China’s economic growth arouses international business interests

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Multinationals expressed confidence in China’s economic prospects and strengthened their resolve to increase investment in China, as the country recorded positive GDP growth in the first half of the year, with huge market potential and continued optimization of the business environment, the People’s Daily reported on Tuesday.

Faced with increasing risks of stagflation around the world, the main world economies have tended to tighten their fiscal and monetary policies. Faced with a complex international environment, China maintained a stable recovery of its economy and saw its GDP increase by 2.5% year-on-year in the first half.

Leon Wang, executive vice president of AstraZeneca, said China’s economic achievements are “very exciting”.

“Our business in China has maintained steady growth for many years,” Wang said. “I believe the country will create more development opportunities for multinationals, and AstraZeneca’s confidence in the Chinese market never wavers.”

Vale SA, a Brazilian giant engaged in metals and mining, has seen China as its biggest market since 2006, according to Xie Xue, a director at Vale.

With the gradual recovery of China’s economy, green and low-carbon development has accelerated, Xie said. “We look forward to cooperating with more Chinese steel enterprises to build green and innovative value chains.”

A report released by the Chinese Academy of International Trade and Economic Cooperation in June showed that foreign companies have seen a steady increase in investment in China, and China remains one of the most important destinations for investors. global.

China has also issued a series of policies, optimizing the foreign investment environment, improving government services and strengthening law enforcement, to further facilitate the development of multinational corporations in China.

Zhao Bingdi, vice president of Panasonic China & Northeast Asia Company, said Panasonic’s sales have maintained double-digit growth even amid the challenges of the COVID-19 pandemic, and the strong business performance cannot be overstated. obtained without the political support of China to stabilize foreign investment. .

For international companies, digital transformation and high-tech industries have become new growth poles for investment in recent years.

Economic data for the first half showed that the added value of China’s high-tech manufacturing industry grew 9.6 percent year on year, among which the computer, communications and other electronic equipment sectors grew by 10.2% compared to the previous year.

According to a report by global consultancy Accenture last year, the digital transformation of enterprises has given a strong impetus to China’s economic recovery in the post-epidemic era.

“Digital transformation and sustainable development are driving the growth and expansion of Chinese enterprises, and are also the ‘fast lane’ for the country to achieve high-quality development,” said Liu Tao, general manager. of Accenture Greater China.

As China has strengthened the protection of intellectual property rights in recent years, the confidence of international companies in the Chinese market has been strengthened and are willing to introduce more advanced technologies into China, said Liu Lijia, vice president. of the LafargeHolcim group, a global industrial company specializing in cement, building aggregates and concrete.

By 2021, China had filed around 69,500 international patents through the PCT (Patent Cooperation Treaty), up from 18,000 in 2012, ranking first in the world for three consecutive years.
Source: China Daily

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