Press release: The European Chinese Services Group meets up in LuxembourgDOWNLOAD
For the first time since 2007, Deloitte’s European Chinese Services Group (ECSG) annual meeting took place in Luxembourg. The ECSG welcomed over 30 China experts from over 17 countries during this three-day meeting, amongst others, representatives from the Bank of China, as well as Linda Yueh*, one of the most respected business commentator worldwide and one of the ‘Business Thinkers 50’, as guest speaker.
One of the highlights of the annual meeting was Jean Victor Prévost, leader of Deloitte’s global legal service, introducing to the participants the legal aspects of establishing an organisation in the EU and investing in Europe. Prévost concluded: “Though investors have a long and complex process to enter the European market, due to various European product and environmental regulations, the EU holds many opportunities, such as the common European regulatory framework and a single currency.”
Further, Stefan van Thienen, partner at Deloitte Belgium, and Jeroen Lemmens, directeur at Deloitte Belgium, followed by presenting the organisational benefits of the Tax Alignment Supply Chain (TASC). Services related to TASC help increase the added value and reduce business costs by restructuring their chain of activity and using methods of tax benefits directly and indirectly. According to van Thienen and Lemmens: “Certain organisations, such as large multinationals or organisations with cross-country supply chains, should consider moving towards a more centralised supply chain business model, in order to optimise their supply chain operations and tax planning.”
Finally, Linda Yueh concluded the meeting by presenting her key thoughts on the future for China and the EU, as well as the growth in services in China. “Though manufacturing is still the preferred sector in the Chinese market, the services sector has been expanding at a very high rate and will continue to do so. It is important to understand the various economic relations between Europe and China in order to establish a good relationship between these two major growth engines.”
With the global trend of economic powers beginning to shift, this meeting helped clarify several crucial aspects of the Chinese and European markets, encouraging the collaboration of both economies in the future.
* Linda Yueh is Director of the China Growth Centre at the Oxford University and a visiting professor at the Luxembourg Business School. Yueh is further a regular contributor to the BBC ‘World Business Report’ and is a regular guest host on various CNBC business programmes.
Over the past few years, Yueh has published various books, such as the Macroeconomics, co-authored with Graeme Chamberlin, which is the recommended textbook for UK government economists.
In 2008, Yueh was appointed to the World Economic Forum’s new Network of Global Agenda Councils that will set the Global agenda for the annual meeting in Davos.