The Wenzhou Entrepreneurs Forum was jointly organized by Wenzhou Business College and the Regional Country Research Institute of Renmin University of China (Chongyang Institute of Financial Studies) on Sept 2, 2024. (Photo provided to chinadaily.com.cn)
China's steadfast advocacy of free trade and investment, including concrete moves to pursue high-standard opening-up, will continue to benefit not only the nation but also the rest of the world amid uncertainties arising from geopolitical tensions, according to foreign business leaders and experts.
They also said that Shanghai, a leader in China's drive for opening-up and an international metropolis deeply connected to the global economy, is expected to strengthen its efforts to develop a higher level of open economy, thereby boosting the confidence of foreign investors and injecting new vitality into the broader Chinese economy.
They made the remarks on Tuesday in Shanghai during the "Grow with China" CEO roundtable, which was jointly held by the Foreign Affairs Office of the Shanghai Municipal People's Government and China Daily.
Ronen Mense, Asia-Pacific president and managing director of AppsFlyer, a United States-based mobile marketing analytics company, said: "If there's one way to describe what I saw coming into China, I saw the future. If there's any time to be even more optimistic about the future in China, that time is now."
With China's emphasis on reform and opening-up, there are substantial opportunities ahead for tech companies, he said, adding that by staying agile, fostering innovation and embracing opportunities for collaboration, foreign companies can continue to leverage China's market potential and contribute to their growth and success in the region.
He also highlighted that Shanghai's position as an international economic and financial center presents a wealth of opportunities for companies like AppsFlyer to establish strategic partnerships, expand market reach and tap into a dynamic ecosystem of businesses and tech innovators.
Carlo D'Andrea, vice-president of the European Union Chamber of Commerce in China and chairman of its Shanghai board, said he is definitely optimistic about the agenda that the Chinese leadership has put in place for European businesses in China.
"It's a great market, the second-largest economy of the world. I truly believe that our members of European businesses can do much more here in the market," said D'Andrea, who is also founder and managing partner of D'Andrea& Partners Legal Counsel and president of DP Group.
China has been taking more solid steps recently to expand high-level institutional opening-up and boost the confidence of foreign investors.
The resolution adopted in July at the third plenary session of the 20th Central Committee of the Communist Party of China vowed to enhance capacity for opening-up while expanding international cooperation, and to develop new institutions for a higher-standard open economy, leveraging the strengths of China's enormous market.
Among the most recent moves, China's latest version of its negative list for foreign investment, released on Sunday, has removed all restrictions in the manufacturing industry.
Liliana Lucioni, president of Coach China, said that Coach's parent company, Tapestry Group, is planning to open 100 stores across China by 2025 as part of an effort that began in 2022, adding that Shanghai's ambition to become an international economic, sci-tech innovation and trade hub aligns well with its expansion plans.
"While geopolitical tensions and global supply chain adjustments may present challenges, China remains a core market for our global business," she said.
"The size of the Chinese market, the continued rise of the middle-income group, and the growing spending power of Gen Z and the 'she economy' make it an attractive investment destination," Lucioni added.
Rani Jarkas, chairman of Cedrus Group, said he believes that China is becoming a leader in many sectors including life sciences, presenting a great opportunity for the whole world.
In particular, he spoke highly of Shanghai's one-stop integrated services for international visitors.
Earlier this year, the city launched International Services Shanghai, an upgraded, multilingual portal for the Shanghai municipal government. It offers a wide range of resources covering policies, news updates and useful tips designed for expats in Shanghai who are seeking information on business, employment, travel, education and shopping.
He also praised Chinese companies' efficiency and competitiveness, which he said is a key reason that investors want to invest in China.
David Blair, vice-president of the Beijing-based Center for China and Globalization and a US economist, said that China will continue to grow, although the next two or three years will be very challenging as the country goes through a difficult transition.
"But if they're successful at making that transition, which my guess is they will be, it has the possibility of very healthy, organic, long-term growth based especially on growth of rural areas," he said.
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