Chinese market irreplaceable to German auto parts supplier ZF Group: executive vice president

German auto parts supplier ZF Group increasingly views China not only as an irreplaceable and dynamic market, but as a new global core for the company's technology development, according to Renee Wang, executive vice president and president of ZF China and Operations Asia Pacific.

Speaking on the sidelines of the 25th China International Fair for Investment and Trade in Xiamen City, east China's Fujian Province, which ran from September 8 to 11, Wang elaborated on the unique importance of the Chinese market from a global perspective -- in terms of its vast size as well as consumer behavior.

"Chinese customers are not conservative. They are always willing to be the first to try new technologies. They are also willing to accept trial and error, which creates a high degree of tolerance for the environment of technological development. China's entire entrepreneurial environment is encouraged by much government support. The efficiency of the government at all levels is continuously improving with no corruption. And it's clear that China has its own unique advantages," she said.

According to Wang, China's exceptionally fast pace of technological progress is unmatched with other markets in the world.

Since entering the Chinese market in the early 1980s, ZF Group has steadily expanded its footprints. In the past two years alone, it has opened a new research and development center and built or expanded 10 production facilities across the country. Today, nearly one-third of ZF's 161 global manufacturing sites are located in China.

"Our traditional research and development cycle for a vehicle is three to four years. But in the Chinese market today, that cycle is just four to 12 months. On a technical level, we now expect a breakthrough development every six months. And we're establishing the fourth research and development center in China recently. We want to reverse the previous situation where core research and development was based in Europe and North America. Our most critical research and development must be in China," said Wang.

"At our headquarters, we have a motto that the Chinese market is irreplaceable. Only by being competitive in China can we ensure our future competitiveness in Europe and North America," she said.

Chinese market irreplaceable to German auto parts supplier ZF Group: executive vice president

The 30th Hong Kong International Film and TV Market (FILMART) opened on Tuesday, kicking off a four-day bonanza attended by over 790 exhibitors from 38 countries and regions.

This year's event provides a platform for the trading of film and television entertainment content to promote global cultural exchange and cooperation in the industry.

The expo, underway in the Hong Kong Convention and Exhibition Center, has attracted participants from both established and emerging markets, including major film and television markets such as France, Italy, and the Republic of Korea, as well as ASEAN countries like Cambodia and Malaysia.

It also features numerous exhibitors from emerging markets participating for the first time, demonstrating the potential for cross-regional cooperation in the film and television industry.

The event has partnered with 10 global film promotion organizations to promote more cross-regional cooperation and co-production projects.

As the mainland film and television industry actively expands into overseas markets, film and television exhibitions have gradually become one of the key platforms to help mainland companies to go global.

"First, we are bringing high-quality audiovisual content, including our TV series Swords Into Plowshares and over a dozen other new shows. Second, in terms of ecosystem development and technology-driven innovation, we are forging strategic partnerships with tech giants. We hope to leverage platforms like Hong Kong to accelerate and enhance the transformation and upgrading of our business," said Zhao Yifang, founder and CEO of Huace Group.

EntertainmentPulse, a forum organized by the Hong Kong Trade Development Council, was held alongside FILMART, bringing together industry leaders from around the world to discuss hot topics such as artificial intelligence, video streaming, and project financing.

30th Hong Kong FILMART opens