'Investing in China is investing in our future'
Even as the global economy encounters headwinds, a key takeaway from my interviews with business executives is that China's unwavering commitment to further opening-up its markets has created important opportunities for the growth of foreign companies during these trying times.
"Success in China makes you stronger worldwide. That is why we firmly believe that the next 'China is China'. And that 'investing in China is investing in our future'," Jean-Paul Agon, chairman of L'Oréal Group, told me during the seventh China International Import Expo in Shanghai last month.
"Honeywell has built a complete value chain in China, covering innovation, research, production, procurement, sales and services. We will collaborate with more partners in China to co-create new business models and innovative applications that benefit enterprises globally," Yu Feng, president of Honeywell China, said to me during the second China International Supply Chain Expo in Beijing in late November.
Maximilian Foerst, president and CEO of Zeiss Greater China, said to me in an inclusive interview: "As China matures technologically, we are seeing more and more local competitors within China's ecosystem. If we want to be a successful global company, we must be an integrated part of that ecosystem. If not, we're missing out on the markets of tomorrow."
The importance that these multinational corporations attach to the Chinese market, as well as their confidence in it, is not without a sound basis. The numbers speak for themselves.
China has cemented its status as a major trade partner for over 150 countries and regions, maintaining its position as the world's top goods trading nation for seven consecutive years, data from the General Administration of Customs showed.
In 2023, China attracted $163.3 billion in foreign direct investment, retaining its rank as the second-largest FDI destination globally, according to the Ministry of Commerce.
Furthermore, China's outbound direct investment reached $177.29 billion, accounting for 11.4 percent of the global total and ranking among the top three in the world for the 12th consecutive year, the MOC added.
Rebeca Grynspan, secretary-general of the United Nations Conference on Trade and Development, said that she believes in the contribution of open trade and investment to global development, and noted that China has set an admirable example of such practices in recent times.
From the China International Import Expo to the China International Fair for Trade in Services, from the development of free trade zones to the building of Hainan Free Trade Port, and from signing the Regional Comprehensive Economic Partnership agreement to promoting accession into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement, China has taken consistent steps to further open up its economy.
Through these multifaceted efforts, China has steadily expanded the pie of international cooperation, inviting more partners around the world to share the dividends. Its steady commitment to opening-up and rule-based global economic integration has injected stability and vitality into the world economy during uncertain times.
