Global biz execs upbeat on annual meetings' aims
A1 Over our nearly 50 years of operating in China, we have been witnesses, participants and beneficiaries of the country's opening-up and reform. Further progress along the same trajectory will further build confidence and support the next phase of collaboration between Chinese businesses and global companies－both in the China market and for global markets. We are thus optimistic about China's economic growth and believe the importance of the Chinese market will grow further.
A2 Our understanding of high-quality development is that it links closely to achieving China's "dual carbon" targets of peaking its CO2 emissions by 2030 and achieving carbon neutrality by 2060. For many of the industries that we serve, these ambitious targets are equally challenging and necessary to drive the decarbonization of power across industries that are the backbone of the global economy.
At our core, Cummins has embraced this transition in our "Destination Zero" strategy－working with our partners and customers to bring products to market that lower emissions today, reduce well-to-wheel emissions, drive wide-scale customer adoption and achieve zero emissions by 2050.
A3 China is one of the most important markets for Cummins globally. Despite the variety of challenges our industry has faced during the COVID-19, strong markets and business performance have delivered two consecutive years of double-digit growth, with consolidated and unconsolidated sales exceeding $7.4 billion in 2021－an all-time peak for our business in China.
We believe our continued focus on technological innovation, long-term "win-win" partnerships, and the diversity of products and applications position us well to continue to deliver value to our OEM and end-users.
A4 Our connection with China started in 1975 and we are continuing to expand our existing partnerships and are constantly working to establish new partnerships with key market leaders. Recent examples include: our new joint venture with Sinopec－focused on producing the most advanced, industrial-scale and green hydrogen electrolyzers in the world, and expansion of our partnership with Foton to include advanced after-treatment systems.
A5 The short answer is yes. Our business in China is extremely important to the continued growth of our company and integral to the execution of our strategy. China continues to be the largest end-market by volume in the world; a critical link in our global supply chain; and one of the fastest developing markets for new energy and hydrogen. Along with expanding our partnerships with local companies, Cummins will continue to invest in expanding our wholly-owned operations in China.
