Foreign firms see growth potential in China
A1 By building a moderately prosperous society in all respects, China has improved the lives of more than one-fifth of humanity. It takes strong leadership, great vision, careful planning and extraordinary efforts of the Chinese people. In particular, China's incredible rise over the last four decades of reform and opening-up is perhaps the most important example of what can happen when an economy partners with others, and opens up to global markets. We are very encouraged to see China committed to further opening-up and reform to make greater contributions to global economic and social development.
A2 Rio Tinto is one of the world's largest mining companies. We have now supplied more than three billion metric tons of iron ore and other essential metals and minerals to China, and it has been our privilege to help support China's development in this way. We will continue to find and supply the high-quality resources that China needs. In doing so, we will work with our Chinese partners to help maximize social benefit and minimize the environmental impact of our business wherever we operate.
A3 One of humanity's greatest challenges is climate change, which transcends national boundaries and requires concerted efforts around the world. We are very encouraged to see China committed to clear targets for reducing carbon intensity and achieving carbon neutrality, and the country has made it a national priority to advance research and technology that will help make low-carbon future a reality. It sets a strong example for other countries to follow, and gives businesses the certainty required to plan and invest in long-term projects. As part of Rio Tinto's commitment to achieve net zero greenhouse gas emissions by 2050, we are working with suppliers and customers throughout our global supply chains to develop new low-carbon solutions, and we have already built strong partnerships with many Chinese partners.
A4 Achieving high-quality growth and addressing global challenges such as climate change will require increased cooperation throughout the supply chain. On the demand side, Rio Tinto is working with leading centers of expertise, including China Baowu and Tsinghua University, to develop new methods and technologies for green steelmaking that will reduce emissions and improve the efficiency of resource usage. On the supply side, we are working with our Chinese partners to develop the Simandou iron ore project in Guinea. In addition to providing a new source of supply for China, this project will also help reduce its carbon emissions by supplying the type of high-quality iron ore that the next generation of steelmaking technology will need.
A5 Over the past four decades of reform and opening-up, while having made remarkable economic achievements, China also provided many foreign companies, including Rio Tinto, with abundant growth opportunities. We believe that China's continuous support for multilateral cooperation on trade and investment, and commitment to the development of an improved system for an open economy, will continue to benefit the international community. We have and will continue to explore opportunities with our Chinese partners to link China's domestic circulation to the international market for a more resilient global supply chain.
