Global business communities optimistic about vast opportunities in China market

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In the face of rising uncertainties and a lack of growth momentum in the world, foreign business chambers still vote for China, representing the lasting and even growing confidence in the China market among foreign-invested companies and multinationals.

Representatives from foreign commerce chambers in China said that China injected more certainty into an uncertain world by firmly upholding the multilateral trading system and working with all parties to solve the structural problems hindering the healthy development of the world economy.

They commended China's critical role in promoting global cooperation and its major contribution to global economic development at the Global Trade and Investment Promotion Summit of 2024 held in Beijing on Monday, hosted by the China Council for the Promotion of International Trade (CCPIT).

This year's event, the third of its kind, was attended by all 18 foreign business groups in China, with more than 700 representatives from 39 countries and regions and 170 foreign organizations, the CCPIT told the Global Times.

As the world is experiencing some economic difficulties, the approach by China has been very positive. It's trying to reduce protectionism globally and China's role in global trade is paramount, Edward Allison-Wright, member of the executive committee and board of directors at the World Trade Centers Association, told the Global Times on the sidelines of the summit.

"China is the world's economic engine. We, as an association, rely on China's strong growth. The 5.3 percent growth of GDP in China so far this year is very sound and stable," said Allison-Wright, also pointing out that China is leading in artificial intelligence at the moment, resulting in high-quality growth.

Businesses are still coming to China, although Western media outlets' "different" portrayal of China sometimes makes it hard for companies to make the right decision, Simon Lichtenberg, national founding chairman of the Danish Chamber of Commerce in China and founder and CEO of Trayton Group, told the Global Times.

"I think they want to [keep investing in China] and most of them will continue or even expand," Lichtenberg said, noting that the China market is absolutely important for Danish businesses, as China contributed one-third of global growth last year.

A stable environment and potentially more favorable policies mean it's likely that more foreign investments and foreign companies will come to China, David Perez-Des Rosiers, director of the Beijing chapter of the Canada China Business Council, told the Global Times.

"We were really pleased with the first quarter and the growth that was higher than expected. I think if we see a continuity of that growth, that's a very positive sign. We see more and more Canadian businesses coming [to China]. There's big interest among Canadian companies in China's retail industry," said Perez-Des Rosiers.

Italian companies focus on Chinese partners to promote the digital trade of their products, Lorenzo Riccardi, chairman of the China-Italy Chamber of Commerce, told the Global Times, noting that "this is one of the key elements in cooperation between the Italian companies and the Chinese market."

Andrea Croci, board member of the China-Italy Chamber of Commerce, told the Global Times at the summit that there are a lot of opportunities in the China market, and there are also a lot of opportunities for Chinese companies in the Italian market. 

"Chinese industries such as electric vehicles are very appealing. So I am quite confident," said Croci.

"We are very optimistic about the economic and trade ties between China and Malaysia," Loh Wee Keng, chairman of the Malaysian Chamber of Commerce and Industry in China, told the Global Times on the sidelines of the summit.

As of 2023, China had been Malaysia's largest trading partner for 15 consecutive years, which was not an easy achievement, Loh stressed, noting that bilateral economic cooperation remains at a historical high.

"China's economy has very good fundamentals. The country has done a lot on innovation, with advanced technology transforming China's industries," Tan Sri Datuk Ter Leong Yap, independent non-executive chairman of Malaysia Venture Capital Management and executive chairman of Sunsuria Group, told the Global Times.

China's economic development has great prospects and the company sees this as a good window of opportunities to come and invest in China, the executive chairman of Sunsuria Group said, noting that the company is working hard to bring Chinese companies into Malaysia and other Southeast Asian countries.

"China is already integrated very closely into the global manufacturing supply chain. At the same time, China is also a very big market, representing 18 percent of global GDP. Therefore, China has a very important role both as a part of the manufacturing chain and also as a part of the global market," Osamu Onodera, vice chairman of the Japanese Chamber of Commerce and Industry in China, told reporters on the sidelines of the summit.