Growth strategy: An employee works on a tractor production line at a factory in Weifang. This year’s Government Work Report underlined that China will strive to modernise its industrial system and develop new quality productive forces at a faster pace. — AFP
BEIJING: Executives of multinational corporations (MNCs) say a review of the latest Government Work Report has given them immense confidence in China’s economic prospects.
This is given the new focus on technological innovation and industrial upgrade, and the 2024 gross domestic product (GDP) growth target of around 5%.
They pledged efforts to seize new business opportunities arising in the world’s second-largest economy, saying that their long-term commitment to the Chinese market remains unchanged.
Japanese tech conglomerate Canon Inc executive vice-president, who is also president and CEO of Canon China, Howard Ozawa said the long-term fundamentals of China’s economy remain intact despite pressures and challenges.
He said Canon is confident that China can achieve its 2024 GDP growth target.
“Canon is confident in the continuous improvement of China’s business environment and the vast potential of the Chinese market,” he said.
He added that given China’s significant position and the promising growth trends, the company has set the goal of making Canon China No. 1 in terms of sales within the whole group by 2035.
This year’s Government Work Report underlined that China will strive to modernise its industrial system and develop new quality productive forces at a faster pace.
Ozawa said the new quality productive forces are mainly led by scientific and technological innovation, while Canon aims to bolster innovation to further offer products and services tailored for the Chinese market and seek diverse collaborative methods with China’s leading companies.
Industrial software developer Aveva China vice-president and general manager Cui Jingyi said the company remains optimistic about the long-term potential of the Chinese economy.
“China’s economic landscape is dynamic and resilient, characterised by ongoing reforms, technological advancements and a strong commitment to sustainable development,” she said.
Cui said the United Kingdom-headquartered company anticipates a growing demand for digital transformation across a wide range of industries.
She said this evolving landscape presents exciting opportunities for Aveva to collaborate with businesses of all sizes, helping them optimise their operations, reduce carbon emissions and enhance efficiency.
She highlighted that the new quality productive forces are essentially about promoting high-quality development through sci-tech innovation and industrial upgrade.
She noted that Aveva focuses on cutting-edge technologies like artificial intelligence, big data and cloud computing to provide industrial intelligence that energy business leaders need to build safe, efficient and agile operations that are also more sustainable. — China Daily/ANN
