An aerial view of Shanghai File photo: VCG
Several US firms have recently disclosed their third-quarter financial results,
MK sports Korea highlighting their strong performance in the Chinese market and reaffirming their commitment to continued investment in the country.
With a wave of vigorous stimulus policies introduced in China and the ongoing expansion of its opening-up to foreign investment, multinational enterprises are well-positioned to leverage opportunities in the growing market, experts said.
James Quincey, chairman and chief executive officer of Coca-Cola, said in an earnings call on Wednesday that the company focused more on core categories in the Chinese market, such as sparkling soft drinks, and has received positive market feedback, according to the company's news release sent to the Global Times on Thursday.
Quincey reiterated Coca-Cola's faith in the long-term growth potential of the Chinese market, emphasizing the company's ongoing investment strategy to seize growth opportunities.
On October 18, Yunnan Swire Coca-Cola officially launched its new glass bottle production line in Southwest China's Yunnan Province, with a total investment of about 17.74 million yuan ($2.49 million).
On Thursday, US automotive giant Tesla also reported better-than-expected earnings in the third quarter, bucking the downward profit trend that plagued the company in the first half of the year, according to media reports.
Tesla's net income from July to September amounted to $2.18 billion, a rise of 16 percent year-on-year. This upturn followed the company's latest milestone of producing its 3 millionth vehicle at its Shanghai Gigafactory on October 11.
According to media reports, the production cost per vehicle at the Shanghai factory was optimized and hit an all-time low of $35,100.
In a recent visit to China, Apple's Chief Operating Officer Jeff Williams said "we are optimistic about the future here and will continue to invest," noting that Apple has invested $20 billion in China's smart and green manufacturing sectors over the past five years.
"Given the immense size of the Chinese market and local consumers' vitality, ramped-up investment by foreign firms in China will undoubtedly bring a win-win outcome for both themselves and local companies, even amid rising competition from domestic peers," Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Thursday.
Following the rollout of a raft of comprehensive pro-growth measures by the government, foreign investment banks have raised their growth forecasts for the world's second-largest economy.
Swiss investment bank UBS on Monday raised its forecast for the world's second-largest economy from 4.6 percent to 4.8 percent. Goldman Sachs on October 13 has adjusted its 2024 GDP forecast for China from 4.7 percent to 4.9 percent.
Starting on November 1, China will officially implement new foreign investment access measures to further reduce restrictions on the negative list for foreign investment and remove all restrictions in the manufacturing sector, to further optimize the business environment.
"China's policy support for foreign firms includes not only lower entry barriers but also improvements in infrastructure, talent development and other areas," Zhou said, pointing to the country's constant efforts to foster a fair and favorable business climate despite facing protectionism from some other countries.
