Foreign entrepreneurs are increasingly bullish on the Chinese market, buoyed by recent economic policies aimed at encouraging growth and stability. This heightened optimism was evident at the Annual Conference of Financial Street Forum 2024, held Oct. 18-20 in Beijing.
Pan Gongsheng, governor of the People's Bank of China, highlighted the positive reception of these policies at the forum's opening ceremony on Oct. 18. "Since the implementation of the policy package, we have received positive feedback from home and abroad, effectively boosting social confidence and promoting the stable operation of the economy and financial markets," Pan said.
"China's forward-thinking government policies, such as the recent stimulus package, have demonstrated a commitment to fostering stable and sustainable growth, particularly in key sectors like technology, green energy and healthcare," said Jack Perry, chairman of the 48 Group and CEO of London Export Corporation, at an afternoon subforum titled "Joint Promoting Enterprise Development with Global Capital Integration."
Perry praised China's leadership, reassuring international investors that China is not only a place of opportunity but also a reliable partner for long-term investment.
"As the country transitions from an industry-driven to a consumption-driven economy, it opens doors to investors from across the globe," Perry said.
He added, "The sheer size of China's market and its growing middle class of 400 million, which will soon expand to nearly 800 million, offers significant opportunities for international companies to expand their reach."
Regarding how China can continue to attract international capital, Perry said the answer lies in creating an inclusive environment for investment.
"Optimizing regulatory frameworks, strengthening intellectual property protections and fostering transparent communication between foreign and domestic stakeholders are all crucial steps in this process," Perry said.
He stressed that international markets stand to gain from Chinese capital just as China benefits from foreign investment. "This two-way exchange strengthens global partnerships and fosters innovation on both sides," Perry emphasized.
Shane Tedjarati, vice chairman of Prologis Global, speaks at a subforum titled "Jointly Promoting Enterprise Development with Global Capital Integration," during the Annual Conference of Financial Street Forum 2024 in Beijing, Oct. 18, 2024. [Photo by Wang Yiming/China.org.cn]
Shane Tedjarati, vice chairman of Prologis Global, echoed these sentiments. "Today, as we've seen over the past 30 years, there's little debate that China was the priority investment for the whole world," Tedjarati said, noting that China's economic trajectory has generated real wealth "not just for China, but for the whole world for three consecutive decades."
Despite acknowledging several challenges facing the country, Tedjarati maintained a positive outlook on China's economic prospects.
"The theme of this conference, 'trust and confidence,' is at the heart of the policies the Chinese government is now taking to confront these challenges head-on," he explained, adding that early signs of a recovery in consumption were emerging.
Tedjarati underscored China's significance as a global manufacturing powerhouse, supported by "an impressive infrastructure with a complete industrial supply chain, highly skilled workers, an extensive supply system and a growing domestic market."
One key driver of China's growth is consumption and the rise of the middle class, Tedjarati said.
He noted that China has been the main contributor to the creation of the global middle class. "The middle class in China is expected to rise in the next 15 years from about 31% of the world's total to nearly 40%, making it the world's largest middle class," Tedjarati added.
Tedjarati also highlighted China's urbanization, noting its distinct and systematic approach to urban planning, which he said bodes well for China's growth. Additionally, he praised China's e-commerce infrastructure as "a trailblazer in the world," a model that few other major economies have been able to replicate.
Concluding his speech, Tedjarati addressed a question on many minds: "Where is the next China?" His answer was clear and confident: "The next China is still China."
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