Qingdao conference promotes fair and rational global economic order

Officials and experts attending the Global Business and Law Conference 2025 on Wednesday in Qingdao, Shandong province, called for concerted efforts to strengthen the authority of the international rule of law and promote a fair and rational global economic order amid global uncertainty, in a bid to stabilize global industrial and supply chains and jointly address challenges facing the world economy.

Ren Hongbin, chairman of the China Council for the Promotion of International Trade (CCPIT), said that business and legal communities across countries should respect the long-established international practices in trade and investment, offer constructive suggestions, and leverage their influence to promote the alignment of international rules in areas such as intellectual property protection, digital economy, and green standards.

"By bridging differences and reducing trade and investment barriers, business and legal communities should engage more deeply in global industrial cooperation and jointly safeguard free trade and economic globalization, contributing to a smooth and efficient global industrial and supply chain system," said Ren.

Li Mingzheng, vice-minister of the Ministry of Justice, said the ministry has rolled out a series of pragmatic measures to create a vibrant, stable, and orderly legal environment for economic and social development. Efforts include advancing legislation on arbitration, maritime affairs, and foreign investment, as well as revising laws on customs and foreign trade to ensure high-quality legislation that supports high-quality development and high-level opening-up.

He added that the ministry has also supported Chinese law firms in establishing 207 branches across 37 countries and regions, marking steady progress in opening the legal services sector and yielding positive outcomes in foreign-related rule of law work.

"The reform of global governance should not be a contest of power, but a co-creation process rooted in fairness, openness, and shared responsibility. Strengthening the partnership between law and business is how we make that vision real," said El Hadji Abdourahmane Ndione, chair of the ISO Committee on Developing Country Matters.

The event, now in its third session, was first launched by the CCPIT in September 2023. It has since played an active role in advancing consensus and achievements in improving global governance and fostering an open and cooperative economic landscape.