Yangtze River Delta Chemical Cooperates to Cope with Economic and Trade Friction

Author: Chen Hong Ying Source: China Chemical Industry News October 9, 2019

Before the National Day, the 2019 Yangtze River Delta Chemical Industry Fair Trade and Industrial Cooperation Development Forum with the theme of \"Coping with International Trade Risks and Promoting High-Quality Industrial Development\" was held in Shanghai. The forum released the \"Yangtze River Delta Chemical Industry Economic and Trade Friction Cooperation Response Initiative\", and the Yangtze River Delta Chemical Industry Economic and Trade Friction Cooperation Response Alliance was established to enhance the Yangtze River Delta chemical industry and enterprises' ability to prevent international economic and trade risks.

The \"Proposal\" proposed that the alliance should maintain the multilateral trading system and promote the global development of the chemical industry; oppose trade protectionism and effectively safeguard the legitimate rights and interests of industries and enterprises; participate in friction defense on behalf of the industry and build a new regional linkage model; carry out regional industry special Research and provide high-quality industry public services.

According to statistics, of the 344 trade remedy investigations launched globally since 2018, 101 involved the chemical industry, accounting for 29.3%. At the same time, the chemical industry is also a key area of ​​my country's trade remedy investigation. In the trade remedy investigation initiated by my country since 2018, the chemical industry accounted for 70.6%. But for a long time, due to the lack of an effective regional response platform, the chemical industry and enterprises in the Yangtze River Delta have few channels of information communication, and the awareness of joint legal protection is weak, and there is no effective way to deal with economic and trade frictions or initiate trade remedies through regional collaboration.

At the forum, the \"2019 Yangtze River Delta Chemical Industry Economic and Trade Friction Report\" and the \"2018 Shanghai and Yangtze River Delta Chemical Industry International Competitiveness Report\" were released. The two reports believe that in recent years, with the increasing proportion of my country's chemical products in the global production and sales chain, the economic and trade frictions encountered by my country's chemical products in international trade have gradually increased. The Yangtze River Delta is home to leading companies in China’s chemical industry and major trading ports for chemical products. Companies in the region encounter many friction risks and complex cases in international trade. In response to friction and prevention of risks, they expand product trade scale and promote high-quality industries. Development needs are very urgent.

The meeting believes that under the current background of increasing international trade protectionism, it is necessary to build a joint mechanism for governments, industry associations, and enterprises to respond to international trade frictions. It is necessary to actively explore new ways of coping with economic and trade frictions, further aggregating local fair trade public service functions, strengthen industry information tracking and information communication, and prevent and respond to international economic and trade friction risks. Promote extensive and in-depth cooperation among industries and enterprises in the region and the development of higher quality industries, and enhance the overall international competitiveness of the chemical industry in the Yangtze River Delta.

The picture shows Qian Xingfeng (left), Deputy Commissioner of the Ministry of Commerce in Shanghai, and Li Hong, Deputy Inspector of the Shanghai Municipal Commission of Commerce, unveiling the alliance. (Photo by Wang Yongcheng)