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Chinese market potential buoys MNCs’ confidence
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Multinational firms attending the 20th China International Fair for Investment and Trade expressed confidence in the Chinese market and its potential
Despite concerns over a slowing economy, China is still considered a reliable source of profit due to its huge market, industrial upgrading and improving business environment, delegates of various multinationals said at the four-day fair that opened on Saturday in Xiamen in Fujian Province.
“China’s investment market remains large and continues to grow. Its consumer market is constantly expanding at a rapid pace,” said Harley Seyedin, president of the American Chamber of Commerce in South China.
Noting that the chamber has participated in the CIFIT for 16 consecutive years, Seyedin said a delegation of over 100, including senior managers of P&G, Mars-Wrigley, and Citibank, came to Xiamen for the event this year.
According to the chamber’s latest report on the state of business in south China, 73.3 percent of the interviewed companies make products and offer services for the China market, up from below 23 percent in 2003.
Seyedin believes the reason why China has remained popular among global investors is its growth potential in the global market.
Seyedin said ACCSC member enterprises have planned to reinvest US$14 billion this year, up nearly 12 percent, to expand operations and increase market share in China, adding that foreign-funded enterprises have become an integral part of China’s economy.
According to the Ministry of Commerce, 35,239 new foreign-invested enterprises have been set up across China from January to July, up 99.1 percent year on year.
The Internet, artificial intelligence, and consumption upgrading in finance, culture, education, medical care, and tourism have become the focus at CIFIT for multinationals to further tap the China market.
Signify is a leading lighting company owned by Philips Lighting. It launched the world’s first Light Fidelity technology in March.
“We are trying to land the technology in China, which is a key step for our expansion into the Internet of Things lighting industry,” said Yang Lili, vice president of Philips Lighting’s China branch.
OSI China, a meat processing company headquartered in Chicago, has invested over US$1 billion in China since it entered the market about 30 years ago.
“China’s stable economic growth provided ample opportunities for foreign investors,” said Denver Lyu, vice president of OSI China.
“The central and local governments have made efforts to further open the market and welcome foreign investor,” Lyu added.
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