belt, One Road thing anyway?. [online] CNN. Available at: http://edition.cnn.com/2017/05/11/asia/china-one-belt-one-road-explainer/index.html

App.mnd.gov.sg. (2017). Minister Lawrence Wong’s Interview with Xinhuanet Prior to Attending Belt and Road Forum for International Cooperation on 13 May 2017.

Burgess, M. and Foley, M. (2017). Belt and Road Investors See Opportunity in China Capital Limits. [online] Bloomberg.com. Available at: https://www.bloomberg.com/news/articles/2017-07-03/belt-and-road-investors-see-opportunity-in-china-capital-limits

O’Callaghan, J. (2017). Tiny Singapore risks economic gloom without big baby boom. [online] Reuters. Available at: http://www.reuters.com/article/uk-singapore-babies-idUSLNE87U00H20120831

Lynn, J. and Marcelo, C. (2017). IBA – Borderless Asia: international arbitration and its role in ASEAN integration – Asia Pacific Regional Forum, December 2015. [online] Ibanet.org. Available at: https://www.ibanet.org/Article/Detail.aspx?ArticleUid=f6ea87dd-b39d-4021-9cb6-e1abdeca3e17

The Economist Intelligence Unit. (2017). Prospects and challenges on China’s ‘one belt, one road’: a risk assessment report

Shi, T. (2017). Chinese Firms Wary of Political Risks on Xi’s Belt and Road. [online] Bloomberg.com. Available at: https://www.bloomberg.com/news/articles/2017-05-22/chinese-companies-wary-of-political-risks-on-xi-s-belt-and-road

Blue Book of Chinese Enterprise Globalization. (2017). Beijing: Center for China and Globalization, pp.3-6.

Flyvbjerg, Bent, What You Should Know About Megaprojects and Why: An Overview (April 7, 2014). Project Management Journal, April/May 2014.

ICC – International Chamber of Commerce. (2018). ICC report confirms Singapore as a leading Asia arbitration hub – ICC – International Chamber of Commerce. [online] Available at: https://iccwbo.org/media-wall/news-speeches/icc-report-confirms-singapore-as-a-leading-asia-arbitration-hub/

Chandran, N. (2018). China plans to create new international courts, and that has a lot of people worried. [online] CNBC. Available at: https://www.cnbc.com/2018/02/01/china-to-create-international-courts-for-belt-and-road-disputes.html

Nortonrosefulbright.com. (2018). Launch of the Singapore International Commercial Court. [online] Available at: http://www.nortonrosefulbright.com/knowledge/publications/127746/launch-of-the-singapore-international-commercial-court

Disclaimer: The opinions in this article are those of the authors and do not represent Wisenet Asia Pte Ltd.

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