China's full opening of its manufacturing sector to foreign investment has inspired strong confidence among global business leaders in Guangdong Province, an economic powerhouse in southern China.
The country has eliminated all market access restrictions for foreign investors in the manufacturing industry with the implementation of the new edition of its national negative list for foreign investment on November 1 last year, which removed the final two manufacturing-related items from the previous list.
A spokesman from the Chinese Ministry of Commerce emphasized during a Thursday press conference China's dedication to further opening its economy, deepening international cooperation, and bolstering foreign-invested enterprises.
Global corporations have warmly welcomed this initiative, with companies like Carlsberg, a prominent global brewery group, actively capitalizing on the new opportunities.
The company opened a new brewery in Guangdong last year, highlighting its recognition of the region's dynamic and resilient economy.
"That piece of investment also shows in a way the confidence that we have for the economy and also for the market, especially in the south as well. We look forward to continue to invest, and we do hope also, of course, the government continues with a more stimulus plan for the consumption," shared Lee Chee Kong, president of the company's China branch.
Liu He, head of public affairs at Denmark-based pump manufacturer Grundfos, also highlighted Guangdong's enormous market potential.
"Guangdong is actually the starting point for the trade between China and Denmark. We have strong confidence and commitment to the Guangdong market in the future. And we want to join hands with Guangdong stakeholders to build this place into a more a greener and sustainable one," she said.
The region's flourishing manufacturing sector has also created abundant opportunities for financial institutions. For example, the Bank of East Asia has recognized the growing needs of small and medium-sized enterprises (SMEs) in Guangdong.
"Traditionally, they (SMEs) are able to get banking service from the financial institutions. But now it is possible. We are going through the fintech transformation and by adapting AI, big data, block chains, those kind of technology, we can better help those SMEs in need," said Bi Mingqiang, the CEO of Bank of East Asia (China).
As Guangdong Province continues to strengthen its foreign trade, its import and export volume grew by 9.8 percent year-over-year to more than 9 trillion yuan (about 1.24 trillion U.S. dollars) in 2024, securing the top position in the country for the 39th consecutive year.
Foreign business leaders confident in Guangdong's investment potential
