The Meeting of China-German Economic Advisory Committee (DCBWA) was held on 6 September in Great Hall of the People, Beijing, where heads of government from both countries met and engaged in exchange with delegates present in the meeting. King Cheung, Chairman of the Board of Cedar Holdings attended the meeting and made a speech on behalf of Chinese companies in the Sixth Plenary Session of China-German Economic Advisory Committee, also known as CEO Roundtable Discussion.
King Cheung said in his speech that China and Germany have been important trade partners for each other in recent years. In the current complex international economic landscape, it is necessary for China and Germany to further their cooperation based on sound economic and trade relationship, contributing to global economic system. While Germany is the birthplace of modern era chemical industry, with strengths especially in high-end segment, China is, at the moment, growing to be a chemical force of quality from one of quantity. The potential for Chinese and German businesses cooperation could be found in many areas and there are bright market prospects.
The industry foundation of Cedar Holdings is well-prepared for technological cooperation with Germany. As a company listed on Fortune Global 500 with commodities and new chemical materials as core businesses, Cedar Holdings has a commodities supply chain system with global coverage, which forms the basis and blood of “Made in China”. Cedar Holdings has also established a global chemical raw materials supply chain system and is working on building a complete industrial chain featuring production and marketing integration. "We have placed a high value on technological innovation of high-end chemical products. We have public traded company with world-leading advantage in fine chemical industry", said King Cheung.
King Cheung hopes that Cedar Holdings strengthens its all-rounded cooperative relationship with top-notched German companies, leverages their respective strengths, conducts deep cooperation for mutually beneficial and win-win result in areas such as technology, production and capital. He also hopes that Cedar Holdings to take a stake in German new chemical materials enterprises and high-end manufacturers featuring cutting-edge technology, as well as join forces with German companies in developing China's chemical market. "I hope that German financial institutions will make better use of low-cost euro cash to support products and technology exports for German companies."
Cedar Holdings is currently an important member of China-German Economic Advisory Committee. Last May, King Cheung also made a speech on behalf of Chinese companies in the Fifth Plenary Session of China-German Economic Advisory Committee, also known as CEO Roundtable Discussion, and expressed willingness for deepened the cooperation with German chemical leaders. After the meeting, Cedar Holdings paid visits to several German chemical companies and reached many cooperation consensuses.
King Cheung visited Evonik HQ in Germany in May 2019
King Cheung visited HQ of Evonik Germany on 7 May and engaged in in-depth discussion with business leaders from Evonik over project cooperation. On July 23, Qixiang Tenga under Cedar Holdings signed HPPO process licensing agreement and technology service agreement with Evonik and ThyssenKrupp from Germany. According to the agreements, Qixiang Tengda acquired this world-leading core technology for its new PO project with a planned annual output of 300,000 mt. Also worthy of attention is that Qixiang Tengda brought in hydrogen peroxide (HP) technology solely owned by Evonik for the exclusive supply of PO plant, which is the first of its kind in China. Once the new PO project is completed, Qixiang Tenga will be able to form an integrated C3 industrial chain covering propane, propylene and propylene oxide (PO), successfully expanding business landscape from C4 industry to C3 industry as planned.
Qixiang Tengda signed HPPO process licensing agreement and technology service agreement with Evonik and ThyssenKrupp from Germany in July 2019.
Founded in 2012, China-German Economic Advisory Committee, consisted of important social figures from Chinese and German economic community, is aimed at providing suggestions on intensifying economic and trade cooperation for both countries. The committee held a meeting during or before bilateral senior officials visit, making it easy to put forward suggestions during bilateral exchanges of senior officials. Heads of Government from China and Germany attended meetings of China-German Economic Advisory Committee many times together since it is founded.
In today's Roundtable Discussion, King Cheung have exchanges with business leaders from Bank of China, Great Wall Motors, ZTE, Deutsche Bank, Wacker Chemie, ALBA Group, and NXP Semiconductors over current international trade and economic situations.