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Foreign companies counting on China

(Shanghai Daily)

09:18, December 08, 2011

Multinational companies are counting more on China as the global economy deteriorates more than expected. However, they are also losing some of their traditional strengths in a fiercer competitive environment, an Economist survey showed yesterday.

Based on interviews with 328 senior executives at non-Chinese MNCs, the survey found 49 percent of respondents saying the fallout from the global financial crisis had raised their companies' expectations in China. Among larger companies with global revenue of more than US$5 billion, the figure was 73 percent.

"China becomes increasingly strategic for global firms when revenue elsewhere may be getting smaller," said Laurel West, Asia director of industry and management research at the Economist Intelligence Unit, a business information arm of the Economist Group. "Also, China's policies to raise people's income and hence more consumption are driving the MNCs' strategy."

China's economy, although showing signs of slowdown, can still manage to grow by more than 8 percent next year, analysts say. In comparison, economies in the European Union may get hardly any positive growth in 2012 while the United States may also experience a feeble recovery.

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