Foreign enterprises still upbeat over China’s economic prospects

75 percent of foreign enterprises in China are optimistic in the future of the Chinese economy despite the novel coronavirus epidemic, and will not change their reinvestment plans in the country, according to the latest study conducted by the American Chamber of Commerce in South China.

"At such a time, it is even more important to view China’s development from a comprehensive, dialectical and long-term perspective, and to strengthen and firm up confidence.” The important speech delivered by Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee at a meeting to advance the work on coordinating the prevention and control of the COVID-19 and economic and social development in Beijing, demonstrated the country’s confidence in meeting its social and economic development goals.

The world has also seemed to reach a consensus on the stability and great potential of the Chinese market.

Rockwell Automation Manufacturing Shanghai Limited resumes work. (Photo courtesy of Rockwell Automation Manufacturing Shanghai Limited)

Many foreign companies in China have resumed operations and production even as epidemic prevention work continues. Over 80 percent of key foreign enterprises Shanghai, Shandong province and other regions have gone back to work.

Ian Shih, president of the US-based Rockwell Automation Greater China, expressed admiration for the Chinese nation’s solidarity under the guidance of the Chinese government, whose strong and effective measures for preventing and controlling the COVID-19 epidemic have guaranteed that companies can go back to work.

“With over 30 years of presence and development in China, we have witnessed rapid development of the Chinese economy,” Shih noted, adding that the company will, as always, support the Chinese government’s measures and meet the manufacturing sector’s short-term challenges and needs for profound reform, so as to contribute to resuming work and production, as well as seeing economic recovery.

China’s economic development will continue to see strong momentum thanks to a series of new policies to stimulate growth, said Hideki Ozawa, president and CEO of Canon China, adding that Canon will stand with China to ensure a win-win outcome. The company resumed operations on Feb. 10.

A Canon camera repair center in Beijing resumes operations on Feb. 10. (Photo courtesy of Canon China)

Ozawa also appreciated China’s timely and transparent disclosure of information on the epidemic, effective prevention and control measures, and sharing of the genetic sequence of the virus.

Jean-Sebastian Jacques, CEO of the Australian mining giant Rio Tinto, said China is the biggest market for Rio Tinto’s commodities, and over 90 percent of the company’s growth opportunities are closely tied to China’s development over the next 20 years, which means that the country will be a vital market for Rio Tinto in the short, medium and long term.

The mining giant’s offices in Beijing and Shanghai, as well as its factory in Suzhou have already resumed work.

An official with South Korea’s POSCO China believed that the impact of the outbreak is short-lived and that China will ensure sustained economic growth. He added that the company’s booming development in China is a result of the country’s reform and opening-up and the Chinese government’s support.

POSCO China donates materials to the novel coronavirus epidemic-hit regions. (Photo courtesy of Canon China)

Bayer Product Supply teams resumed operations in China during the Chinese New Year holiday and has been working closely with its partners to ensure the supply and distribution of drugs urgently needed as preventive, diagnosis and treatment for COVID-19.

An official with Bayer, the German-based health care and agriculture giant, expressed confidence in the outlook for the Chinese economy as well as the company’s development in China, adding that China’s economic fundamentals are sound and will remain sound over the long term.

“With decades of presence and development in China as one of the first multinational companies to enter this market, Bayer will continue to invest here steadfastly and remains deeply committed to China,” the official said, noting that as China continues to deepen its reform and opening-up, most believe that the world's best investment opportunities remain in the country.