Multinationals' role in dual circulation crucial

(| Updated : 2022-06-22

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Martin Poxton, executive vice-president of Assa Abloy Group. [Photo provided to]

Multinationals are not only an integral part of China's domestic circulation but also an important platform for the dual circulation at home and abroad, said Martin Poxton, executive vice-president of Assa Abloy Group, a Swedish conglomerate and a global leader in access solutions.

Poxton, who is also head of Greater China and South East Asia of Assa Abloy (China) Investment Co, made the remarks in a recent interview with China Daily during the Third Qingdao Multinationals Summit, which was held in Qingdao, Shandong province, from June 19 to 21.

The summit had 186 Fortune 500 companies and 290 industrial leading companies in attendance and witnessed the signing of foreign investment deals worth $15.6 billion for 99 projects.

Multinationals in China: Rechoice in the Restruction of Global Supply Chains, which was compiled by the Ministry of Commerce's Chinese Academy of International Trade and Economic Cooperation, was also released during the summit.

"It is of great significance to hold the Multinationals Summit coinciding with China's ambition to push forward the strategy of 'dual circulation' in 2022," Poxton said.

This summit functions as an international and high-end platform for multinational corporations, he added. "Thus, we can tell the world about how multinational corporations think and share experience to seek resources and cooperation."

Confidence in China

On multinationals' development in China, Poxton said  that over the past four decades of China's reform and opening-up, multinationals have benefited from the huge consumption market and the massive production capability in the country, and have also advanced the evolvement of China's industries exemplified by technology, management, as well as manufacturing. "It is a win-win result."

Although China is influenced by the COVID-19 pandemic, the Chinese economy is still positive in the long run, he said.

He noted that multinational corporations need to keep abreast with the trends of China's economic development, technological progress and the change of the market environment and also need to sharpen their own competitive edge. 

"As China continues to open wider to the outside world, especially following China's participation in RCEP (Regional Comprehensive Economic Partnership), multinational corporations will embrace better development opportunities in China," he said.

He also highlighted that multinationals are not only an integral part of China's domestic circulation but also an important platform for the dual circulation at home and abroad, and this will achieve win-win results.

According to Poxton, