Global firms upbeat about trade, investment prospects in China

TIANJIN, Nov. 25 (Xinhua) -- Thai businessman Yocha Sriwan is working to open more sale channels for his company's herbal products, employing his Chinese language skills at an international trade fair in north China's Tianjin Municipality.

The 2023 China (Tianjin) International Fair for Investment and Trade and Pacific Economic Cooperation Council (PECC) Exposition opened on Thursday in Tianjin. With 1,500 international booths in an exhibition area of 50,000 square meters, the expo brings together a variety of products from countries such as Russia, the Philippines and Thailand.

The four-day event has built a practical cooperation platform for international trade and investment, said Zhan Yongxin, co-chair of the PECC Chair of China National Committee for Pacific Economic Cooperation.

As a first-time exhibitor at the expo, Sriwan, manager of Soar Thai Company Limited, brought more than 60 kinds of Thai specialty products.

"I hope to bring more Thai products to Chinese consumers," Sriwan said in fluent Chinese. "The Chinese market is big and Chinese consumers have strong purchasing power. I come to China to look for more local agents and to expand product sale channels."

SOMAGO, an e-commerce platform in the Philippines, is also displaying many local specialty products at the expo, such as dried mango, dried banana, coconut oil, coffee, jam and beverages.

As the Regional Comprehensive Economic Partnership (RCEP) took effect in the Philippines in June this year, there is great potential to introduce local quality products to China, said Zhou Ting, CEO of SOMAGO and president of Philippine E-com United Association Inc.

SOMAGO helps local small- and medium-sized enterprises to expand the Chinese market, Zhou said. The platform has so far attracted more than 1,000 Philippine enterprises to apply for entry, of which over 600 have been approved.

"The Chinese market provides a broad space for us to participate in the international economic and trade cooperation. I'm confident in the e-commerce platform and expecting more Philippine companies to share the huge opportunities brought by China's high-quality development," said Zhou.

Since the RCEP took effect in Japan in January 2022, many Japanese companies are also optimistic about trade opportunities in China.

Yamamoto Satoshi, deputy director general of the Japan External Trade Organization (JETRO) Beijing, said during the expo that according to data released by Japan's Ministry of Economy, Trade and Industry, Japan issued about 90,000 certificates of origin under the RCEP agreement in 2022.

"More and more Chinese and Japanese companies conduct trade under the RCEP. I believe more companies will take advantage of the agreement in the future as tariffs are reduced year by year," he said.

In addition to trade cooperation, more foreign companies are confident in their investment prospects in China. According to the Ministry of Commerce, in the first 10 months of this year, 41,947 foreign-invested enterprises were newly established in China, up 32.1 percent year on year.

Crete Zhou, vice president of government affairs at Starbucks (China) Company Limited, said at a sideline forum that after 24 years of development in China, Starbucks now operates more than 6,800 stores in over 250 cities in China. The Chinese market has developed into Starbucks' largest overseas market and one of the most important strategic markets in the world.

"We plan to increase to 9,000 stores and create around 35,000 new jobs, bringing our total workforce to 95,000 in China by 2025," Zhou added.