Sok Siphana, the senior minister of the Royal Government of Cambodia, speaks at a panel session during the 2023 Global Chinese Economic & Technology Summit at Futian Shangri-La Hotel, Shenzhen, China, on Nov 7, 2023 (EDMOND TANG / CHINA DAILY)

Multilateralism key to manage global risks, while digitalization and green growth hold promise, forum hears

The world faces new geostrategic and geoeconomic challenges, along with opportunities arising from digitalization and green transition, a forum in Shenzhen heard on Nov 7.

Speaking on the second day of the 2023 Global Chinese Economic & Technology Summit, Sok Siphana, senior minister of Cambodia, noted that three major events of significant importance have marked the agenda of the world leaders in recent months. The first was the 15th BRICS in South Africa, the second was the ASEAN Summit and Related Summits in Indonesia, and finally there was the G20 Summit in New Delhi.

“There was a need for the G20 to revitalize multilateralism so that it can adequately address contemporary global challenges,” he said in a special address.

The two-day GCET summit, themed “Great Reset: Powering Growth, Technology and Regional Prosperity”, brought together a diverse array of thought leaders, business magnates and government officials from around the world, in the event that started in Shenzhen on Nov 6

“Multilateralism is the key, and its role is still critical for managing future global risks,” the Cambodian minister said, “We, small states, all have a role to play to exert our political and diplomatic capital to convince the United States that its prosperity and economic influence are enduringly linked with both China and the rest of the world.”

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The two-day GCET summit, themed “Great Reset: Powering Growth, Technology and Regional Prosperity”, brought together a diverse array of thought leaders, business magnates and government officials from around the world, in the event that started in Shenzhen on Nov 6.

On Nov 7, in the first session titled “Geostrategic and Geoeconomic Challenges Facing a New Multipolar World – the Role of China and Asia”, panelists discussed the prospects of BRICS — Brazil, Russia, India, China and South Africa — becoming a more strategic economic powerhouse in a multipolar world, and China’s role in the global power shift.

Edward Tse, founder and CEO of Gao Feng Advisory Company and former chairman of Booz Allen & Hamilton, China, said that we are entering a multipolar world. “It would be the first time many emerging markets (Global South) would lift the living conditions of their citizens to some degree of dignity,” he noted.

He emphasized that China presents to the Global South countries an alternative development model. “So the center of gravity will shift, trade patterns will change, and financial methods could disrupt,” Tse said, adding that there will be both challenges and opportunities.

ALSO READ: Powering growth, technology and regional prosperity

The second session on Nov 7, titled “Pivoting towards Green Growth: New Opportunities in the Green Economy”, saw panelists discuss how green energy will increasingly power the technology to achieve greater sustainability, including smart cities and green mobility.

 The third session focused on “Digital Transformation and Knowledge-based Economy”, with participants talking about how the digital economy is transforming how both governments and businesses operate daily, and how the digitalization trend has carved out emerging markets.

In the final session, “Entrepreneurships and Startups – Lessons, Strategies, Opportunities”, participants discussed how the global Chinese diaspora promote entrepreneurship and new joint ventures and their success factors. According to them, entrepreneurship is increasingly driving future growth and prosperity. Yeoh moderated the session.

“Together we need greater collaboration to overcome the 5D’s of global economic challenges — Deficit, Debt, Demography, Digitalization, and Decarbonization,” said Michael Yeoh, organizing chairman of the GCET summit and president of KSI Strategic Institute for Asia Pacific.

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The closing ceremony of the event celebrated the fact that 2024 will mark 50 years of China-Malaysia diplomatic relations.

Lee Kim Yew, founder and patron of the GCET summit said, ““It (the year 2024) will be the year of Dragon. … Chinese diaspora in all corners of the world should all remember that we are descendants of dragon.”