As seasoned participants and newcomers gather at the seventh China International Import Expo (CIIE), multinational corporations are optimistic about expanding their roles in China.
This year's expo, which opened on Tuesday and will run through Sunday, has attracted participants from 152 countries, regions and international organizations, and achieved a new record presence of 297 Fortune Global 500 companies and other industry leaders attending.
For companies like American elevator and escalator manufacturer Otis, which is attending the CIIE for the third consecutive year, the platform has facilitated the transformation of showcased products into commercial offerings.
The company debuted its futuristic Smart Cab elevator concept at the CIIE last year, and this super elevator was officially put into operation at the Museum of Art Pudong in Shanghai earlier this month.
In 1984, the company entered China, the world's largest elevator market, thanks to its ongoing urbanization. Otis's products have been installed in iconic structures like the Oriental Pearl Tower in Shanghai and the Canton Tower in Guangzhou, underscoring the company's deep integration into China's urban landscape. Now, with policies encouraging the renovation of older residential communities and large-scale equipment upgrades, Otis sees fresh opportunities to expand its market presence in the country.
"Why is China so important to Otis is that you think about the opportunity in the China market. We have 10 million units that is in the installed base right now and you look at the push by our public. Whether it's from an innovation perspective, high end manufacturing, or when it comes to digitalization, China has got a lot of opportunities for us to continue to tap on and continue to develop and contribute to the high quality development agenda for China," said Sally Loh, Otis' China region president.
Nippon Paint, a popular choice for many Chinese for home furnishing, is a first-time exhibitor at the CIIE, the world's first import-themed national-level expo. It has debuted a suite of new products, with a focus on smart road construction and urban air purification.
"This is an ideal platform for Nippon Paint to demonstrate our capability in offerings sustainable and innovative products and solutions, which is clearly in alignment with the new initiative here in China. The new quality productive force clearly emphasizes on advancing high-tech sustainable industries," said Lim Yoke Loon, Chief Operation Officer (COO) of Nippon Paint China.
According to Lim, Nippon Paint has established a significant footprint in China with 74 factories and 10 research and development centers. This year, it started the construction of its Asia-Pacific Research and Development Innovation Center in Shanghai, while an automotive paint industry park in Tianjin is set to begin operations next year.
"CIIE serves as an effective gateway highlighting China's continual commitments in opening its market to the global stage. We are continuing our investment here in China. To us, investing in China is truly same as investing for the future," he said.
Multinationals explore new market opportunities in China
