European executives eye huge opportunities in Chinese market

QINGDAO, June 23 (Xinhua) -- At the venue of the 6th Qingdao Multinationals Summit, Umberto Englmann, director of operations at German e-commerce firm Internet Up GmbH, looked out over the coastline of the eastern Chinese host city and reflected on its vitality.

"It's dynamic, open and innovative," he said. "You can feel China is ready to grow with international companies from Europe and other regions."

His observations reflect a broader view shared by many European executives attending the summit, which was held last week and drew 570 participants from 43 countries and regions. For many, China's vast market, high-level opening up and reputation for being an innovative manufacturing powerhouse continue to make it a key driver of sustainable growth.

Roland Lukas, chief financial officer of Internet Up GmbH, said that the company's success was closely tied to China.

"Our Snapbuy platform bridges Asian sellers and Western consumers, and it is easy to bring goods from China to Europe and the U.S., because the supply chains are very well organized in China," he said. "The opportunities are huge, and China is very important for our growth."

Internet Up, one of the fastest-growing e-commerce firms in Europe, is seeking new manufacturing and logistics partners in China to further expand its presence, according to Lukas.

A report released during the summit revealed that the operating revenue and profits of major foreign-invested industrial enterprises in China increased by 14.5 percent and 12.5 percent, respectively, in 2024 compared to 2019 levels.

China's strong innovation capabilities and robust industrial and supply chain systems have helped multinationals maintain their competitive edge globally.

Belgium-based Bekaert Group, a global leader in steel wire transformation and coating technologies, is a long-term participant in China's market. The company has invested more than 1.5 billion euros in China since 1993 and plans to invest further.

"We are upgrading our product portfolio, especially in low-energy and green technologies," said Kurt Van Rysselberge, head of Bekaert China, adding that China is becoming an innovative manufacturing powerhouse, which is a very favorable environment for multinational companies.

China is rapidly deploying green energy and Bekaert is part of these value chains, the executive said, adding that this offers tremendous opportunities to create a virtuous cycle to create low-carbon products that will be very competitive on the world markets.

Bekaert is ramping up innovation in areas like hydrogen generation, tire reinforcement, offshore wind components, and sustainable construction, and many of the innovations come from China.

This year marks the 50th anniversary of the establishment of diplomatic relations between China and the European Union. The two sides have become each other's major trading partners, with the annual bilateral trade growing from 2.4 billion U.S. dollars to 780 billion U.S. dollars over the past 50 years.

"Over the past 50 years, China-EU cooperation has created immense value on both sides," said Jens Eskelund, president of the European Union Chamber of Commerce in China. "Access to China's supply chain has enhanced additional purchasing power for European consumers and integrated China into the global value chain."

Eskelund added that China's investment in human capital, including the annual output of engineers, has made it a natural partner for R&D collaboration. For many European companies, China isn't just a market, but a place to innovate and co-create, he said.

China's efforts to build a first-class business environment, including expanded visa-free travel, national treatment for foreign investment and shortened negative lists for greater market access, have boosted investor confidence.

Looking ahead, European executives said the momentum of collaboration is only building. "China's opening up is very beneficial for the world, and also for China itself. We can work together and do great business," said Lukas. ■