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Survey: German firms to invest more in China
(China Daily) 10:01, April 11, 2024
Nearly 80 percent of surveyed German companies plan to continue with their investments in China, considering it essential for maintaining competitiveness both in the Chinese market and globally, a survey published on Wednesday by the German Chamber of Commerce in China showed.
According to the survey, 5 percent of the respondents currently regard Chinese companies as innovation leaders in their respective industries, while 46 percent foresee them becoming leaders within the next five years.
The survey was conducted between Feb 22 and March 6, with responses from 150 member companies of the chamber, which has more than 2,100 members, including Siemens, Mercedes-Benz Group, Covestro and Bayer Group.
German companies aim to leverage China's innovation system not only to seize growth opportunities but also to maintain their competitive edge, said Maximilian Butek, East China executive director of the German Chamber of Commerce in China.
Noting that Chinese and German companies are increasingly becoming close competitors both in the Chinese and global markets, Butek said this is the reality that German companies must prepare for. They have to strengthen their competitiveness by increasing investment in their China businesses and cooperation with partners and customer services, he said.
China offers substantial opportunities for future progress in sectors such as electric vehicle batteries and autonomous driving. This is why German companies are eager to deepen their market presence in the country, Butek added.
Such sentiments are in line with the latest data. German investment in China surged 19.8 percent year-on-year in the first two months of this year, statistics from the Ministry of Commerce showed.
Nearly 80 percent of surveyed German companies plan to continue with their investments in China, considering it essential for maintaining competitiveness both in the Chinese market and globally, a survey published on Wednesday by the German Chamber of Commerce in China showed.
According to the survey, 5 percent of the respondents currently regard Chinese companies as innovation leaders in their respective industries, while 46 percent foresee them becoming leaders within the next five years.
The survey was conducted between Feb 22 and March 6, with responses from 150 member companies of the chamber, which has more than 2,100 members, including Siemens, Mercedes-Benz Group, Covestro and Bayer Group.
German companies aim to leverage China's innovation system not only to seize growth opportunities but also to maintain their competitive edge, said Maximilian Butek, East China executive director of the German Chamber of Commerce in China.
Noting that Chinese and German companies are increasingly becoming close competitors both in the Chinese and global markets, Butek said this is the reality that German companies must prepare for. They have to strengthen their competitiveness by increasing investment in their China businesses and cooperation with partners and customer services, he said.
China offers substantial opportunities for future progress in sectors such as electric vehicle batteries and autonomous driving. This is why German companies are eager to deepen their market presence in the country, Butek added.
Such sentiments are in line with the latest data. German investment in China surged 19.8 percent year-on-year in the first two months of this year, statistics from the Ministry of Commerce showed.
