Portunities in Chinese market
China’s advantage presented by complete industry chains and innovative ecosystems are now widely recognized and highly regarded by multinationals.
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Kim Fausing, president and CEO of Danfoss, a leading Danish energy efficiency solution company, said China’s reaffirmed pledge to further opening-up and improvements to the business environment, especially the protection of intellectual property rights, gives them strong confidence to continue investing in the country.
In April, Danfoss will launch the construction of the second phase of their Haiyan campus in east China’s Zhejiang Province, which is also its largest manufacturing base in China.
Pascal Soriot, CEO of British biopharmaceutical giant AstraZeneca, said the company has been in China for more than 30 years and noted that it has become its important growth engine by revenue.
Antoine de Saint-Affrique, CEO of food and beverage multinational
Danone, said: “China is absolutely critical for the world growth. If China doesn’t grow, the world is not growing.”
De Saint-Affrique said that Chinese government is doing its commitment of around 5 percent growth rate in a way that is sustainable, and is unleashing the new quality productive forces, which gives him huge confidence in the market.
New quality productive forces
Making strides in new quality productive forces, featuring hightech, high efficiency and high quality, is high on China’s agenda this year. For foreign businesses, this offers insight into new business opportunities in the country.
China will boost industrial innovation via technological innovation, speed up upgrading of traditional industries, and foster emerging industries, Zheng Shanjie, head of the National Development and Reform Commission, said at the forum.
Soriot considers it a “tremendously exciting and important in the field of health care.”
“We are here because China is at the forefront of using artificial intelligence, biotechnology and renewable energy to shape the future of health care, and we believe that Chinese-born innovation can help millions of patients worldwide,” he said.
AstraZeneca recently concluded an agreement to invest US$475 million to build a new small molecule factory in Wuxi, east China’s Jiangsu Province, which will focus on sustainable manufacturing. In February, it announced that Shanghai had become its fifth global strategic hub.
The company signed a memorandum of understanding for strategic cooperation with its Chinese partners during the forum to explore modes of collaboration in vaccines.
Ola Kallenius, chairman of the board of management of Mercedes-Benz Group, expressed the company’s commitment to deepening its footprint in China, advancing electric and digital transformation along with its Chinese partners at the forum.
“China is not only the largest market for new-energy vehicles, but also an innovation hub with industry-leading companies and a mature NEV supply chain,” he said, adding that he believes the Chinese market will continue to grow and play a leading role in innovating the industry.
L’Oreal has invested in two new fulfillment centers in east China’s Suzhou and Nantong recently to support the rapidly growing e-commerce sector across the country, said Hieronimus, adding that China is home to one of the company’s three beauty tech hubs worldwide.
As new quality productive forces feature technological breakthroughs, it brings more cooperation space to multinationals, said Jack Chan, chairman of EY China.
Overseas enterprises can make full use of their experience to research and develop in China, as well as tap into the huge Chinese market to promote the application of scientific achievements, he said.