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Economic Watch: Foreign firms optimistic about Chinese market

By Xinhua , 2019-09-09 12:00:00

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Industrial robotic arms paint a car at Dadong Plant of BMW Brilliance Automotive in Shenyang, capital of northeast China's Liaoning Province. (Xinhua)

"More investment," "deeper integration" and "more localization" were frequently used by executives of foreign firms during a special session of the China Development Forum when they described their development plans in China.

Despite of international economic uncertainties, China has maintained stable economic growth and the Chinese market remains the favorite of many foreign firms.

A group of corporate giant leaders gathered in Beijing over the weekend, discussing business prospects and voicing their confidence in China for its position as an irreplaceable market and beyond.

"For us, China's not simply a large-scale consumer market, but also an important source of innovation as well as a major element of the industrial value chain," said Jochen Goller, president & CEO of BMW Group Region China, during a special session of the China Development Forum which concluded Saturday in Beijing.

In the first seven months of this year, BMW saw car sales up 16.6 percent year on year to some 404,000 units in the highly-competitive Chinese market. "This strong performance is reinforcing our confidence to further grow with China, and as a result, BMW is taking decisive actions to significantly increase our investment as well as enlarging our footprint," Goller said.

The moves include full upgrading of research and development bases in China and enhancing cooperation with local enterprises such as China Unicom and Tencent in autonomous, connected, electrified and shared areas to better embrace the global auto industry's major transformation, he said.

"Our commitment is constantly evolving, from Production in China to Create in China," Goller said. "The development of BMW is an excellent showcase of how an open economy can benefit all stakeholders."

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