With its rapidly expanding automotive, medical and electronics sectors, China offers a vast and increasingly sophisticated market for the advanced manufacturing technologies of KraussMaffei, a top executive said.
The country's strong focus on innovation, coupled with government policies that promote high-tech development and sustainable manufacturing, have created an ideal environment for the company to grow its presence, said KraussMaffei China Chief Administrative Officer Ma Lan.
"KraussMaffei, as one of Sinochem Holdings' overseas subsidiaries, is set to benefit from China's economic rebound and rising consumption, with continued business growth in the Chinese market," she said on the sidelines of the seventh China International Import Expo held in Shanghai last week.
Ma believes China's speeding up of the development of new quality productive forces will be conducive to long-term stable economic growth and bolstering technological innovation and industrial upgrading.
"China's appeal to foreign companies grows as restrictions ease, particularly in the manufacturing and producer services sectors, as the country advances high-standard opening-up by fully lifting restrictions on foreign investment in manufacturing and consistently improving its business environment," she said.
The rapid growth of China's automobile industry for example, especially in new energy vehicles, offers tremendous market opportunities to global players in the plastics industry such as KraussMaffei.
China's passenger vehicle sales rose 4.3 percent year-on-year in September, with most of the gains coming from battery-powered vehicles, whose buyers and manufacturers have benefited since July from a government subsidy to encourage trade-ins as part of a broader stimulus package, according to data from the China Passenger Car Association.
Sales in the world's biggest auto market hit 2.13 million vehicles in September, up from 2.04 million a year earlier. For the first nine months, sales were up 1.9 percent from 2023 levels, it said.
China will remain a key driver of global economic growth and a stabilizing force in international supply chains, said Zhang Jianping, deputy director of the academic committee at the Chinese Academy of International Trade and Economic Cooperation.
The country's ongoing efforts to open up its manufacturing sector and improve the business environment have made it increasingly attractive to foreign companies, particularly in manufacturing and producer services, Zhang added.
KraussMaffei has leveraged this momentum, tapping into the growing demand for lightweight materials, automation and smart manufacturing solutions.
The company's deepening commitment to China is reflected in its continued investment in local facilities, research and development, and partnerships with key players in various industries, said Ma.
As the Chinese market evolves with an emphasis on high-end, high-quality products, KraussMaffei is well-positioned to capitalize on these trends, further strengthening its position in the global market, Ma said.
zhengxin@chinadaily.com.cn
