Xinhua, Beijing :
While analysts quibble over whether China’s economy will make a soft or hard landing, global entrepreneurs remain upbeat.
The pace may be slower and the course bumpier, consumption is still staggering but there will be opportunities aplenty in China’s new, sustainable regime.
“We are very optimistic about China’s economy. We are long-term players, we don’t look at short-term hiccups,” said Yousef Abdullah Al-Benyan of Saudi Arabia’s SABIC, one of the world’s largest chemical companies.
Along with surmountable difficulties, the slowdown also means opportunities. Companies must reshape themselves to bring new products to customers, Al-Benyan told this week’s Boao Forum for Asia (BFA) in south China.
It is this same logic that is driving Caterpillar, the world’s largest construction and mining equipment maker. Although global sales and revenues slumped 15 percent in 2015, partly due to weak growth in China and low commodity prices, the U.S. company remains committed to the Chinese market.
“China is an integral part of Caterpillar’s long-term global strategy and we are investing accordingly,” said Douglas Oberhelman, chairman and CEO of Caterpillar.
The Chinese government is calling for a higher level of technology and innovation, industrial upgrading and environmental protection, which will bring more opportunities to the industries Caterpillar serves, Oberhelman said.
SABIC and Caterpillar are definitely not alone in betting on China. Looking beyond the headline GDP number, it is easy to see why they are so confident.
Although China’s growth rate fell below the 7-percent level for the first time in 25 years, spending of the 1.3 billion consumers still grew at a double digit pace.
Last year’s consumer spending topped 30 trillion yuan (4.6 trillion U.S. dollars), a huge number by any standard and making the market an irresistible prospect for any overseas manufacturer.
While analysts quibble over whether China’s economy will make a soft or hard landing, global entrepreneurs remain upbeat.
The pace may be slower and the course bumpier, consumption is still staggering but there will be opportunities aplenty in China’s new, sustainable regime.
“We are very optimistic about China’s economy. We are long-term players, we don’t look at short-term hiccups,” said Yousef Abdullah Al-Benyan of Saudi Arabia’s SABIC, one of the world’s largest chemical companies.
Along with surmountable difficulties, the slowdown also means opportunities. Companies must reshape themselves to bring new products to customers, Al-Benyan told this week’s Boao Forum for Asia (BFA) in south China.
It is this same logic that is driving Caterpillar, the world’s largest construction and mining equipment maker. Although global sales and revenues slumped 15 percent in 2015, partly due to weak growth in China and low commodity prices, the U.S. company remains committed to the Chinese market.
“China is an integral part of Caterpillar’s long-term global strategy and we are investing accordingly,” said Douglas Oberhelman, chairman and CEO of Caterpillar.
The Chinese government is calling for a higher level of technology and innovation, industrial upgrading and environmental protection, which will bring more opportunities to the industries Caterpillar serves, Oberhelman said.
SABIC and Caterpillar are definitely not alone in betting on China. Looking beyond the headline GDP number, it is easy to see why they are so confident.
Although China’s growth rate fell below the 7-percent level for the first time in 25 years, spending of the 1.3 billion consumers still grew at a double digit pace.
Last year’s consumer spending topped 30 trillion yuan (4.6 trillion U.S. dollars), a huge number by any standard and making the market an irresistible prospect for any overseas manufacturer.
