Economic Watch: Global firms capitalize on China's smart, green transformation
This photo taken on Nov. 4, 2024 shows the automobile exhibition area of the 7th China International Import Expo (CIIE) at the National Exhibition and Convention Center (Shanghai) in Shanghai, east China. The 7th CIIE will be held in Shanghai from Nov. 5 to 10. (Xinhua/Tang Rufeng)
SHANGHAI, Nov. 4 (Xinhua) -- Global investors are eyeing fresh opportunities in China as the world's second-largest economy accelerates its intelligent, green transformation.
With the seventh China International Import Expo (CIIE) set to open on Tuesday, multiple industry leaders from across the world are gearing up to showcase their latest innovations and technologies, aiming to tap into China's vast market potential.
TAPPING SMARTER MANUFACTURING
Aptiv, a multinational developing automobile parts, made its debut at the seventh CIIE, exhibiting software and hardware products featuring intelligence and electrification.
"The CIIE provides an excellent platform for enterprises from all over the world to exchange ideas and cooperate," said Simon Yang, president of Aptiv for China and the Asia Pacific region. He noted that Aptiv hopes to make full use of the CIIE to showcase its innovative solutions.
The company is committed to its long-term development strategy of "In China for China," and will continue to increase its investment in the Chinese market while expanding business cooperation with Chinese original equipment manufacturers.
Aptiv is one of a number of multinationals gathering in Shanghai to test the pulse of China's smart manufacturing market, which plays an important part in the country's pursuit of high-quality development.
Swedish technology company Hexagon has brought its new solutions to help traditional manufacturers become more digital-savvy to this year's CIIE, including cloud platforms for industrial software and smart quality-testing systems.
"The company is ready to ride the wave of the country's pursuit of new quality productive forces, which are high-tech, highly efficient and of a high quality," said Qin Lei, marketing business partner at Hexagon Manufacturing Intelligence (Qingdao) Co., Ltd.
Merck Group, Germany's leading tech company, is showcasing its innovative achievements in the new materials section of the CIIE, which is new to the annual event.
China's great market potential, improving business environment and rich talent pool have reinforced Merck's confidence in its long-term investment in the country, said Marc Horn, executive vice president of Merck and president of Merck China.
EMBRACING A GREENER FUTURE
Entering its seventh year, the CIIE has retained its "New Era, Shared Future" theme, which holds special meaning for Christian Bruch, president and CEO of Siemens Energy AG.
"I strongly agree with the theme, as it envisions a sustainable and more decarbonized future that requires collaborative efforts from governments, enterprises, customers, partners and the entire supply chains," Bruch said.
In his view, China's dedication to building a modern energy system creates "extensive market opportunities" for global energy technology companies, including Siemens Energy.
"Together with Chinese customers and partners, we have developed many energy infrastructure projects, continuously invested and expanded our manufacturing capacity in China, in order to meet the growing market demand in China and across the world," he said.
Pledging to peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060, China has been steadfast in accelerating its energy transition. Over the past decade, the share of clean energy in the country's total energy use has increased 10.9 percentage points, according to the National Energy Administration.
Dedicated to promoting clean energy in China, Siemens Energy has established 15 manufacturing facilities across the country. It has become an important partner in the country's energy transition, Bruch said.
At this year's CIIE, the company is poised to showcase its cutting-edge decarbonization technologies for the energy sector. Many of its exhibits will be presented for the first time in Asia or China.
"During the expo, I look forward to meeting and exchanging ideas with partners, building consensus and fostering collaborative development," Bruch said. "Tackling climate change and driving energy transition is a daunting task that no single country or region can accomplish alone."
Bruch's emphasis on collaboration aligns with China's increasing global contributions. According to a white paper issued by China's State Council Information Office in August this year, the country's wind power and photovoltaic exports helped other countries reduce their carbon dioxide emissions by about 810 million tonnes in 2023.
Recognizing China's role in the global energy transition, Bruch highlighted Siemens Energy's confidence in deepening cooperation with its Chinese partners. "We are fully committed to working together to build a new energy ecosystem that supports China's dual-carbon goals and fosters sustainable energy development worldwide."
