Address by Chinese Ambassador to Singapore Cao Zhongming At the 2nd Global Business Summit on Belt and Road Infrastructure Investment to Accelerate the SDGs
Distinguished Guests,
Business Leaders and Friends,
Ladies and Gentlemen,
Good morning.
It is a great pleasure to attend this Global Business summit on Belt and Road Infrastructure Investment to Accelerate the SDGs organized by the United Nations Global Compact. On behalf of the Embassy of the People's Republic of China in Singapore, I would like to extend my warm congratulations on the successful convening of this summit.
The United Nations Global Compact is the world's largest corporate sustainability initiative. Since its establishment, it has been committed to encouraging businesses to align their operations and strategies with the Ten Principles of the UN Global Compact in areas of human rights, labour standards, environment and anti-corruption, while actively supporting the implementation of the United Nations 2030 Agenda for Sustainable Development. Last year, the United Nations Global Compact held the Inaugural Global Business summit on Belt and Road Infrastructure Investment for Better Business, Better World and Sustainable Development Goals in Indonesia, where a number of important outcomes and initiatives were launched, attracting widespread attention and recognition.
Under the theme “Connect for Better World,” this year's summit closely follows the trends of our times, focuses on sustainable and high-quality business development, and is closely linked with high-quality Belt and Road cooperation. It encourages companies around the world to uphold business integrity, fulfil their social responsibilities, and embrace the principles of sustainable development. I am confident that the summit will play a positive role in encouraging enterprises engaged in Belt and Road cooperation to uphold compliance, practice environmental, social and governance (ESG) principles, and contribute to global sustainable development.
Ladies and Gentlemen,
A grand vision is realized through practical action. Since the Belt and Road Initiative was proposed more than a decade ago, China has remained committed to the principle of extensive consultation, joint contribution and shared benefits, the vision of openness, greenness and integrity, and the goal of pursuing high-standard, people-centered and sustainable cooperation. We have continued to advance “hard connectivity” in infrastructure, “soft connectivity” in rules and standards, and “people-to-people connectivity” among participating countries. To date, China has signed more than 200 cooperation documents with over 150 countries and more than 30 international organizations, and implemented over 3,000 practical cooperation projects. The Belt and Road Initiative has provided impetus for global economic growth, created platforms for international economic cooperation, expanded opportunities for shared development, and become a widely welcomed global public good.
Singapore was among the earliest supporters of the Belt and Road Initiative and serves as an important hub for Belt and Road cooperation. In May 2017, China and Singapore signed the Memorandum of Understanding on Jointly Advancing the Belt and Road Initiative.
Through the joint efforts of both sides, fruitful outcomes have been achieved in connectivity, financial cooperation, third-party market cooperation, legal and judicial cooperation, and other priority areas. Among them, the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity stands as a flagship project. It has not only provided an important channel for western China to connect with global markets, but also expanded Singapore's development hinterland. In the longer term, it will offer more convenient trade channels for countries across Southeast Asia. Over the past decade, more than 300 projects have been signed under the initiative, involving total investment of nearly US$30 billion. More than 30 pioneering institutional opening-up measures have been implemented, creating a new model in which direct connectivity between Chongqing and Singapore drives broader cooperation between western China and ASEAN countries. It has provided the world with a new model of international cooperation.
Under the framework of the 21st Century Maritime Silk Road, China-Singapore land-sea connectivity cooperation has continued to deliver tangible results. Leveraging Singapore's strength as a major global maritime hub, the two sides have jointly developed the New International Land-Sea Trade Corridor. Connecting the Silk Road Economic Belt in the north and the 21st Century Maritime Silk Road in the south, the Corridor has established a regular rail-sea intermodal logistics network serving Southeast Asia. The annual number of rail-sea freight train services has exceeded 10,000. The Corridor has helped safeguard the smooth flow of regional maritime trade and played an important role in enhancing the resilience of regional industrial and supply chains and supporting China-ASEAN regional integration.
Singapore is also one of the founding members of the Asian Infrastructure Investment Bank (AIIB). Together with other members, Singapore has contributed to the establishment and operation of the Bank, participated actively in its governance and business operations, and provided financing support for infrastructure development and connectivity across the region, thereby contributing to shared regional development.
