Bilateral cooperation supports global economic growth, mitigates tensions
Despite the recent United States' tariff hikes impacting economies worldwide, foreign corporations have reiterated their strong commitment to the Chinese market, with business executives and market watchers on Monday stressing that China-US cooperation offers more benefits than drawbacks.
These firms emphasize that China's role in global supply chains remains irreplaceable, and they believe that China-US cooperation not only supports global economic growth, but also helps mitigate disruptions to corporate operations caused by rising trade tensions.
One such firm is Denmark's Scan Global Logistics. The company plans to open new offices and service facilities in cities including Hangzhou, Zhejiang province; and Nanjing and Wuxi in Jiangsu province, invest in warehousing operations and expand its fleet of electric trucks over the next five years within China.
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Operating 15 branches across the country, SGL launched its first fleet of electric trucks in Shanghai and Guangzhou, Guangdong province, in early April, and simultaneously established an intelligent road freight operational center in Shanghai to further enhance its logistics capabilities.
"Globalization started a long time ago and it will continue to evolve. I believe that if we apply common sense, whether from the US, China or the European Union, then there's no reason to backtrack or reverse course," said Allan Melgaard, SGL's group CEO.
Similar views were shared by Zhang Nan, an associate professor specializing in international trade law at China University of Political Science and Law, who said that in the context of economic globalization, unilateral bullying will ultimately lead to a dead end, while cooperation and mutual benefit are the path to a brighter future.
"The US should promptly cancel unilateral tariff measures and return to the right path of resolving issues through dialogue and negotiation," said Zhang.
Alexander Dony, chief sales and marketing officer at Germany's BSH Home Appliances Group, said that given the challenges posed by unilateralism, his company needs to monitor developments daily and adjust when necessary.
"When it comes to China, BSH strongly believes in the country's long-term potential. It is a dynamic market that has shifted from new construction to renovation," said Dony.
China's foreign direct investment inflow saw marginal recovery in March. FDI in the Chinese mainland in actual use climbed 13.2 percent year-on-year last month, said the Ministry of Commerce.
Between January and March, China saw the actual use of foreign capital in high-tech sectors reach 78.61 billion yuan ($10.75 billion), with FDI in e-commerce services, biopharmaceutical manufacturing, aerospace equipment manufacturing and medical instrument manufacturing sectors surging by 100.5 percent, 63.8 percent, 42.5 percent and 12.4 percent, respectively.
Also optimistic about the Chinese market, US industrial conglomerate 3M will make its debut at the 21st Shanghai International Automobile Industry Exhibition (Auto Shanghai 2025) from Wednesday to May 2. The company will showcase its latest innovations and material science solutions for the automotive industry.
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During the event, 3M will sign a strategic cooperation agreement on Wednesday at its booth with Fuyao Group, a Chinese automobile glass supplier that operates a number of factories in overseas markets including the US, Germany and Japan. The two companies will collaborate to explore how advances in automotive glass can enhance safety, comfort, sustainability, aesthetics and smart functionality.
"By leveraging our global research and development network, we aim to build a safer, more efficient, and sustainable future of mobility, contributing to the high-quality development of China's automotive industry," said Henry Ding, president of 3M China.
zhongnan@chinadaily.com.cn
