Multinational Industrial Giants Participate in the Expo: Greater Opportunities Ahead in the Chinese Market

Multinational Industrial Giants at the Expo: Greater Opportunities Ahead in the Chinese Market

On the evening of November 4, 2022, the fifth China International Import Expo (CIIE) opened in Shanghai. President Xi Jinping attended the opening ceremony via video and delivered a keynote speech titled "Working Together for an Open and Prosperous Future."

President Xi emphasized that opening up is a key driver of human progress and a necessary path for global prosperity and development. Amid accelerated changes unseen in a century and a sluggish global economic recovery, China aims to promote development through openness, foster convergence and innovation, and pursue shared benefits to drive economic globalization, empower global development, and ensure that the fruits of growth are shared more equitably among all nations.

Executives from multinational industrial giants including Siemens, ABB, GE, Schneider Electric, Evonik, Henkel, and Asia Pulp & Paper (APP) shared their insights about the Expo. These companies have participated in the CIIE multiple times.

Mr. Xiao Song, Executive Vice President of Siemens AG, Chairman, President, and CEO of Siemens China, said President Xi’s speech reaffirmed China’s commitment to shared growth and win-win cooperation. He added that China’s new development model presents fresh opportunities for the world, and that the CIIE provides an open platform where China and the world can share markets, foster industry prosperity, and create a mutually beneficial future.

"This gives us great confidence in the prospects for both the Chinese and global economies," he said. "Siemens will continue to leverage its fully localized value chain and global resources to help accelerate China's high-quality, sustainable development through digitalization and decarbonization."

Gu Chunyuan, Chairman of ABB China, called President Xi’s speech at the opening ceremony "highly inspiring." Since the first CIIE in 2018, ABB has been a consistent participant. Through the spillover effects and development opportunities of the Expo, ABB has continued to deepen its presence and expand strategic investment in China.

Xiang Weiming, Global Vice President of GE, President of GE China, and President of GE Aerospace Greater China, stated that GE's mission to “drive a more sustainable and efficient future” is closely aligned with the open and innovative potential highlighted in President Xi’s speech.

Looking ahead, Xiang said GE hopes to deepen its collaboration with Chinese partners to support China’s high-quality, sustainable growth, embrace the “big Chinese market,” and seize the “great global opportunity.”

Yin Zheng, Executive Vice President of Schneider Electric and President of Schneider Electric China, commented that “China is not only a vast market for Schneider, but also a source of innovation and a key growth engine.” Participating in the CIIE for five consecutive years reflects Schneider's firm confidence in its long-term commitment to China.

Yin noted that Chinese industry is currently undergoing a dual transformation of digitalization and decarbonization, creating tremendous market potential and new drivers of socio-economic development. Moving forward, Schneider will continue to pursue a “multi-hub” strategy, strengthen its “China Center” covering R&D, the supply chain, and partnerships, and better meet local needs while connecting global resources.

President of Evonik Greater China, Ralph Sven Kaufmann, highlighted that China is the world's largest and most promising chemicals market. Evonik views China as one of the key drivers of global economic growth and a critical growth market.

"With nearly 90 years of presence in China, we fully recognize the importance of openness, cooperation, and a stable business environment for sustainable growth," he said. "China’s strategy of high-level opening up and high-quality development further boosts our confidence and motivation for long-term investment."

Rajat Agarwal, President of Henkel Greater China, remarked that President Xi’s address reaffirmed China’s commitment to a strategy of openness and mutual benefit. This not only guides China’s development path, but also provides long-term opportunities for multinational companies like Henkel. China is Henkel’s third-largest market, and the company is confident about achieving greater growth in the region.

Asia Pulp & Paper (APP), a leading paper manufacturer from Indonesia, expressed optimism about China’s continued push for high-level opening-up, active promotion of trade, and adherence to win-win cooperation. The company is confident in the “China opportunity” and is committed to participating in the building of a modern industrial system to contribute to China’s new phase of economic and social development.