MNCs seek opportunities in high-tech, green areas

Inspired by China's latest promise at the two sessions of sustaining its high-standard opening-up, multinational companies have said that they are looking at abundant opportunities in areas such as green development, artificial intelligence and 5G.

Ma Jun, president of Volvo (China) Investment Co Ltd, said: "Having been in China for over 30 years, Volvo Group has seen how reforms and opening-up have changed the country. We appreciate China's commitment to openness as the global economy deals with new challenges."

According to her, green development has also boosted China's economy in recent years. Volvo Group's sustainability strategy and mission, she said, are fully aligned with China's dual carbon goals.

"We are committed to leading the industrial transition toward electrification globally, using our experience as a Global Sustainable Transport Innovation Alliance founding member to provide sustainable transport and infrastructure solutions for China and the world," Ma said.

According to her, Volvo has extended its research and development efforts in Jinan, Shandong province, where it has combined its electrification technologies from Europe with the needs of Chinese customers by introducing industry-leading electric products. The company's collaboration with local banks in green financing is another example of how it is supporting China's green transition.

China's sharpened focus on new quality productive forces at the two sessions is also of great interest to them, foreign companies said.

Fang Ying, president of Ericsson China, said communication technology is a key element in fostering the growth of new quality productive forces, adding that communication itself is a new productive force that is constantly evolving and improving.

"China has made world-renowned economic achievements in the 40 years or so following the country's reform and opening-up. It is normal to move from a phase of rapid development to steady development, and does not lead to the conclusion that China's economy has already peaked," Fang said.

Compared with other industries, China's communications industry opened up relatively early, and Ericsson is the only large multinational communications equipment vendor that has participated throughout China's entire mobile network construction from 1G to 5G, he said.

"Currently, China has built a world-leading 5G network. In the future, Ericsson also hopes to continue to maintain the R&D capability in China and contribute to the development of China's mobile communication industry, continue to introduce its global resources and successful practices into China, and also promote China's achievements in R&D to the world," Fang said.

Joe Bao, managing director of KONE Greater China, said, "We anticipate that the mid-term and long-term growth drivers for China will include domestic consumption, digital manufacturing and the transition to carbon neutrality. These drivers present new investment opportunities for our company."

Bai Ming, a researcher at the Beijing-based Chinese Academy of International Trade and Economic Cooperation, said China strongly appeals to foreign companies because of its big market, efficient supply chains and growing innovation prowess.

Jason Juang, HP senior vice-president and managing director of HP Greater China, said: "We are excited about the growth potential and opportunities in China from the government's increasing focus on digital transformation, sustainable development, and nurturing of tech talent. China is one of our biggest and most important markets globally."

HP has been operating in China for more than 40 years and remains deeply committed to the country, he said. "We are focused on developing new solutions for our customers and contributing to the country's industrial progress and development."

A prime example of HP's robust industry ecosystem in China is its presence in Chongqing. "Since establishing our manufacturing base there in 2008, we have produced over 400 million personal computers. Additionally, our PC R&D Center is operational. It will both drive innovations for customers and contribute to the transformation of local supply chains by teaming up with our technology ecosystem in Chongqing," Juang said.