Policies, globalization stance good for R&D, innovation, recovery, execs say
China's enduring commitment to long-term high-level openness, as underscored by the annual China International Import Expo, will continue to be key to fostering global business collaborations and facilitating trade partnerships amid sluggish global economic recovery, said market watchers and global business leaders on Tuesday.
With China pledging to further advance high-standard opening-up and continue to make economic globalization more open, inclusive, balanced and beneficial to all, the Chinese economy appears to be on track to a new era of high-quality development and deeper international engagement, they said.
This not only promises a positive impact on global economic cooperation and trade growth, but also offers a continuous stream of opportunities for foreign investment in China, said Kok Ping Soon, CEO of the Singapore Business Federation, who is leading a delegation comprising executives of 56 companies at the ongoing sixth CIIE in Shanghai.
Rebeca Grynspan, secretary-general of the United Nations Conference on Trade and Development, said the CIIE shows China's commitment to balancing trade relations with other countries around the world, especially with developing countries. Similarly, Chinese companies are amenable to forging relations with small and medium-sized enterprises globally.
Highlighting China's massive market, sophisticated industrial system and strong supply chain competitiveness, Arnold Li, senior vice-president of Ingersoll Rand, a United States-based industrial goods manufacturer and a six-time CIIE participant, said the company will boost its investment in innovation capabilities, especially in digitalization and technologies for new energy-related sectors in China over the long run.
"Meanwhile, we will pursue more innovation cooperation with Chinese digital companies and research institutions to develop smart and high-efficiency solutions to contribute to China's dual carbon goals," said Li. Ingersoll Rand has made good use of the CIIE to expand its market presence in China. Its exhibition area at the expo venue has grown sixfold since its initial participation in 2018.
China, he said, has progressively bolstered its innovation and production capabilities. This will enable Ingersoll Rand to export more of its products made in China, particularly to signatory countries of the Regional Comprehensive Economic Partnership and economies participating in the Belt and Road Initiative.
On a two-day trip to participate in the CIIE, Florent Menegaux, CEO of Michelin Group, said the French tire and mobility company remains committed to introducing its most recent advances in research and development in the Chinese market. Robust demand for innovative products and services among the company's Chinese customers, and consumers at large, strengthens Michelin's dedication to innovation, he said.
"China's abundant talent resources are conducive to long-term development of our business," he said. "By attracting talent with international perspective, we can accelerate business development with, around and beyond tires."
A survey conducted by the China Council for the Promotion of International Trade revealed in late October that nearly 90 percent of foreign companies operating in China expect their profits to remain stable or increase over the next five years. Many of them identified local technological innovation as the primary growth opportunity.
As China figures among Diageo Plc's top three global strategic markets, and given the country's ongoing efforts to accelerate high-quality development and enhance consumer consumption, the British spirits producer is optimistic about the opportunities these initiatives present, said Atul Chhaparwal, Diageo's managing director for China.