{"id":10834,"date":"2024-10-25T19:37:38","date_gmt":"2024-10-25T12:37:38","guid":{"rendered":"https:\/\/thaipropertynews.com\/feeds\/?p=10834"},"modified":"2024-10-25T19:37:38","modified_gmt":"2024-10-25T12:37:38","slug":"global-times-foreign-enterprises-look-to-chinas-economic-prospects-in-supply-chains-green-energy","status":"publish","type":"post","link":"https:\/\/thaipropertynews.com\/feeds\/?p=10834","title":{"rendered":"Global Times: Foreign enterprises look to China’s economic prospects in supply chains, green energy"},"content":{"rendered":"

BEIJING<\/span><\/span>, Oct. 25, 2024<\/span><\/span> \/PRNewswire\/ — Senior Chinese officials have made renewed calls to expand the country’s high-level opening-up and attract more foreign investment during the Annual Conference of Financial Street Forum (FSF) 2024 held in Beijing<\/span> recently, underscoring the country’s firm commitment to opening up its vast market to global companies.<\/p>\n

Foreign enterprises engaging in a wide range of sectors including finance, logistics and retail are optimistic about China’s<\/span> economic growth prospects, looking to reap more profits in the world’s second-largest economy amid China’s<\/span> ramped-up efforts to attract foreign investment and promote high-quality development.<\/p>\n

Opening-up is a hallmark of Chinese modernization and an important force driving the reform and development of China’s<\/span> financial industry, Li Yunze, head of the National Financial Regulatory Administration (NFRA), said in a speech delivered to the opening ceremony of the FSF on October 18<\/span>.<\/p>\n

“China<\/span> has been a popular destination for global investment and its doors will continue to open wider,” Li said.<\/p>\n

With higher standards, greater strength and more forceful measures, China<\/span> strives to build a market-oriented, rule-of-law-based and internationalized business environment, and continuously promote high-level opening-up of the financial sector, Li said.<\/p>\n

Wu Qing<\/span>, chairman of the China Securities Regulatory Commission (CSRC), said at the same forum that the CSRC will stick to broad institutional opening-up, deepening the connectivity between domestic and overseas markets, expanding overseas listing of Chinese enterprises, and at the same time encouraging more foreign companies to explore China’s<\/span> huge market.<\/p>\n

Expanding business footprint<\/p>\n

These officials’ remarks are drawing positive feedbacks from foreign enterprises that eye expanding their business footprints in China<\/span>.<\/p>\n

“There are multiple opportunities for us in China<\/span>,” Pierre Martelly<\/span>, chief insurance officer of Generali International Asia, told the Global Times on the sidelines of the FSF on October 19<\/span>.<\/p>\n

Martelly said the company is engaged in businesses including life insurance, savings, pensions, property and casualty insurance, and asset management in China<\/span>.<\/p>\n

“Today, we are discussing green insurance and green development opportunities [at this forum]. We have a lot of expertise from Europe<\/span>, but the biggest investments into EV, solar and wind power are actually happening in China<\/span>. So by combining our insurance expertise and all the assets that are being developed in China<\/span>, we can do great business together,” Martelly said.<\/p>\n

In January, Generali announced it would pay around $108 million<\/span> to acquire a 51-percent share in Generali China Insurance Co Ltd, which represents “a long-term strategic investment to develop a fully owned and controlled general insurance business in China<\/span>,” the company noted.<\/p>\n

According to data released by the National Bureau of Statistics, China’s<\/span> GDP grew by 4.8 percent year-on-year in the first three quarters of 2024, reaching 94.97 trillion yuan<\/span> ($13.4 trillion<\/span>). This growth indicates that China’s<\/span> economy continues to show positive and resilient growth amid a barrage of internal and external challenges, government officials and economists said.<\/p>\n

