Opportunities arising from RCEP and Dual Circulation may push forward NUBS China

07 December 2020


On 5th December, the Nottingham University Business School China (NUBS China) Advisory Board successfully held its winter 2020 meeting in the New Library of the University of Nottingham Ningbo China (UNNC). New opportunities from the Regional Comprehensive Economic Partnership (RCEP) free trade agreement and China’s ‘dual circulation’ policy were key topics at this meeting. Discussion focused on NUBS China strengths in helping Chinese and ASEAN students and managers equip themselves for new opportunities in international trade and investment.

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Mr Peter Handstein, Chair of the Board, reviewed the fifth meeting. Professor Martin Lockett, Dean of NUBS China, also introduced recent achievements in teaching and research at the School, while also highlighting the launch of a new master’s programme.

Following the last meeting, the board members shared their views on sustainable development and the development of NUBS China. Mr Kenneth Yu, Former 3M Global Executive, suggested that in addition to teaching students the ability to manage enterprises, NUBS China should also focus on the cultivation of leadership in students. Sustainable management should not only be responsible to enterprises and customers, but also employees and society as a whole.

In the context of globalisation, regional economic cooperation has witnessed unprecedented development. The meeting’s discussion on "Regional Comprehensive Economic Partnership (RCEP)” and "Dual Circulation" reflected current global development trends. Professor Zhang Jianping, Director General of the Center for Regional Economic Cooperation of the Ministry of Commerce, further explained that RCEP has gone through eight long years of negotiations. Even with different economic development levels, changes in the international context, and the current pandemic, RCEP is still striving forward. The completion of RCEP negotiations will play an important role in expanding trade among member countries, easing disputes among them, and promoting multilateralism and globalisation.

Mr Mao Zhongqun as the Chairman and President of Ningbo FOTILE Kitchenware Co. Ltd., pointed out that because of the future global trend of polarisation, Chinese enterprises should develop themselves as mid-to-high-end industries. The development of mid-to-high-end enterprises will depend on the support of high-end talents. UNNC and NUBS China should play the role of a ‘bridgehead’ and provide talent support for China's future development.

Dr Ma Dingling, Deputy Director of Region and Planning Research Department of Ningbo Development and Planning Institute, mentioned that Ningbo is formally incorporated into the Zhejiang Free Trade Pilot Zone in 2020. Accordingly, the city is committed to the construction of "One Hub, Three Centres and One Demonstration Zone", namely, the International Shipping and Logistics Hub; Global Oil and Gas Resource Allocation Centre, International New Trade Centre, International New Materials Science and Technology Centre; and the National Intelligent Manufacturing High-quality Development Demonstration Zone, respectively. The building of the oil and gas industry chain has a relatively high degree of compatibility with RCEP. At the same time, Ningbo-Zhoushan Port, as the world's largest port in terms of cargo volume, which connects with domestic and international markets, will benefit Ningbo in actively participating in the formulation of international rules and standards. Ningbo can now act as a bridge in the process of integrating RCEP into the Chinese market, and also become an important node city in the implementation of "dual circulation".

Professor Patrick Chau, Vice Provost for Research and Knowledge Exchange, also introduced NUBS China’s Research Base on Dual Circulation and Economic Development, which received approval as Ningbo’s Social Science Research Base. The research base aims to produce high-quality research to promote Ningbo's social and economic development.

From the perspective of her own enterprise, Ms Wu Bing, one of the first cohorts to graduate from the University, and now Executive Director of Colet Electrical Appliance Co., Ltd., suggested that because of the reconstruction of global industrial supply chains, business schools can combine technical resources with talent advantages to fill in domestic gaps, and help upgrade the vertical integration of regional industrial chains.

The meeting was attended by many government representatives, business leaders and university leaders: Mr Peter Handstein, Founder and CEO of Hape Group; Professor Zhang Jianping, Director General, Center for Regional Economic Cooperation, Ministry of Commerce of PRC; Mr Huang Guangxu, President of Ningbo Development and Planning Institute; Mr Mao Zhongqun, Chairman and President of Ningbo FOTILE Kitchenware Co. Ltd.; Mr Zhou Minfeng, President of Ningbo Huaxiang Group; Professor Patrick Chau, Vice Provost for Research and Knowledge Exchange, UNNC; Professor Martin Lockett, Dean and Professor of Strategic Management, NUBS China; Professor Cui Ping, Associate Provost and Executive Director of the China Beacons Institute at UNNC; Dr Ma Dingling, Deputy Director of Region and Planning Research Department, Ningbo Development and Planning Institute; Mr Keith Ng, Retail Banking CFO, Ping An Bank; Ms. April Lin, General Manager, Guapo Island Group; Ms. Wu Bing, Executive Director of Colet Electrical Appliance Co., Ltd.; Ms. Carol Chen, Senior Manager for External Relations at NUBS China; and Mr Kenneth Chun Hung Yu, Former 3M Global Executive, who is now based in the US, attended online.

NUBS China Advisory Board was officially formed in July 2018. Board members include distinguished leaders from private and public sector organisations that help to develop strong links with businesses, organisations, and policymakers to ensure the continuing relevance of the School's activities.