Ladies and Gentlemen,
Green development is a defining feature of high-quality development and one of the core principles of Belt and Road cooperation. China remains committed to the principle that lucid waters and lush mountains are invaluable assets. We have unswervingly pursued a high-quality development path that gives priority to ecological conservation and green, low-carbon growth. By coordinating industrial restructuring, green energy transition and environmental protection, China has carried out the world's largest low-carbon transition effort and achieved remarkable progress in sustainable development.
In the field of energy transition, China is building the world's largest and fastest-growing renewable energy system. By the end of 2025, China's installed renewable energy capacity had reached 2.34 billion kilowatts, accounting for approximately 60 percent of the country's total installed power capacity. China has ranked first globally in installed wind and solar power capacity for many consecutive years. Nearly 40 percent of the country's electricity consumption is supplied by green power. The rapid expansion and technological advancement of new energy storage have effectively addressed challenges related to renewable energy integration, strengthening both energy security and green transition. New energy is rapidly evolving from a supplementary energy source into a principal source of energy.
In industrial upgrading, China has focused on sectors such as steel, non-ferrous metals, building materials, petrochemicals and chemicals, advancing energy-efficiency improvements and deep pollution-control measures. A number of replicable and scalable models for energy conservation and efficiency enhancement have been developed. Benchmark enterprises in key industries have achieved world-leading levels of energy consumption per unit of output.
China's green transition and industrial upgrading have not only supported its own high-quality development. China's green products have also enriched global supply, promoted the adoption of clean energy, and provided important support for global climate action and green, low-carbon transition. China stands ready to contribute more to global sustainable development through its own experience and practices.
Ladies and Gentlemen,
The world today is undergoing profound changes unseen in a century. Economic fragmentation is intensifying, development progress is under serious strain, geopolitical tensions are increasing, and various global risks and challenges are interacting and spreading across borders. The international community urgently needs to build consensus and identify viable pathways for overcoming these common challenges. In response to global changes and the needs of our time, China has successively proposed the Global Development Initiative, the Global Security Initiative, the Global Civilization Initiative and the Global Governance Initiative, offering practical solutions to development and governance deficits, promoting common security and dialogue among civilizations, and injecting new momentum into global development and governance.
This year marks the fifth anniversary of President Xi Jinping's proposal of the Global Development Initiative. Over the past five years, through the joint efforts of all parties, the Initiative has expanded from a Chinese proposal into an international consensus and evolved from a vision of cooperation into a rich body of practical actions. It has injected renewed vitality into the implementation of the United Nations 2030 Agenda for Sustainable Development. The Initiative has received responses and support from the United Nations and more than 100 countries, further strengthening global consensus on development. It is worth noting that Singapore was among the earliest countries to support and participate in the Global Development Initiative. Singapore actively joined the Group of Friends of the Global Development Initiative and has played a positive demonstration role in advancing the Initiative within the region.
Last September, President Xi Jinping solemnly proposed the Global Governance Initiative, highlighting five core principles: sovereign equality, international rule of law, multilateralism, a people-centered approach, and action-oriented cooperation. These principles provide important guidance for the international community in building a better world together. Since its launch, the Initiative has received high praise and broad support from the international community. Over the past year, it has received support and positive responses from nearly 160 countries and international organizations. Groups of Friends of Global Governance have been established successively in New York, Geneva and Vienna, attracting the active participation of more than 60 countries.
Under current circumstances, global governance should not be the governance of a few countries, nor should it be the sole responsibility of governments. It requires the participation of governments, international organizations, social organizations and all other stakeholders. The business community is an indispensable participant in global governance. When enterprises actively fulfil their social responsibilities and uphold sustainable business principles, they strengthen the micro-foundations of global governance and help ensure that governance outcomes truly benefit people around the world. At the same time, a fairer and more equitable global governance system can provide enterprises with a stable and predictable business environment, safeguarding the long-term development of all market participants. Bringing together businesses and stakeholders from around the world, the United Nations Global Compact serves as an important platform connecting public governance and private-sector action. We hope that Chinese and international enterprises alike will translate their pursuit of fairness, development, cooperation and sustainability into concrete action, actively shoulder their social responsibilities, and participate deeply in global governance practices. We also hope that the United Nations Global Compact will continue to leverage its unique strengths, provide stronger guidance to participating companies, foster more effective public-private partnerships, and make even greater contributions to global sustainable development.
Finally, I wish this summit every success.
Thank you.
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