South Korean conglomerate CJ Group maintains a positive outlook for the Chinese market, citing steady profit growth in 2023 as evidence of its business success.
Yoon Do-sung, executive vice president of CJ Group and CEO of CJ China, said the group, which has invested more than 8.5 billion yuan (about US$1.2 billion) in Shandong over the past three decades, appreciates and values āāthe growth opportunities and favorable conditions that the Chinese market offers to foreign companies.
“First, the stability of China's economic growth and huge market potential are our main considerations. Second, from a geographical perspective, Shandong is located in the center of China, offering great convenience in terms of logistics. Third, many foreign companies not only target the Chinese domestic market but also use China as an export base. So Shandong can not only meet domestic demand but also serve as our future export base. Therefore, we believe that Shandong has great growth potential and our company will continue to thrive here,” he said.
Yin said the wide-ranging reforms to attract more foreign investment adopted at the Third Plenary Session of the 20th Central Committee of the Communist Party of China in July will have a positive impact on business opportunities for foreign investors.
“The Chinese government is continuously promoting the opening-up policy, especially in easing market access and optimizing the foreign investment environment, creating more opportunities for foreign enterprises. Although some enterprises may be concerned about China's business environment, given the unstable international situation, we believe the opportunities far outweigh the risks. By carefully monitoring the trends and characteristics of changes in the Chinese economy, we are confident that we will be able to find even greater room for growth. We are confident about our future development in China,” he said.
Yoon said he would attend the fifth Qingdao Multinational Summit, which will be held from Aug. 27 to 29 in Qingdao city in eastern China's Shandong Province. Qingdao has long been recognized as an important hub for Korean investment due to its geographical proximity to South Korea.
Tanzania's Speaker of Parliament Tulia Axon on Tuesday expressed her look forward to bilateral cooperation with China, praising the mutual trust and respect that are the foundation of the friendly relations between the two countries. Axon said she hopes the 2024 Forum on China-Africa Cooperation (FOCAC) summit, scheduled for September 4-6, will be an opportunity for African countries to learn from China's best practices and rich experience in infrastructure development, science and technology.
“The challenges facing most African countries are more or less similar. I think they will talk about infrastructure development and they will see how much progress China has made in this area. So, they may want to learn a thing or two and see what services China can provide to these countries. Another area is science and technology. China has made great progress in this area as well,” Axon, who is also chairman of the Inter-Parliamentary Union of Tanzania, told China Global Television Network (CGTN) in an exclusive interview in Beijing.
As 2024 marks the 60th anniversary of the establishment of diplomatic ties between China and Tanzania, Aksun highlighted the contributions the Chinese people have made to Tanzania's infrastructure, and expressed confidence in the enduring partnership between the two countries.
“When I think about how far we have come 60 years later, I'll give you one example that stands out. The Tanzania-Zambia Railway was built by the Chinese at the time. And many Chinese people lost their lives in the process. Because it was a really difficult time. But still, both countries said, 'we have to do this'. Why? Because we needed to develop our people and we wanted to develop infrastructure that would enhance the development of people across South Africa. I think this shows that we have always worked together and will continue to work together. It's now 60 years and we're looking forward to celebrating our 100th anniversary,” she said.
Aksun stressed that China and Tanzania have always been equal partners who trust and respect each other.
“We have been trading partners for many years and China is currently one of the largest investors in the country, so we have Chinese companies here not just in the railway but in other sectors as well. We talk about education, health, agriculture – Tanzania is currently reforming its agriculture sector. We have worked together but not in a way that makes either country feel small or subordinate to the other. We have had mutual respect and mutual trust,” she said.
Aksun said he looks forward to exploring further ways to cooperate with China at bilateral and multilateral levels at next week's FOCAC meeting.
“Under FOCAC, there are many issues where we can cooperate. Looking at Tanzania, we have a very long coastline and we are looking forward to the investments that are being considered in terms of port development. I also think there is a mutual understanding to support each other on matters that we believe are common to our people. I think that will evolve into a higher level of cooperation, but also other issues at the multilateral level, including peace and security issues. So, I believe this is one of the areas where both countries can work together to ensure that peace is maintained in these regions, sub-regions and of course internationally,” the Chairman said.