What is the "magnetic force" of the Chinese market that continues to win international "trust votes"?
2023-12-13
In 2023, China's economy has rebounded and made solid progress in high-quality development, and significant progress has been made in the construction of a modern industrial system. According to the latest forecast from the Organization for Economic Cooperation and Development (OECD), the global economic growth rate will slow down to 2.7% next year, which may become the lowest global economic growth rate since 2020. In the context of sluggish global economic growth, how will China's economy go in 2024? What are the "magnetic forces" of the Chinese market towards foreign investment? Recently, many executives from multinational corporations have voiced their confidence in the Chinese economy. The status of the "World Factory" remains unchanged. "China has been, is, and will continue to be the" World Factory ". Denis Depoux, Co President of Roland Berg Global Management Committee, pointed out in a recent interview with China News Agency that mature industrial clusters, complete infrastructure, and huge markets are the" magnetic force "that attracts foreign investors to China.". In recent years, many foreign direct investments in China have been made and increased by large multinational corporations, including many industries and fields such as chemical, automotive, and electronics. They mostly view China as a supply chain base in Asia and even other parts of the world. "China is the only market outside the United States where Johnson&Johnson has established research and development centers or departments in all major businesses, and it is also an important 'innovation+development' dual engine for Johnson&Johnson." Song Weiqun, Senior Vice President of Johnson&Johnson Global and Chairman of China, said that currently, Johnson&Johnson has built and put into operation large-scale high-end supply chain production bases or research and development centers in Shanghai, Suzhou, Xi'an, Guangzhou, Hangzhou and other places, The Johnson&Johnson Medical Technology Park located in Suzhou is also listed as the "Global Lighthouse Factory" of the World Economic Forum. In Song Weiqun's view, China has a large population base, high economic resilience, strong development potential, and an increasing demand for high-quality medical and health products and services from the public. In Johnson&Johnson's global business landscape, China is not only one of the fastest-growing markets, but also a brand new innovative strategic market. As an important "stabilizer" of the global supply chain, facing the complex international situation in recent years, China's important role in the global supply chain is increasingly prominent. Alf Barrios, Chief Business Officer and Chairman of Rio Tinto Group in China, stated in a recent interview that the global supply chain is actually constantly evolving. In recent years, thanks to the continuous deepening of reform and opening up, China's role in the global supply chain has become increasingly important. At present, China has taken a leading position in the development of emerging technologies and industries such as electric vehicles and solar energy. "As the world's second-largest economy, China is an important support for global manufacturing and trade, as well as a stabilizer of the global supply chain. China's industrial and supply chain foundation is solid, and its resilience and integrity have added confidence to multinational enterprises' deepening development in China." Bai Ruiming said. "The formation of global industrial and supply chains is to achieve optimal allocation and sharing of resources, technology, markets, and other factors. Any change or interruption in any link may bring a chain reaction." Chen Heqiang, General Manager of GE Healthcare's China Supply Chain, said that China is the "granary" of the global industrial and supply chains, continuously delivering energy for the development of the global manufacturing industry, and also in the high-end medical manufacturing industry
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：chinanews.com
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