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Foreign firms optimistic about Chinese market

2019-09-09 12:35:26 Xinhua

Despite of international economic uncertainties, China has maintained stable economic growth and the Chinese market remains the favorite of many foreign firms.

BEIJING - Despite of international economic uncertainties, China has maintained stable economic growth and the Chinese market remains the favorite of many foreign firms.

A group of corporate giant leaders gathered in Beijing over the weekend, discussing business prospects and voicing their confidence in China for its position as an irreplaceable market and beyond.

"For us, China's not simply a large-scale consumer market, but also an important source of innovation as well as a major element of the industrial value chain," said Jochen Goller, president & CEO of BMW Group Region China, during a special session of the China Development Forum which concluded Saturday in Beijing.

In the first seven months of this year, BMW saw car sales up 16.6 percent year on year to some 404,000 units in the highly-competitive Chinese market. "This strong performance is reinforcing our confidence to further grow with China, and as a result, BMW is taking decisive actions to significantly increase our investment as well as enlarging our footprint," Goller said.

The moves include full upgrading of research and development bases in China and enhancing cooperation with local enterprises such as China Unicom and Tencent in autonomous, connected, electrified and shared areas to better embrace the global auto industry's major transformation, he said.

"Our commitment is constantly evolving, from Production in China to Create in China," Goller said. "The development of BMW is an excellent showcase of how an open economy can benefit all stakeholders."

"More investment," "deeper integration" and "more localization" were frequently used by executives of foreign firms when describing their development plans in China at the session, which was themed "Trade, openness and shared prosperity" and also attended by government officials and renowned scholars.

Pascal Soriot, CEO of pharmaceutical multinational AstraZeneca, said the company now exports medicines to 80 countries from China and is building an international life science innovation park in east China's Jiangsu Province to attract companies from around the world to develop their technologies and make discoveries.

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