UK conglomerate bullish on nation's economy; to ride on new pattern for more growth
Visitors gather in June at Taikoo Li, a shopping center developed by John Swire & Sons (China) Ltd, in Chengdu, Sichuan province. (PHOTO PROVIDED TO CHINA DAILY)
United Kingdom-based John Swire & Sons Ltd will further its investment in China, better integrate into the new dual-circulation development pattern, help boost regional economic growth and make more contributions to China's high-quality development.
"The long-term growth trend of China's economy will not change, nor will Swire's commitment to China," said Zhang Zhuoping, chairman of John Swire & Sons (China) Ltd.
Zhang said Swire is actively integrating into China's new dual-circulation development pattern, which takes the domestic market as the mainstay while letting domestic and foreign markets reinforce each other, and leveraging its unique advantages in the global industrial chain and value chain to add value to China's high-quality development.
We will continue to support China’s policy to boost regional economic growth, better integrate into the new development pattern, and add value to China’s economic and social development
Zhang Zhuoping, chairman of John Swire & Sons (China) Ltd
Zhang said as a multinational group with highly diversified businesses, Swire is among the first batch of multinational companies to invest in the Chinese mainland after the nation started its reform and opening-up.
At present, Swire's businesses are grouped into five categories－property, aviation, beverages and food chain, marine services and trading and industrial.
Zhang pointed out that the steady recovery of the Chinese economy and the country's effective and timely control of the COVID-19 pandemic unleashed huge consumption potential, which further solidifies the company's confidence in China's development.
China's GDP expanded 12.7 percent year-on-year in the first half and 7.9 percent in the second quarter, said the National Bureau of Statistics.
"China's accelerated construction of the new development pattern ushers in a broader market and rare growth opportunities for multinational companies. Swire is very optimistic about China's future and will continue to further our investment in China," Zhang said.
As a witness and participant of China's economic development, Swire has established a strong and diversified business portfolio in the Chinese market, and its new projects in China are progressing steadily.
For instance, Taikoo Li Qiantan, a new retail complex in Shanghai, will open on Sept 30 with a total floor area of 120,000 square meters and is positioned to become a new retail landmark in Pudong New Area.
Last month, Swire Properties announced its partnership with Shanghai Jing'an Real Estate Group in the revitalization of Zhangyuan area in Jing'an district, with an aim to transform the area into a unique international cultural and commercial landmark of the city.
A new soda water production line, with an investment of 94 million yuan (US$14.5 million) by Swire Coca-Cola Beverages Hubei, was officially put into operation in April.
Meanwhile, Swire is looking at new areas of investment. In the healthcare sector, it invested in Shenzhen New Frontier United Family Hospital, which is expected to be operational in the second half of this year.
"We will continue to support China's policy to boost regional economic growth, better integrate into the new development pattern and add value to China's economic and social development," said Zhang, adding they will leverage diversified businesses, high-quality products and services, and lead, drive, radiate and connect different projects and investments.
"Equally important, as we grow our business, we will further practice corporate social responsibility in the areas of rural revitalization, education and environmental sustainability," Zhang said.
Swire has also taken steps to actively support China's goal of peaking and neutralizing carbon emissions.
Foreign direct investment into the Chinese mainland, in actual use, surged 28.7 percent year-on-year to 607.84 billion yuan, in the first half, according to the Ministry of Commerce.
Zhang Jianping, director-general of the Beijing-based China Center for Regional Economic Cooperation, said China's huge consumption market is attracting an enormous volume of foreign investments.
Moreover, the implementation of a new round of opening-up measures, such as the Foreign Investment Law, shortened negative list for market entry and pilot free trade zones have created favorable conditions for foreign businesses to invest in the world's second-largest economy, he added.
