Qingdao conference promotes fair and rational global economic order

The Global Business and Law Conference 2025, held in Qingdao, Shandong Province, brought together over 1,000 participants from 47 countries and regions to address the pressing need for a fair and rational global economic order. Against the backdrop of global uncertainty, officials and experts emphasized the importance of strengthening the international rule of law to stabilize global industrial and supply chains and tackle economic challenges collectively. Ren Hongbin, Chairman of the China Council for the Promotion of International Trade (CCPIT), urged business and legal communities worldwide to respect established international trade and investment practices. He highlighted the need for constructive dialogue to align international rules in areas such as intellectual property, digital economy, and green standards. Ren also stressed the importance of reducing trade barriers and fostering global industrial cooperation to safeguard free trade and economic globalization. Li Mingzheng, Vice-Minister of the Ministry of Justice, outlined China’s efforts to create a stable legal environment for economic development. These measures include advancing legislation on arbitration, maritime affairs, and foreign investment, as well as revising customs and foreign trade laws. Additionally, Chinese law firms have established 207 branches in 37 countries, showcasing progress in legal services sector openness. El Hadji Abdourahmane Ndione, Chair of the ISO Committee on Developing Country Matters, emphasized that global governance reform should prioritize fairness, openness, and shared responsibility. The conference, now in its third year, continues to play a pivotal role in fostering consensus and cooperation in global governance and economic openness.