European business groups are highlighting the potential of the Chinese market in 2024, particularly in sectors like new energy and healthcare. They anticipate increased cooperation and government support during China’s annual two sessions, a crucial political event offering insights into the world’s second-largest economy.
Jens Eskelund, President of the European Chamber of Commerce in China, expressed cautious optimism, citing the considerable potential in China’s economy. He emphasized areas of collaboration, noting that the fight against climate change aligns with both EU and China’s interests, offering European companies opportunities to contribute their expertise.
Eskelund identified China’s aging population as a focal point for European businesses in the healthcare sector. Establishing a regulatory framework conducive to innovation is crucial, combining attractiveness and rewards for advancements while ensuring a sustainable and affordable management infrastructure.
Juha Tuominen, Chairman of FinnCham Beijing, shared positive sentiments based on last year’s surveys, indicating Finnish companies’ positive views on the Chinese market. Finnish companies, representing various industries, particularly machinery, energy, and digitalization, are drawn to growing cities like Chengdu, Chongqing, and Wuhan. Tuominen highlighted healthcare and well-being as emerging sectors of interest for Finnish companies in China.
Discussing the upcoming two sessions, foreign business chamber leaders expressed expectations for increased opening-up and support for foreign businesses. Tuominen emphasized the significance of measures to boost consumption, keeping a close eye on government stimulus for business opportunities. The GDP growth target for the year is a critical factor that will set the tone for business activities.
Eskelund, representing the EU chamber, expressed interest in improvements to the business environment for foreign firms. Recent policy guidelines aimed at optimizing the foreign investment environment and attracting foreign investment have been rolled out, with positive feedback from European enterprises. Over 60% of the measures have seen implementation or positive progress, boosting confidence among foreign-funded enterprises investing in China.