Foreign firms bullish on China mkt

This photo taken by a drone shows vehicles running on the Hong Kong-Zhuhai-Macao Bridge on July 11, 2023. [Photo/Xinhua]

Foreign firms are determined to continue to invest in China given the country's continued opening-up, innovative strength, consumption growth and industrial upgrades, said business executives on Tuesday.

With China implementing practical policies to expand market access for foreign investors in key areas, they said these measures further emphasize the country's unwavering commitment to high-level opening-up and attracting more global capital to develop in its vast market.

Aiming at improving the environment for foreign investment and attracting more foreign capital, the State Council, China's Cabinet, issued a 24-point guideline on Sunday.

The government's commitment to enhancing the environment for foreign investment includes six key areas, such as ensuring effective utilization of foreign investment and guaranteeing equal treatment of both foreign-invested enterprises and domestic companies.

Yann Bozec, president for the Asia-Pacific region at Tapestry Group and president and CEO of Coach China, said his group is encouraged to see China's intensifying efforts to attract foreign investment and expand domestic consumption.

"Seeing China's sustained economic recovery, optimized business environment and continuous reform and opening-up, we are committed to continuing to expand our store network and regional markets in China, including opening 30 new stores in 2023 and another 100 new stores by 2025," said Bozec.

He said that Tapestry Group — a United States-based luxury goods company that is also the parent firm of Coach, Stuart Weitzman and Kate Spade — is currently preparing for the 6th China International Import Expo. The group will bring its most innovative, high-quality products to Chinese consumers in Shanghai this November.

With manufacturers in China showing strong demand for game-changing products and technical solutions, TE Connectivity Ltd, a Swiss connector and sensor manufacturer, plans to build a sixth plant for its automotive business unit to produce in-car entertainment systems and high-speed data connection-related products in China soon.

As China's automotive sector undergoes a transformation marked by innovation, speed and agility, automotive component suppliers must possess the crucial ability to rapidly respond to emerging technologies and applications, said Field Sun, vice-president and general manager of TE Automotive China.

Driven by China's policies to further optimize its business environment and fast-growing high-end manufacturing industry, the country saw newly established foreign-invested enterprises reach 24,000 in the first half, up 35.7 percent year-on-year, said the Ministry of Commerce.

Highlighting pivotal topics such as green and low-carbon development, the digital economy and sustainable growth, the 23rd China International Fair for Investment and Trade will take place in Xiamen, East China's Fujian province, from Sept 8 to 11, said Zhu Bing, director-general of the foreign investment administration department at the Ministry of Commerce.

Fujian maintained a net inflow of foreign direct investment in China, amounting to $600 million in the first half, according to information released by the local government.

Expressing confidence in the Chinese market, Wu Dongming, CEO for China unit at German courier service provider DHL Express, said China remains one of its most important markets and the company will continue to invest in the country.

DHL Express inaugurated a new gateway in Wuxi, East China's Jiangsu province, earlier this year. Along with its North Asia hub in Shanghai, these facilities will enhance network resilience and service capability to meet growing demand for international logistics in the Yangtze River Delta region, said Wu.