Multinational Companies Active In Entering New Sectors In China

Representatives from multinational corporations shed light on their new investment projects and businesses in China at the Boao Forum for Asia Annual Conference 2022, which concluded on Friday in south China’s Hainan province.

Qualcomm senior vice president Qian Kun stated that the fundamentals of China’s high-quality development and long-term economic improvement would remain unchanged. It will expand Qualcomm’s and its partners’ development opportunities and encourage them to look forward to future growth in China.

According to a forum report, China took the lead in effectively containing the COVID-19 outbreak and fully resuming work and production, with industrial and supply chains operating at full capacity; some outgoing production lines have returned to China. The digital economy, which represents new types of businesses, is thriving in the country. China’s digital economy is currently the world’s second-largest, with the fastest growth. Foreign direct investment into the country is expected to reach a new high of 173.5 billion US dollars in 2021, up from 111.7 billion dollars in 2012.

“China has grown to be one of Qualcomm’s largest markets and innovation hubs worldwide,” Qian said. He went on to say that China’s digital economy has experienced rapid growth, as evidenced by 5G, artificial intelligence, the Internet of Things, and VR/AR. Qualcomm will continue to integrate with China’s industry to jointly create a new model of the digital economy.

PayPal’s China CEO, Hannah Qiu, stated that the online payment giant has been in operation in China for more than a year. Its primary business is to assist Chinese enterprises in better selling their products in foreign markets.

“China’s opening-up has benefited us.” We believe that China’s increased openness will help us gain more Chinese market share and play a larger role in cross-border payment and communication between China’s capital market and overseas capital markets,” Qiu said.

AstraZeneca, concerned about the future of China’s health sector, has established an internet hospital project in the Hainan Free Trade Port. In order to serve millions of patients, 100,000 doctors have registered on the company’s platform.

AstraZeneca’s chairman, Leif Johansson, stated that following the epidemic, the company would continue to uphold the concept of innovation, continuously increase investment in China, and deepen cooperation with local enterprises. SABIC, a chemical company, has discovered new business opportunities as a result of China’s green development goals.

SABIC’s vice chairman and CEO, Yousef Abdullah Al-Benyan, stated that the company will continue its investment cooperation in China in light of the company’s own carbon neutrality strategy as well as China’s carbon peaking and neutrality goals.

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