Foreign tech giants sanguine on China ops

Foreign technology companies have pledged efforts to deepen cooperation with Chinese partners and seize the tremendous opportunities arising from technological innovation, digital transformation and expansion of high-standard opening-up, voicing optimism about the prospects of the world's second-largest economy.

Emphasizing China's crucial role in driving global economic growth and safeguarding the safety and stability of industrial and supply chains, business executives and experts said the country's commitment to nurturing new growth drivers and further attracting foreign investment will bolster market confidence and inject strong momentum into high-quality development.

The tone-setting Central Economic Work Conference, which concluded on Dec 11, listed enhancing innovation-driven development to accelerate the cultivation of new growth drivers as one of the priorities for economic work this year. The country will develop new quality productive forces according to local conditions, the conference said.

The high-profile meeting also underscored the need to steadily advance institutional opening-up and reform and improve the systems for promoting foreign investment.

Ian Shih, president of Rockwell Automation (China) Ltd, said the future growth drivers of China's economy will increasingly come from emerging industries such as green technology, smart manufacturing and the digital economy, highlighting that the keywords "innovation, green and digital" will remain as the company's focus.

Shih said the US-based industrial automation firm is dedicated to helping the cultivation of new quality productive forces in the Chinese market through energy transition, life sciences, high-end equipment, digital and artificial intelligence innovations, and explorations in other fields.

Shih applauded China's continuous efforts to expand high-standard opening-up and stabilize foreign trade and investment, adding that with its global research and development footprint and supply chain resources, the company not only supports China's industrial upgrade, but also helps Chinese companies integrate into the global innovation and industrial ecosystem.

"China is not only a manufacturing powerhouse and a major consumer country, but also an innovator with exceptional engineering talent," said Tetsuro Homma, executive vice-president of Japanese tech company Panasonic Holdings Corp.

Homma said the company aims to enhance production efficiency in the Chinese market, with the number of R&D staff members continuing to grow, and its R&D investment in the country will also keep expanding.

The Japanese conglomerate is stepping up efforts to boost the application of AI tech and promote China's digital transformation. Homma said the market where AI technologies are most closely integrated with people's daily lives is the Chinese market.

Highlighting that sci-tech innovation is crucial for cultivating new growth engines and competitive advantages, Zhu Keli, founding director of the China Institute of New Economy, said China has sent a clear signal that it is committed to bolstering industrial upgrade by leveraging cutting-edge digital technologies, and creating a world-class and market-oriented business environment governed by a sound legal framework.

Zhu said China's emphasis on nurturing new quality productive forces and the shortened negative list for foreign investment access serve as essential requirements of China's economic transformation and upgrading. The move is conducive to attracting more foreign capital inflow into advanced manufacturing, high technology and green sectors, and helping the country move up the value chain.

"China's focus on digitalization and decarbonization aligns seamlessly with our core expertise. We are well positioned to support China's advancement in fostering new quality productive forces," said Anu Rathninde, president of Johnson Controls Asia-Pacific.

The US-based smart building solutions provider has seen growth opportunities supported by a series of policies that advance reform and opening-up, and it looks forward to growing its business even further, he said, adding that China's economy is propelled by digital transformation and some key industries like smart manufacturing and modern services, creating many opportunities for sustainable innovation.

It has sped up localization efforts by establishing a global compressor manufacturing center in China and deepening cooperation with Chinese partners, so as to bolster the development of green buildings, smart manufacturing and renewable energy.

China's Ministry of Commerce said the country saw 61,207 newly established foreign-invested firms in the first 11 months of last year, a year-on-year increase of 16.9 percent. Actual foreign direct investment in November alone jumped 26.1 percent year-on-year.