Multiple factors driving business globalization
Investment is vital to the growth of businesses and plays a key role in achieving mutual benefits in globalization, officials and business representatives said at the 24th China International Fair for Investment and Trade.
At the World Business Leaders Roundtable for Global Investment under the Gulangyu Forum, a parallel event held during the fair, Wang Xun, vice-president of the World Trade Centers Association, said: "We are currently in a period of global transformation and need to recognize many of the positive forces driving globalization, such as technology, capital, and the power of human cooperation and coexistence. These forces are not disappearing; in fact, some are accelerating."
Capital's drive for profit is leading to adjustments in global supply chain security, but the pursuit of comparative advantage and factor efficiency remains, said Wang, adding: "Digital globalization is accelerating through rapid technological innovations, linking people together in new ways and pushing globalization into a new digital era.
"Globalization can be seen as one of the genes of our global network. No matter what challenges we face, we firmly believe that we will see a new emerging globalization model that is more inclusive, sustainable and multipolar."
Cao Dewang, founder and chairman of Fuyao Group, shared his entrepreneurial philosophy and concepts during his address. "I assisted my father in his business since I was a child. He taught me the motto of 'respect for heaven and love for people, and strive for perfection', which I have carried with me as a guiding principle throughout my life," he said.
According to Cao, this year, Fuyao has invested 10 billion yuan ($1.41 billion) in its factories in Hefei, Anhui province, and Fuqing, Fujian province, in pursuit of impeccable quality. He cited the power of the country for the expansion of his company from a homegrown enterprise to worldwide business.
"As my business and brand grew, I realized it was the platform that society and China's reform and opening-up offered me. It's not just my personal success, but the power of society and the country. As an entrepreneur, I want to set an example for society," Cao said.
Multinational businesses have used the fair to hold discussions on the potential of China's market.
"Technology is undoubtedly an important trend in the world today. For us, our investment in China is huge. It is our second largest market after the United States," said Sergio Silvestri, vice-president of ABB Electrification in China. He noted China's economy is thriving, and the Chinese government is making significant efforts to support the development of both traditional and emerging industries, "which is very important in the big data era we are currently in".
In addition to the roundtable for sharing insights, the event witnessed the signing of a number of projects, including university cooperation, joint construction of industrial parks and battery energy projects.