Global execs visit China to grab biz share

Powerful pull

China's GDP grew 4.5 percent year-on-year to 28.5 trillion yuan ($4 trillion) in the first quarter, according to figures released by the National Bureau of Statistics. The growth outpaced last year's 3 percent and the 2.9 percent reported in the fourth quarter of 2022.

With its faster-than-expected economic growth, China continues to exert a powerful pull for foreign investment, defying so-called "decoupling" from the country and providing a boon to the global economy.

For Judy Marks, chairwoman and CEO of Otis Worldwide Corp, by investing in China, the company is not just investing in products and facilities. "Most importantly, we invest in our future here," she said.

David Zehner, partner and head of the Asia-Pacific consumer products practice at Bain & Company, sees China as the most exciting consumer story in the world, describing it as "a real source of innovation that the rest of the world can learn from".

He was echoed by Bai Ming, a researcher with the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce. "China is gradually becoming a source of global innovation," Bai said in an interview on June 1.

He said this was one of the major reasons why international firms have "cast a vote of confidence in China's economy".

The other reasons Bai cited include the prospects of China's huge market, the resilience of its economy and the mature industry chains of a global factory.

Latest data from the Ministry of Commerce show that foreign direct investment in the Chinese mainland, in actual use, expanded 2.2 percent year-on-year to 499.46 billion yuan in the first four months of this year and fell by 3.3 percent year-on-year calculated in US dollars ($73.5 billion).

Xinhua