Top execs spotlight China's growth opportunities

Executives of top multinational corporations have voiced optimism about China's economic growth target for 2024 and confidence in the country's long-term potential, and have expressed their willingness to continue expanding and investing in the nation.

"We're optimistic about the Chinese economy and we have continued to see policy announcements in China aimed at supporting employment and economic growth," said Dino Otranto, chief executive officer of Fortescue Metals.

"These policies will support the property and infrastructure sectors, which will benefit steel demand."

The comments came after China set its economic growth target for 2024 at around 5 percent.

"Even a 4.6 percent GDP growth is well above other regions, considering global GDP is expected to slow to around 2.4 percent, with Europe remaining weak at around 0.5 percent and the US to soften to around 2 percent," said Jens Cuntze, president of Clariant Catalysts & Asia-Pacific.

"With China shifting to high-quality development focusing on sustainability, innovation and digitalization, we see a lot of opportunities for a sustainability-focused specialty chemical company such as ours to contribute."

While these targets will impact all industries, Cuntze believes the biggest growth potential comes from the fast-growing electrical and electronic equipment industries, particularly e-mobility, 5G communications technology and transportation.

Clariant has made significant investments in expanding capacities in China over the last few years.

Xie Xue, president of Vale China, said the nation's pledge to peak carbon emissions before 2030 and achieve carbon neutrality before 2060 offers numerous opportunities for the leading supplier of high-quality iron ore.

Today, China is accelerating new industrialization that is driven by innovation and based on green and low carbon, actively promoting the continuous optimization and upgrading of traditional industries, which will bring new opportunities and contribute to the long-term development potential, she said.

According to Henry Ding, president of 3M China, the company's perspective on China's economic outlook for 2024 remains optimistic, bolstered by the country's steadfast commitment to high-quality development and innovation.

According to Ding, China has taken steps to ensure the favorable treatment of foreign enterprises, aiming to boost foreign investment, which is conducive to fostering a more favorable investment climate for foreign enterprises like 3M.

"China is the largest overseas market for 3M and we will continue our commitment to the China market, as we see great potential in contributing to and benefiting from China's high-quality development trajectory," he said.

Zhou Tao, China unit president of dsm-firmenich, said the government's emphasis on the importance of scientific innovation and sustainability provides broad opportunities for the company to strengthen its footprint in the Chinese market.

Mohammed Al Ajlan, deputy chairman of Ajlan & Bros Group and Chairman of the Saudi-Chinese Business Council, said with China being one of the largest markets in the world, the company is confident that foreign investment will gradually rebound as the market recovers.