28 November 2011: Georg Kell, Global Compact Executive Director, and Fu Chengyu, Global Compact Board Member and Chairman of SINOPEC, signed a Memorandum of Understanding to re-launch the UN Global Compact’s network in China.

The board of the China Network will include senior executives and representatives from SINOPEC, State Grid Corporation of China, China Ocean Shipping Group, Baosteel Group, China Development Bank, Haier Group, Huawei Technologies GE China, BASF China, and Novozymes China, among others.

Participants also adopted a new constitution setting out details regarding membership, governance and other substantive issues. Kell noted that the China Network will play a key role in integrating Chinese companies and multinationals in China into a more sustainable economy. Fu underscored that the network is evidence of Chinese companies’ support for the Global Compact’s goals. He expressed hope that the Network would encourage Chinese companies to join the UN Global Compact and contribute to building an energy efficient, environmentally-friendly society.

Peng Huagang, Director General of the Research Bureau of the Chinese State Assets Supervision and Administration Commission of the State Council (SASAC), noted that the Network would improve communication and collaboration between Chinese and foreign companies, helping Chinese companies to make a greater contribution to the UN Millennium Development Goals (MDGs). [UN Global Compact Press Release]