Foreign firms enthusiastic about opening-up progress
Q4
While China is expanding opening-up, some are concerned that geopolitical tensions, rising protectionism and global supply chain adjustments may weaken China's attractiveness to foreign companies. What's your take? How important will China be for your global business in the coming decade? What more opening-up measures can China take to offset the impact of the complex external environment?
Hildebrandt: The Chinese market is of strategic significance to BASF. Our investments in China are in line with BASF's strategy of producing where our customers are and where there is market growth. BASF currently manufactures around 80 percent of its products sold in China locally. Additionally, we are constructing a new Verbund site in Zhanjiang, which will be our largest investment to date (approximately 10 billion euros upon completion). Moreover, BASF has invested 280 million euros in its innovation campus in Shanghai, serving as our largest R&D site in Asia.
As an energy intensive industry, the chemical sector is facing the challenge of green transformation. We strongly support the development and implementation of comprehensive and transparent standards for carbon management in China. Furthermore, we advocate for policies that promote the use of low-carbon technologies and products, thereby accelerating the advancement of sustainable solutions.
Zheng: Illumina continues to see China as a crucial part of our global strategy, due to its significant market potential and population, as well as the region's talent and scientific strengths. China's potential as a growth engine is undeniable, and we see it as more than just a market. It's a hub for innovation and scientific advancement. Our strategy is to deepen our integration into the Chinese market, shifting from a product-centric to a customer-centric approach, which means understanding and addressing the unique needs of our customers across various sectors and embedding our solutions deeper into their workflows.
