HSBC confident of China's economic development

The sixth China International Import Expo, which concluded on Friday, attracted a multitude of Chinese and foreign businesses from a variety of industries to seek cooperation opportunities. The annual event provides a vital platform to showcase innovative products, technological expertise and service solutions, build valuable partnerships and enhance business participants' foothold in the Chinese market, said executives of participating multinational companies. Some of them share their thoughts on the annual event's role in their businesses' expansion and international cooperation with China Daily.

With China's economic recovery from the pandemic, the country's sizable market and deeply integrated supply chain networks continue to attract international businesses, said market watchers at the sixth China International Import Expo, which concluded on Friday.

Mark Wang, president and CEO of HSBC China, said: "As China advances with new economic development and low-carbon transition, it will offer a range of growth opportunities for international businesses."

The report Connecting to China released by HSBC at the sixth CIIE revealed the rebounding of China's economy has encouraged 87 percent of global companies it surveyed to increase their business in the country.

As a participant in the CIIE for the sixth consecutive year, HSBC has set a record for the largest booth area and the highest number of subsidiary institutions participating in the annual event.

The company presented its signature capabilities of international connectivity, with particular focuses on smart supply chain, sustainable development, digital innovation and wealth management, at the HSBC booth.

In addition, HSBC's newly launched UK Innovation Banking Proposition was displayed at the Innovation Incubation Special Section, showcasing the company's capabilities in supporting innovation businesses, according to Wang.

Senior leaders of HSBC from overseas and China also joined industrial experts to share views and insights into a variety of activities on global trade, the new economy, digital innovation, sustainable finance, wealth management and opportunities brought by the Guangdong-Hong Kong-Macao Greater Bay Area.

"We expect the recovering China consumer market and the growth potential from its sheer size will continue to attract overseas exhibitors at the CIIE to introduce new products and invest into this market," Wang said.

He said HSBC has taken the lead in signing the exhibition contract for the seventh CIIE as early as in July this year, demonstrating its unwavering confidence in China's development prospects.

"We will continue to help more international enterprises and investors benefit from the growth in the Chinese market, and empower a greater number of Chinese companies to seize the vast opportunities presented by the global economy," he said.

Colin Bell, CEO of HSBC Bank Plc and HSBC Europe, said international events such as the CIIE are important after the COVID-19 pandemic to reconnect the East and West.

He said the CIIE offers the opportunity to learn about the technologies, innovations and industries of the future, and to network with other business leaders and discuss the opportunities they see for the future of China-Europe trade and investments.

Bell said the Chinese economy remains dynamic, presenting exciting opportunities for both inbound and outbound investment.

"Despite short-term challenges, the Chinese market remains attractive to European businesses as they continue pursuing expansion by leveraging opportunities in the digital economy and green industry," he added.