Workshop makes young entrepreneurs more aware of cross-border compliance management

The China International Youth Exchange Center (CIYEC) launched a compliance training for young Chinese entrepreneurs on cross-border businesses and a round-table conference to lead them to better participate in building the new development paradigm of dual circulation based on the requirements of the new development stage, in Yixing, a county-level city in East China's Jiangsu province, from May 27 to 30.

The four-day event was designed to help young entrepreneurs learn more about the global economic governance system and international rules, enhance their awareness of risk prevention and control, and improve their compliance management level of cross-border business. It was also aimed at encouraging the young businessmen to contribute more to accelerating the development of the dual circulation paradigm, as well as building an open world economy.

CIYEC Deputy Director Zhang Hua underlined the importance of international youth exchange and cooperation in the face of the once-in-a-century pandemic and the profound changes and economic and social uncertainties.

Efforts should be made to deepen international youth economic and trade cooperation based on conventional people-to-people exchanges, and to seek more opportunities in the new resilience shown by economic globalization, Zhang said.

He also added that activities themed on young entrepreneurs' cultivation are supposed to be carried through as an endeavor to enhance the international competitiveness of young talents and pave the way for their participation in international cooperation.

Liu Chao, Secretary-General of the International Commercial Dispute Prevention and Settlement Organization (ICDPASO), delivered a keynote speech during the training session.

As Chinese companies have accelerated the pace of going global, they have an increasing need for cross-border compliance business operations. Liu said that there are more than 50,000 laws and regulations around the world inextricably linked to enterprises' foreign operations, posing a huge challenge to their cross-border activities.

The ICDPASO official noted that Chinese companies have been confronted with an all-round upgrade of the supervision of importing countries due to the competitive edges of Chinese products, and added that the qualification training and certification for eligible operators should be emphasized to provide companies with a talent guarantee for cross-border compliant operation and risk prevention.

Hailing the CIYEC's hard work in the sector, Liu also expressed his hope that the enterprises' capacity of cross-border compliance is expected to be improved through joint efforts.

During the session, high-flyers and researchers in legal and economic fields presented lectures on the status quo, root causes, working mechanisms and development paths of cross-border compliance management. Combining with working experience and case study, they also gave constructive solutions and suggestions to the trainees.

With the significantly increasing risk of cross-border business operations, the workshop was well received by the trainees. The event helped operators to further enhance their awareness of standardization and to set up sound compliance management systems that increase the competitiveness of enterprises in the international market, according to the trainees.

A roundtable conference themed on "Contributing to Dual Circulation" was held among trainees during the session. Young entrepreneurs from all walks of life had in-depth exchanges on how enterprises can pursue development opportunities amid crises and changes.

Multi-tiered views sparkled at the roundtable from the perspectives of deepening the supply-side structural reform, securing the industrial and supply chains, getting rid of involution, enhancing the core competitiveness of enterprises, and ensuring the green development of companies under the national goal to peak carbon emissions by 2030 and achieve carbon neutrality by 2060; all facets of young entrepreneurs' responsibility in the new era.

More than 120 people from leading central and local enterprises attended the event, which also included a presentation of investment in Yixing and a visit to Far East Holding Group Co Ltd, a leading power equipment supplier in China.