“China<\/span> is the second-largest economy in the world, and China<\/span> is set to continue to grow. No doubt about it,” Abdulla Alhashmi<\/span>, chief operating officer of Parks & Zones of DP World GCC, told the Global Times, noting that he believes in the long-term outlook of the Chinese economy and its resilience.<\/p>\n

“We would like to be further entrenched in the supply chain of the factories of China<\/span>,” Alhashmi said. “The opportunities that we see in the Chinese market are endless. China<\/span> is a very large economic market. We believe there is a huge potential for us to tap into its logistics sector,” he said.<\/p>\n

DP World has been investing aggressively over the past 10 years in China<\/span>, particularly in ports and warehousing facilities.<\/p>\n

Commitment to opening-up<\/p>\n

China’s<\/span> ramped-up efforts at wider opening-up is part of a comprehensive set of reforms outlined in a key document released after the Third Plenary Session of the 20th Communist Party of China Central Committee in July.<\/p>\n

The policymakers have pledged to foster a first-class business environment, protect the legitimate rights and interests of all foreign investors, by further opening the country’s commodities, services, capital and labor market to the world, and expand a globally intertwined network of high-standard free trade, according to the document.<\/p>\n

To inspire more foreign direct investment in the country, the authorities have removed all restrictions on manufacturing sector access as part of China’s<\/span> efforts to accelerate the opening-up drive.<\/p>\n

At the beginning of 2024, the State Council, the cabinet, promulgated a 24-point action plan, outlining a wide range of measures to expand market access in key Chinese industries, ensure equal participation of foreign companies in government bidding, and facilitate the exchange of international business personnel.<\/p>\n

On October 17<\/span>, the NFRA approved BNP Paribas and Volkswagen Financial Services to jointly set up a property insurance company in Beijing<\/span>. Prudential Financial has also received approval to establish an insurance asset management firm in Beijing<\/span>, marking one of the latest steps in the country’s financial sector opening-up.<\/p>\n

Reform and opening-up have proved to be the two most important factors fueling the rapid development of Chinese economy and driving the integration of China’s<\/span> economy with the world. Meanwhile, China<\/span> is providing the world with competitive and cost-effective high-quality goods and services as the nation pursues new quality productive forces, Wang Peng<\/span>, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times.<\/p>\n

As China<\/span> continues to improve the business environment and uphold the flag of globalization and common prosperity, foreign investment will continue to flow into the Chinese market, Wang noted.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

BEIJING<\/span><\/span>, Oct. 25, 2024<\/span><\/span> \/PRNewswire\/ — Senior Chinese officials have made renewed calls to expand the country’s high-level opening-up and attract more foreign investment during the Annual Conference of Financial Street Forum (FSF) 2024 held in Beijing<\/span> recently, underscoring the country’s firm commitment to opening up its vast market to global companies.<\/p>\n

Foreign enterprises engaging in a wide range of sectors including finance, logistics and retail are optimistic about China’s<\/span> economic growth prospects, looking to reap more profits in the world’s second-largest economy amid China’s<\/span> ramped-up efforts to attract foreign investment and promote high-quality development.<\/p>\n

Opening-up is a hallmark of Chinese modernization and an important force driving the reform and development of China’s<\/span> financial industry, Li Yunze, head of the National Financial Regulatory Administration (NFRA), said in a speech delivered to the opening ceremony of the FSF on October 18<\/span>.<\/p>\n

“China<\/span> has been a popular destination for global investment and its doors will continue to open wider,” Li said.<\/p>\n

With higher standards, greater strength and more forceful measures, China<\/span> strives to build a market-oriented, rule-of-law-based and internationalized business environment, and continuously promote high-level opening-up of the financial sector, Li said.<\/p>\n

Wu Qing<\/span>, chairman of the China Securities Regulatory Commission (CSRC), said at the same forum that the CSRC will stick to broad institutional opening-up, deepening the connectivity between domestic and overseas markets, expanding overseas listing of Chinese enterprises, and at the same time encouraging more foreign companies to explore China’s<\/span> huge market.<\/p>\n

