The semi-annual global conference of International Chamber of Commerce (ICC), will be held in China for the first time in Beijing from October 24 to 28, since its foundation in Paris in 1919.

Zhang Yanling, former vice-president of Bank of China, said this conference will bring more say for Chinese banks and other financial institutes in making international regulations.

ICC is a non-government organization, specializing in making rules and regulations for international financing and clearance. It holds two conferences every year in April and October, used to be in European countries. But the venue gradually moved eastward in recent years.

China joined this organization in 1994 and became an active member after 2001 when China was accepted as a WTO member.

The theme for the upcoming conference is about changes, said China Chamber of International Commerce (CCOIC), the host of this conference. Under this theme, a series of topics will be discussed, including the international practices in trade and financing.

Lin Shunjie, deputy secretary-general of CCOIC, said the conference “is the Olympic Games in the international trade and financing area”, and Chinese companies should seize the opportunity to speak out their own needs, rather than just follow the rules made by developed countries.

There are different practices between Chinese and western financial systems, said Zhang Yanling, citing an example that western bankers are used to signing names on the sheets, while Chinese counterparts use name stamps.

“If we don’t argue with them, our stamps might not be recognized by western partners.”

Zhang Wei, vice-chairman of CCOIC, said the lack of rule-making opportunities is the main barrier that prohibits Chinese companies to gain profit from international trade and financing.

“I really hope this conference can enlighten companies with international businesses, and gain more say for them in international commerce,” he added. 

Source:China Daily