China, amid a global landscape marked by rising protectionism tendencies and economic volatility, has vowed to boost domestic demand and expand opening-up, which will contribute to global economic stability, and anchor foreign business confidence in China, said a senior executive with a US company.
“The fundamentals of China”s economy are sound and the country’s development prospects remain promising,” said Cindy Boiter, executive vice-president of industrial manufacturer Milliken & Company and president of Milliken’s chemical business, in an exclusive interview with China Daily.
China set its GDP growth target for 2025 at around 5 percent, as laid out in the country’s Government Work Report in March.
China’s economic resilience is rooted in the government’s proactive policies to promote innovation, stimulate domestic consumption, and expand the country’s openness, Boiter said, adding that China will continue to be a key contributor to global economic growth.
According to the International Monetary Fund in March, the implementation of a comprehensive reform package aimed at catalyzing consumption and improving productivity could raise China’s annual potential growth rate by around 1 percentage point in the medium term.
In particular, the country’s stronger emphasis on consumption-boosting initiatives, according to Boiter, is a positive signal for global companies across various sectors seeking to expand their presence in China, the world’s second-largest consumer market.
“With the continuous improvement of living standards among Chinese households, consumers’ requirements for daily household products have moved beyond basic functions to encompass a broader range of needs, including overall performance, visual design, durability and environmental friendliness,” Boiter said.
To better cater to the evolving needs of Chinese consumers, the company has partnered with Chinese companies, and is utilizing advanced materials that enhance the performance of products in sectors such as packaging, consumer products and development of tailored products.
In collaboration with Shaanxi Yanchang Zhongmei Yulin Energy and Chemical Co Ltd, the company has developed a new application utilizing its high-rigidity transparent polypropylene material for refrigerator drawer components.
“Having a local innovation footprint allows our teams to be nimbler, creating quicker solutions for our customers. We actively engage with the value chain of the polyolefin industry in China including associations, universities, and industry partners to co-develop materials and solutions,” Boiter said. “Our approach to global innovation is local.”
According to the 2024 Global Innovation Index released by the World Intellectual Property Organization last September, China demonstrated exceptional performance, rising to 11th place in the global ranking. China also maintains its leading position for the second consecutive year with 26 science and technology clusters among the global top 100.
China’s strides in technology are poised to redefine global innovation. Its breakthroughs in some cutting-edge technologies indicate a shift from being a technology adopter to a global leader, Boiter said.
Moreover, China remains steadfast in its commitments toward opening its doors even wider to the outside world despite escalating global uncertainties, and the country has removed all market access restrictions for foreign investors in the manufacturing sector.
“We are confident that China will remain a vital market for Milliken’s innovation and a driving force behind our global technological breakthroughs,” Boiter said, adding that “looking ahead, Milliken remains committed to deepening its R&D expertise, expanding our market presence and enhancing technical services in China”.
“We are well-positioned to navigate opportunities and challenges, driving sustainable growth and value creation in the dynamic China marketplace,” Boiter added.
