Multinational companies continue to view China as a crucial component of their global operations, with a strong commitment to investing further in the country. Vice-Minister of Commerce Wang Shouwen emphasized the high regard the Chinese government has for foreign-invested enterprises.
Wang shared these insights during a seminar on foreign trade in Guangzhou, Guangdong province. He affirmed the unwavering stance of the Chinese government on expanding market access, safeguarding the property rights of foreign-invested companies, and fostering a favorable business environment.
The seminar coincided with the opening of the 134th session of the China Import and Export Fair, also known as the Canton Fair, in Guangzhou.
Foreign-invested enterprises play a pivotal role in the development of China’s foreign trade. The Chinese government is committed to providing them with expanded opportunities to explore the local market and expand international trade. China boasts several comprehensive advantages, including a vast market, a well-established supply chain, and a concentration of talent and technology, according to Wang.
Zhao Bingdi, President of Panasonic Corp China, expressed the company’s dedication to China’s development and highlighted their substantial investments in 14 bases since 2020. Nearly 30 percent of Panasonic’s business in China is export-oriented. Zhao emphasized China’s comprehensive industrial ecosystem, the growing prominence of its research and development capabilities, and Panasonic’s vision for further growth in the country.
Similar sentiments were echoed by participants in the 35th International Business Leaders’ Advisory Council for the Mayor of Shanghai. Stefan Paul, CEO of global logistics giant Kuehne+Nagel International AG, emphasized their steadfast commitment to China, illustrated by recent investments in two facilities that began operating in Chengdu, Sichuan province, in May. These facilities support the operations of animal healthcare firm Elanco and reflect China’s transformation into a leader in industries such as new mobility and renewable energy.
Cargill, a U.S. agriculture and food company, underlined its extensive investments in the Yangtze River Delta region, including an innovation center, a shared service center, and several other vital facilities. For David MacLennan, Executive Chair of the Board at Cargill, each of these investments underscores their confidence in the region’s industrial ecosystem and the importance of continued access to regional and global supply chains.
Miguel Angel Lopez Borrego, CEO of German industrial giant Thyssenkrupp AG, highlighted China’s colossal market and significant global influence, which significantly influence the strategic decisions of multinational corporations regarding their industrial chain layout.
According to the Shanghai municipal government, as of the end of the third quarter, 940 multinational companies have established their regional headquarters in the city, with 49 of them initiated this year. The number of foreign-funded regional R&D centers stands at 551, further illustrating the enduring appeal of China for international businesses.