China’s Growth Target: A Beacon of Opportunity for Global Investors
Top multinational corporations’ executives have expressed their optimism regarding China’s economic growth target for 2024. They have also shown confidence in the country’s long-term potential and their willingness to further expand and invest in the nation.
“We remain hopeful regarding the Chinese economy, as we have observed ongoing policy announcements in China that are intended to bolster employment and foster economic growth,” expressed Dino Otranto, CEO of Fortescue Metals.
“These policies are expected to have a positive impact on the property and infrastructure sectors, leading to an increase in steel demand.”
In light of China’s recent announcement, it is worth noting that the country has set its economic growth target for 2024 at approximately 5 percent.
“Even a 4.6 percent GDP growth is significantly higher than other regions, given the expected global GDP slowdown to around 2.4 percent. Europe is expected to remain weak at around 0.5 percent, while the US is projected to soften to around 2 percent,” stated Jens Cuntze, president of Clariant Catalysts & Asia-Pacific.
“Given China’s shift towards high-quality development, with a focus on sustainability, innovation, and digitalization, there are numerous opportunities for our specialty chemical company to make a meaningful contribution.”
According to Cuntze, the industries that will be most affected by these targets are the electrical and electronic equipment industries, with a particular focus on e-mobility, 5G communications technology, and transportation. These sectors are expected to experience significant growth potential.
Clariant has made substantial investments in expanding capacities in China in recent years.
Xie Xue, president of Vale China, highlighted the significant opportunities that arise from the nation’s commitment to peak carbon emissions before 2030 and achieve carbon neutrality before 2060. This commitment presents a promising outlook for Vale China, the leading supplier of high-quality iron ore.
According to the speaker, China is currently undergoing a rapid process of new industrialization, focusing on innovation and sustainability. They are actively working towards improving traditional industries and believe that this will create new opportunities and contribute to long-term development potential.
Henry Ding, president of 3M China, expresses a positive outlook on China’s economic future in 2024. He believes that the country’s dedication to high-quality development and innovation will contribute to this optimism.
As per Ding’s analysis, China has implemented measures to promote the fair treatment of foreign companies, with the goal of attracting more foreign investment. This effort is aimed at creating a more favourable environment for enterprises such as 3M.
“China remains a crucial market for 3M, and we are fully dedicated to maintaining our presence and contributing to the country’s impressive growth trajectory,” the spokesperson emphasised.
Zhou Tao, the China unit president of dsm-firmenich, highlighted the government’s focus on scientific innovation and sustainability as a significant factor that opens up extensive possibilities for the company to enhance its presence in the Chinese market.
According to Mohammed Al Ajlan, deputy chairman of Ajlan & Bros Group and Chairman of the Saudi-Chinese Business Council, the company is optimistic about the gradual recovery of foreign investment as the market in China, one of the largest in the world, bounces back.
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