MNCs feeling buoyant about China in 2022

Gao Yan, member of executive committee of Thyssenkrupp AG and CEO of Thyssenkrupp China

A1 2022 will not be an easier one, as many of the challenges and uncertainties remain. In the recently concluded Central Economic Work Conference, Chinese authorities have set the tone to achieve "economic stability" as one of the priorities. I am confident that with a mix of measures to implement, China's economy will be stable and maintain a healthy GDP growth.

Because of the large scale of the China market and enormous domestic demand, we expect the Chinese economy will continue to show great resilience and be the growth engine of global economic recovery in the coming years.

A2 In our past fiscal year 2021, we are satisfied overall with our achievements in China. We are glad to see our businesses in China have made great contribution to the group's overall performance, not only in sales, but also in terms of profit and cash flow.

Looking into 2022, there are difficulties ahead due to the pandemic, such as challenges for supply chains. However, I am still confident in our businesses in China. China's "dual carbon goals" bring great demand for green solutions, including new energy vehicles and wind power.

A3 The outbreak of the pandemic led to a discussion on globalization, and more attention has been placed on supply chain safety and data security. In this context, it's crucial that China has been promoting further opening-up in more fields with broader range and greater depth, which brings confidence for foreign companies to stay and further invest in China.

Over the years, China has been improving its business environment with key measures such as rolling out the Foreign Investment Law in 2020 and gradually shortening the foreign investment negative list. The improvements are visible.

A4 China's "dual carbon goals" are ambitious and challenging, showing its sense of responsibility for environmental protection. The goals will inject new impetus with numerous business opportunities, including more needs for technologies that support carbon emissions reduction and renewable energy production. Thyssenkrupp plays an active role in climate protection with its innovative products, technologies and services.

A5 I believe the China market will remain attractive for foreign investment, as long as it continuously improves its business environment, and multinational corporations can conduct successful business based on a healthy market mechanism.

According to a business confidence survey of European companies in China, three out of four respondents turned a profit in 2020, nearly 70 percent are optimistic about future growth, and over 90 percent of respondents will maintain or increase investment in China. This result shows strong confidence of European companies in China.