Foreign firms tap bright biz potential

BEIJING — Suspended by steel cables, various vehicle parts of a Tesla Model Y hang in midair, roughly forming the car's final shape.

These disassembled components — including chassis, doors and wheels — were displayed at the US car company's booth at the China International Supply Chain Expo in Beijing recently.

Tesla is part of the smart vehicle exhibition section in the expo, which also features four other sections, namely green agriculture, clean energy, digital technology and healthy life.

These highlight some of the rapidly developing sectors of China's supply chain that present opportunities to the world.

"China's manufacturing industries have been transformed and upgraded in recent years to become more digital and green, enhancing the stability and competitiveness of its industrial development while lowering the relative carbon footprint," said Alf Barrios, chief commercial officer of global mining group Rio Tinto.

Barrios said China is leading green technology development in multiple areas globally and the company sees great potential for further collaboration.

During the expo, automaker Volvo signed a memorandum of understanding with Yunnan Aluminium Co Ltd to advance the usage of low-carbon aluminum in its supply chain.

Harry Li, vice-president of procurement and logistics of Volvo Cars Asia-Pacific, said the company is eyeing opportunities as Chinese suppliers have significantly enhanced their capabilities in recent years thanks to the rapid development of intelligent and electric vehicles.

According to a report on overseas businesses' perspective of China released by HSBC in November, China maintains a central position in the global supply chain. About 73 percent of the surveyed companies anticipate expanding their supply chain footprint in China over the next three years, with a quarter of the companies expecting a significant increase.

Speaking at the opening ceremony of the expo, Sir Sherard Cowper-Coles, chair of the China-Britain Business Council, said the trade volume between China and Britain is at an all-time high and that British pharmaceutical company AstraZeneca has invested over $1 billion in China this year alone.

"I'm proud of the scale and quality of the British investment here in China," said Cowper-Coles.

At the CISCE, the proportion of exhibitors from overseas reached 26 percent. Companies from the United States and Europe accounted for 36 percent of the total number of foreign exhibitors.

Xinhua