Expanding business footprint<\/p>\n

These officials’ remarks are drawing positive feedbacks from foreign enterprises that eye expanding their business footprints in China<\/span>.<\/p>\n

“There are multiple opportunities for us in China<\/span>,” Pierre Martelly<\/span>, chief insurance officer of Generali International Asia, told the Global Times on the sidelines of the FSF on October 19<\/span>.<\/p>\n

Martelly said the company is engaged in businesses including life insurance, savings, pensions, property and casualty insurance, and asset management in China<\/span>.<\/p>\n

“Today, we are discussing green insurance and green development opportunities [at this forum]. We have a lot of expertise from Europe<\/span>, but the biggest investments into EV, solar and wind power are actually happening in China<\/span>. So by combining our insurance expertise and all the assets that are being developed in China<\/span>, we can do great business together,” Martelly said.<\/p>\n

In January, Generali announced it would pay around $108 million<\/span> to acquire a 51-percent share in Generali China Insurance Co Ltd, which represents “a long-term strategic investment to develop a fully owned and controlled general insurance business in China<\/span>,” the company noted.<\/p>\n

According to data released by the National Bureau of Statistics, China’s<\/span> GDP grew by 4.8 percent year-on-year in the first three quarters of 2024, reaching 94.97 trillion yuan<\/span> ($13.4 trillion<\/span>). This growth indicates that China’s<\/span> economy continues to show positive and resilient growth amid a barrage of internal and external challenges, government officials and economists said.<\/p>\n

“China<\/span> is the second-largest economy in the world, and China<\/span> is set to continue to grow. No doubt about it,” Abdulla Alhashmi<\/span>, chief operating officer of Parks & Zones of DP World GCC, told the Global Times, noting that he believes in the long-term outlook of the Chinese economy and its resilience.<\/p>\n

“We would like to be further entrenched in the supply chain of the factories of China<\/span>,” Alhashmi said. “The opportunities that we see in the Chinese market are endless. China<\/span> is a very large economic market. We believe there is a huge potential for us to tap into its logistics sector,” he said.<\/p>\n

DP World has been investing aggressively over the past 10 years in China<\/span>, particularly in ports and warehousing facilities.<\/p>\n

Commitment to opening-up<\/p>\n

China’s<\/span> ramped-up efforts at wider opening-up is part of a comprehensive set of reforms outlined in a key document released after the Third Plenary Session of the 20th Communist Party of China Central Committee in July.<\/p>\n

The policymakers have pledged to foster a first-class business environment, protect the legitimate rights and interests of all foreign investors, by further opening the country’s commodities, services, capital and labor market to the world, and expand a globally intertwined network of high-standard free trade, according to the document.<\/p>\n

To inspire more foreign direct investment in the country, the authorities have removed all restrictions on manufacturing sector access as part of China’s<\/span> efforts to accelerate the opening-up drive.<\/p>\n

At the beginning of 2024, the State Council, the cabinet, promulgated a 24-point action plan, outlining a wide range of measures to expand market access in key Chinese industries, ensure equal participation of foreign companies in government bidding, and facilitate the exchange of international business personnel.<\/p>\n

On October 17<\/span>, the NFRA approved BNP Paribas and Volkswagen Financial Services to jointly set up a property insurance company in Beijing<\/span>. Prudential Financial has also received approval to establish an insurance asset management firm in Beijing<\/span>, marking one of the latest steps in the country’s financial sector opening-up.<\/p>\n

Reform and opening-up have proved to be the two most important factors fueling the rapid development of Chinese economy and driving the integration of China’s<\/span> economy with the world. Meanwhile, China<\/span> is providing the world with competitive and cost-effective high-quality goods and services as the nation pursues new quality productive forces, Wang Peng<\/span>, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times.<\/p>\n

As China<\/span> continues to improve the business environment and uphold the flag of globalization and common prosperity, foreign investment will continue to flow into the Chinese market, Wang noted.<\/p>\n

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