Phnom Penh, December 16 (Yang Qiang, Li Haiyue) On December 15, local time, the Industrial and Commercial Bank of China Phnom Penh Branch held a forum on the theme of "On Macro, Seizing Opportunities, and Promoting Cooperation" in Phnom Penh, the capital of Cambodia. More than 150 representatives of Chinese-funded enterprises and industries in Cambodia attended the forum.
Cheng Shi, Chief Economist of ICBC International Holdings Limited, delivered a keynote speech. Photo by Li Haiyue
Cheng Shi, Chief Economist of ICBC International Holdings Limited, delivered a keynote speech on "Outlook for Asia-Pacific Macroeconomic Development in 2024" at the forum, comprehensively and systematically discussing the overall situation of the global macroeconomic environment in 2023, and put forward a forecast for the global macroeconomic situation in 2024, summarizing that China's economy will enter a new stage of development in the future.
Cheng Shi believes that the global economy has experienced a significant "entropy increase" process in the past four years, and China is facing the most complex international macroeconomic external environment since the reform and opening up. In 2023, the global economy has embarked on the road of "entropy reduction" to combat chaos and disorder through effective coordination of policies that reduce volatility, enhance openness, enhance competitiveness, and increase collaboration. He predicted that in 2024, China's economy will show an evolutionary trend of "consumption-oriented, investment stabilizing, and export recovery", gradually consolidating endogenous growth momentum.
Lin Shiqiang, President of Industrial and Commercial Bank of China Phnom Penh Branch, introduced the market positioning and business strategy of the branch at the forum. Photo by Li Haiyue
Lin Shiqiang, President of Industrial and Commercial Bank of China Phnom Penh Branch, introduced the market positioning and business strategy of the branch at the forum on the same day. He stressed that it is the original intention and mission of ICBC Phnom Penh Branch to serve the "out" Chinese-funded enterprises well, and will focus on Chinese elements and cross-border business through internal and external linkage, help the process of RMB internationalization, and provide high-quality financial services for Chinese-funded enterprises and projects in Cambodia.
In addition, Lin Shiqiang also analyzed the current economic and financial environment in Cambodia from a micro perspective, and shared his personal views on five aspects: deposit interest rate, loan interest rate, local currency, RMB exchange rate and cross-border RMB business. He suggested that in the current context of high US dollar interest rates, companies should consider portfolio financing to reduce financing costs. He believes that the RMB exchange rate is "generally stable and range-bound", and suggested that enterprises should appropriately optimize asset allocation and encourage cross-border RMB settlement and forward exchange rate lock-in to strengthen risk management.
Zhong Jie, Economic and Commercial Counsellor of the Chinese Embassy in Cambodia, attended the forum and delivered a speech. Photo by Li Haiyue
In her speech, Counselor Zhong Jie said that in 2023, China-Cambodia economic and trade cooperation has achieved healthy and rapid development, and many new achievements and progress have been made in cooperation between the two countries, which is inseparable from the efforts of Chinese-funded enterprises in Cambodia. As Cambodia's largest trading partner, source of investment and source of official assistance for a long time, China will continue to further strengthen China-Cambodia friendly relations and strengthen China-Cambodia practical economic and trade cooperation in the future, so that the economies, societies and people of the two countries will benefit from it.
Counselor Zhong Jie pointed out that the Chinese Embassy in Cambodia encourages and supports Chinese-funded financial institutions and Chinese chambers of commerce in Cambodia to organize policy presentations and exchange activities to further provide intellectual support for the development of Chinese-funded enterprises in Cambodia. She hoped that Chinese enterprises would better realize the "Belt and Road" initiative and Cambodia's "Pentagon Strategy" under the framework of China-Cambodia "Diamond Six-Sided" cooperation, and continue to contribute to the construction of a high-quality, high-level and high-standard China-Cambodia community with a shared future. (ENDS)