As China has been further expanding opening up and improving the business environment, more and more investors from abroad are eyeing the Chinese market, hoping for win-win cooperation while lending fresh impetus to the global economy.
During a recent international procurement meeting held in the city of Wuhan, central China’s Hubei Province, buyers from across the globe, including Russia, Tajikistan, Singapore, among others, said the event means rare business opportunities for them.
Victor Sokovnin, a Russian buyer said his procurement agency gathered more than 2,000 member companies in China within only two months after it was registered, as he shared his experience following the opening ceremony of the 10th Global Procurement Forum and Procurement Fair held on Nov. 19 2019.
“The number of orders from the Chinese market has been growing, so our market has been expanded as well. And our suppliers are quite interested in cooperating with Chinese enterprises, which means we are given a great opportunity of business,” said Sokovnin, China market Director of B2B-Center Company, a procurement marketplace from Russia.
Meanwhile, the Institute for Supply Management (ISM) from the United States also pinned its hope on the Chinese market, as it signed a strategic cooperation agreement with China Federation of Logistics and Purchasing later on the day,
The deal, known as the Certified Professional in Supply Management, focused on supply-chain talent cultivation by working jointly with China.
Thomas W Derry, the CEO of the ISM, said the institution has always followed Chinese economic development.
“I would not expect a recession period in China. I think the overall economy is strong, the Belt & Road Initiative that we are talking about here is going to open up new markets for China. So I think the Chinese economy is positioned very well to withstand the short-term challenges and to thrive in the future,” he said.
As global trade remains sluggish, it has become the consensus for a number of foreign investors to enhance cooperation with China
Maersk, the world’s largest container shipper, has invested in the construction of a global logistics centre in Ningbo City, east China’s logistic centre, including a fully-automatic warehouse, the first of its kind in the world.
Anthony Randell, supply chain product director of the Maersk Oceania, noted that the Chinese market is the biggest for all shipping giants.
“The Chinese market is a very important market for Maersk. It’s one of our most important markets, it’s our largest market that we have. We need to be able to cater for the growing economy, the growing middle class in China, so it becomes a very important market for us to be able to fulfil the needs of the customers,” he said.
The continuous investment flocking into the Chinese market is considered a result of the improved business environment
During a recent business event hosted by the Chinese Ministry of Finance and the World Bank, foreign business representatives applauded China’s efforts on the rising business climate.
Jens Eskelund, Vice President of EU Chamber of Commerce in China, spoke highly of China’s environment for research and development at a seminar, namely, the High-level International Conference on Doing Business Practice and Reforms that concluded on November 23, 2019.
“Almost everyone amongst our members now believes that the research and innovation environment in China today is better than the global average,” said Eskelund.
“Optimising the business environment of regulations whether that’s around ensuring transparency and fair, open markets, opening up the public procurement system,” according to Alan Beebe, president of American Chamber of Commerce in China.
Motoo Ono, Chairman of the Japanese Chamber of Commerce and Industry in China, expressed his expectation to the implementation of Foreign Investment Law as well as the Regulation on Optimising the Business Environment.
“The Foreign Investment Law and the Regulation on Optimising the Business Environment will be implemented in the upcoming new year, which we have anticipated much too,” he said.