Door opened wider for foreign-invested businesses(3)

Customized solutions

That sentiment is in line with the latest trade figures. Exports of foreign-invested businesses in China amounted to 5.77 trillion yuan between January and October of 2024, marking year-on-year growth of 1.9 percent, according to data from the General Administration of Customs.

With more Chinese firms rushing to adopt new equipment to cut carbon emissions and boost productivity, Swiss technology company ABB Ltd said it will focus on developing more customized solutions for local clients, with plans to extend these innovations to other parts of the world.

Joachim Braun, president of ABB process industries, said that process industries serve the steel and nonferrous metals, mining, pulp and paper, and cement sectors, all of which hold a significant global share in China.

"Therefore, if you are active in these sectors, the Chinese market naturally plays a crucial role. We believe that the outlook for the Chinese market will be fairly positive over the next three years," said Braun.

Apart from extensive production on a global scale, quality upgrades and decarbonization will become key drivers for further development in China, making ABB quite optimistic about future demands in this market, Braun added.

Tsuyoshi Nishiwaki, chairman of China trading at ASICS Corp, a Japanese sportswear manufacturer, said as China, along with Europe, North America and Japan, is one of the group's four major global markets, the company will continue to invest in the Chinese market.

China's consumption trends present a significant growth opportunity, and ASICS is actively responding to them through a combination of market expansion and localization, said Tsuyoshi, who is also the company's senior managing director for China.

"We are firmly committed to further investing in the Chinese market through local product development, digital transformation and national initiatives, strengthening our position in China and meeting the evolving needs of Chinese consumers," he added.

Wang Xiaohong, a researcher at the China Center for International Economic Exchanges in Beijing, said China is already established as a key export hub for many foreign corporations, and this has generated numerous growth points for businesses, including those in the service sector.

On Nov 21, U.S. express transport company Federal Express Corp announced more frequent international cargo flights between Xiamen, Fujian province, and the U.S., along with the inauguration of its Xiamen international gateway facility.

These initiatives will enhance FedEx's network in China and empower local businesses to capitalize on global trade opportunities with more efficient and intelligent logistics services and solutions, said Poh-Yian Koh, senior vice-president of FedEx and president of FedEx China.

In addition to the removal of all restrictions on foreign investment in the manufacturing sector, China has also vowed to further shorten the negative list for foreign investment this year, with market access restrictions in services sectors such as telecommunications and healthcare to be reduced.

In September, steps were announced to expand opening-up in the medical field, including giving the greenlight for the establishment of wholly foreign-owned hospitals in selected cities including Beijing and Shanghai.

The government also decided in late October to allow foreign investors to operate wholly-owned businesses such as internet data centers and to engage in online data processing and transaction processing in certain areas, as part of a pilot program to expand opening-up in value-added telecom services.