BRICS, BRI-related economies seen as bright spot for two-way commerce

With rising protectionism creating strong headwinds for the global economy, Chinese companies have been proactively strengthening economic and trade ties by engaging with global business communities, ensuring the smooth operation of international supply chains and seeking fresh growth points.

Since last week, several delegations led by the China Council for the Promotion of International Trade have departed China to visit countries including Germany, Saudi Arabia, Qatar, South Africa and Ethiopia. Their mission is to strengthen cooperation, actively advocate for multilateralism and contribute to global governance, said the Beijing-based CCPIT.

Johannes Jung, director of strategy, commercial law, foreign trade and Europe at the Ministry of Economic Affairs of Baden-Wuerttemberg, a German state, said that with the rise of protectionism, fears have been growing among many multinational corporations about such tendencies.

These companies need "open markets, fair trade relations and reliable international perceptions "and the confidence that their investments abroad are safe, Jung said, adding that they need to make sure they will find equal, fair and competitive conditions abroad.

Speaking at a business forum in Addis Ababa, capital of Ethiopia, this week, Chen Jian'an, CCPIT's vice-chairman, said that as the global supply chain is experiencing a profound transformation, strengthening international cooperation based on openness, inclusivity and mutual benefit remains the most effective way to navigate challenges and achieve mutually beneficial outcomes.

Chen said China will expand promotional efforts to facilitate the entry of high-quality Ethiopian products into its market. At the same time, it will encourage Chinese companies to export high-value-added products, including new energy technologies and manufacturing equipment, to support Ethiopia's economic transformation and industrial growth.

Wang Xiaosong, a professor at the School of Economics at Renmin University of China, said that participating in international trade shows and engaging with global business communities and government commerce officials can help Chinese companies to ensure stable overseas market access and mitigate risks.

As Chinese companies expand globally through innovation and strategic international deployment, Jiangsu Solicitude Medical Technology (Group) Co Ltd, a Suzhou, Jiangsu province-based medical equipment and materials manufacturer, has already entered multiple emerging markets by transitioning from product exports to full-scale industrial chain integration in overseas markets.

"In addition to exporting equipment, we provide dialyzer assembly equipment and raw material membranes to our foreign clients, facilitating localized production of dialyzers. This flexible market approach has granted us a strong competitive edge in emerging markets such as South Africa, Brazil and India," said Ling Juping, the company's manager for Customs affairs.

The company's exports to other BRICS countries totaled 4.47 million yuan ($614,437) in January, accounting for 23 percent of its total exports to other BRICS markets for 2024, said Nanjing Customs.

Initially an acronym for five major emerging markets with considerable economic potential, BRICS began with Brazil, Russia, India, China and South Africa, and has now evolved into an influential international cooperation mechanism with an expanded membership.

Wuxi BioHermes Bio & Medical Technology Co Ltd, a company specializing in the production of diabetes in vitro diagnostic products in Wuxi, Jiangsu, has allocated more resources to expand its presence in the African market, where there is a substantial unmet demand for diabetes treatments.