The China Federation of Industrial Economics (CFIE) would like to discuss the establishment of a dialogue mechanism to address trade issues with its foreign counterparts during a summit to be held in Beijing from September 19 to 20, a CFIE official announced Monday.

An important reason for sponsoring the World Industrial and Commercial Organizations Summit is to create a dialogue and coordination channel to optimize mutual understanding,

communication and consensus building process between CFIE and foreign industrial and commercial organizations, Wei Jiafu, the CFIE executive chairman and president of the China Ocean Shipping Group Company, told Xinhua.

With the accelerating integration process of various world economies, international trade enters into a stage of development that will contain disputes and conflicts, Wei said, noting that setting up a dialogue and cooperation mechanism in principles of development, equality and mutual benefit can help settle trade disputes by cooperative and constructive approaches.

Wei said that Chinese Vice Premier Huang Ju is expected to deliver a speech at the summit. Kim Hak-Su, executive secretary of Economic and Social Commission for Asia and the Pacific (ESCAP),and Carlos Alfredo Magarinos, director-general of United Nations Industrial Development Organization (UNIDO), are also expected to attend the summit and deliver keynote speeches.

Around 300 participants at home and abroad have confirmed their attendance to the summit, including Bo Xilai, Chinese minister of commerce and Zhou Xiaochuan, governor of the People's Bank of China, according to Wei.

Source: Xinhua