China's strong economic recovery shores up multinationals' confidence: KPMG China VP

BOAO, Hainan -- Multinationals investing in China are gaining more confidence as the country further unleashes its economic and social vitality, said Ricky Wong, vice-president of KPMG China.

"China's economy will see a strong rebound in 2023, becoming the main engine of world economic growth," Wong told Xinhua in an exclusive interview during the annual conference of the Boao Forum for Asia (BFA).

Recovery in service consumption, particularly in catering, retail and tourism sectors will pick up speed, said Wong.

He added that some of the savings accumulated during the epidemic are expected to be released as China's COVID policy optimization and pro-consumption measures restore consumer confidence.

To embrace the ultra-large consumer market, many multinational enterprises have turned to specific consumer groups and responded to market demand quickly, looking for opportunities in new consumption patterns, scenarios and business forms in China, said Wong.

He noted that China's accelerated green transformation and emission reduction is set to drive a huge surge in demand for replacement environmental protection equipment, which is likely to become a new growth point for import trade.

He also said that China is speeding up the establishment of a unified national market, breaking down market barriers, and accelerating the free flow of goods and resources, thus providing greater convenience for companies to optimize resource allocation.

China's steady expansion of institutional opening-up will also attract more foreign investment, said Wong, adding that China has signed 19 free trade agreements with 26 countries and regions.

The country has actively promoted the implementation of the Regional Comprehensive Economic Partnership, and is seeking to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement.

The BFA has also become a platform for understanding China's signals of opening-up, noted Wong, who believes that China will remain committed to advancing high-level opening up and companies from all countries have the opportunity to share development dividends here.