MNCs seek fresh breakthroughs in local market, riding exposure at expo

Companies from the United States are showcasing their latest technologies and products at the ongoing fifth China International Import Expo, highlighting their long-term commitment to the Chinese market despite external uncertainties.

From healthcare solutions enabled by artificial intelligence and cutting-edge green technologies to the latest fancy cars, the US exhibits reflect MNCs' growing confidence in the CIIE and their high expectation that the larger Chinese market will benefit from the spillover effect, experts said.

Wang Rui, senior vice-president of Intel and chair of Intel China, said, "Intel is very pleased to participate in the expo, which is an important platform to promote international exchange, and comes with huge opportunities for global cooperation."

Having been deeply involved in the Chinese market for 37 years, the US company regards the country as one of the top priorities of its global strategy, Wang said, adding that Intel will continue to adhere to the concept of "in China, for China", to promote the common development of industrial ecology, and create value for the digital economy.

At the expo, which is being held in Shanghai until Thursday, Intel is showcasing its latest technologies such as metaverse and its efforts to cultivate digital talent in China.

Hou Yang, chairman and CEO of Microsoft Greater China, said: "The CIIE is well-timed this year to showcase both the forward motion of economic recovery as well as the true value of technology solutions for the global recovery.

"The potential of China's digital economy presents opportunities for both domestic and foreign businesses, with Chinese digital innovation also serving as a pipeline for global improvements across industries and organizations."

Dong Yifan, assistant research fellow at the Beijing-based China Institutes of Contemporary International Relations, said: "The US companies' enthusiasm highlights that the opportunities of the Chinese market and the appeal of Chinese partners are unparalleled for large global companies. That is especially true amid the COVID-19 pandemic."

As the CIIE has evolved over the years into an important platform for global trade, the expo also reflects China's resolve to open its markets wider at a high standard, company executives said.

Will Song, global senior vice-president of Johnson & Johnson, said, "The CIIE is an important initiative taken by the Chinese government to expand opening-up and win-win collaboration, support innovation and create a better international business environment."

Similar views were expressed by Fanny Chen, vice-president of Abbott Core Diagnostics. "We greatly value the CIIE for communications and exchanges. More people in China get to know the health tech that we have to offer thanks to the great exposure at this important platform."

The CIIE, experts said, also brings new business ideas for US companies to better explore the Chinese market.

Julian Blissett, president of GM China, which came up with the idea of premium import business at the expo, said: "The CIIE is a very good platform to explore. This is something you can explore before you make your final decision and your final strategy. For this reason, we see value in coming the fifth time."