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Chairman Frank Ning Attended Third Meeting of ABAC in 2018

Date:2018-08-06 Source:Sinochem Group

On July 23-26, Mr. Frank Ning, Chairman of Sinochem Group and ChairChairman of the 2018 ABAC Sustainable Development Working Group, attended the Third Meeting of the 2018 APEC Business Advisory Council (ABAC) in Kuala Lumpur, Malaysia. He presided over this meeting, attended the Chairman Preparatory Meeting, Chairman Summary Meeting and the opening and closing ceremonies of the event. Chairman Frank Ning submitted recommendations on Blockchain Technology Steers Transformation of International Commodity Trade and took the initiative to guide ABAC representatives’ drafting of APEC Economic Leaders’ letters and reports.

In the opening speech, Chairman Frank Ning pointed out that the current international trade situation sees an increasingly closer intertwining economic ties between countries. Global trade has developed into an integrated cycle that features raw materials, accessoriesy, products and funds among others as factors. Trade disputes may change the flow of these factors. However, they are not likely to prevent the development and flow of world trade and investment. From the perspective of business communityindustry, economic globalization and regional economic integration are inevitable trends forin the development of the world economy. The Asia-Pacific business community should support free trade with more vigorous efforts.

In his recommendations on Blockchain Technology Steers Transformation of International Commodity Trade, Chairman Frank Ning analyzed the current major pain spots in the field of international commodity trade. By sharing the business model of China’s first pilot blockchain crude oil import completed by Sinochem Group and the current blockchain technology applied in some cases of international commodity, he verifies that blockchain technology has significantly improved international commodity trade in terms of transaction execution efficiency, safety and reliability, and profitability. He made recommendations from capacity building, joint technical research and government support, and received good enthusiastic response and strong support from ABAC representatives. The delegates agreed that the application of blockchain technology is in the ascendant. The next step should be to study the feasibility of blockchain technology in relevant industries and form concrete and pragmatic policy recommendations.

In addition, Chairman Frank Ning organized the Working Group representatives to focus on issues such as “energy security and climate change,” “food security”, “income growth of low- and middle-income groups,” “inclusive development of mining industry” and “smart city” for discussions.