European firms remain committed to China, expressing confidence in its long-term growth potential and economic resilience despite short-term market adjustments, said Jens Eskelund, President of the European Union Chamber of Commerce in China, during the 6th Qingdao Multinationals Summit.
The three-day summit wrapped up on Saturday, marking the signing of 40 significant projects. These included 21 foreign investment deals valued at over 1.7 billion U.S. dollars, 15 trade agreements with an import-export worth of nearly 3.7 billion dollars, and four overseas investment initiatives totaling 540 million dollars.
Spanning sectors such as high-end chemicals, advanced equipment, new energy materials, and next-generation information technology, these initiatives aim to enhance China's international trade and cooperation.
"Like many Chinese companies, European companies are also feeling that the demand growth has not been as strong as anticipated. But I think no one really doubts the the longer term potential of the Chinese market. And I think you will find that the number of European companies five years from now will not have changed dramatically. We certainly don't see European companies leaving the Chinese market, so I think there is a recognition that right now there might be temporary challenges in terms of having a match between supply and demand and in terms of growing demand. But in the longer term, there's a high degree of trust in the fundamentals of the Chinese economy and the ability of China to get back on a growth trajectory," said Eskelund.
Reflecting on 50 years of economic ties between China and Europe, Eskelund highlighted the mutual benefits created over the decades while stressing the need to address imbalances and build a sustainable model for future collaboration.
"When you look back, it's clear that over the past 50 years enormous value has been created not just for China, but also for Europe. Of course, we have seen how China has emerged as the world's largest trading nation and as a manufacturing hub. For Europe, also, there has been significant benefits. I think there's no doubt that the access to Chinese supply chains has created in almost additional purchasing power for European consumers. And that's a good thing. So I think it's very important that we take the opportunity of the 50th anniversary to look at how can we address some of these imbalances. And to make sure that we find a model for collaboration that also works for the next 50 years going forward," he said.
European firms at Qingdao Summit confident in China's economic resilience, growth potential
European firms at Qingdao Summit confident in China's economic resilience, growth potential
European firms at Qingdao Summit confident in China's economic resilience, growth potential
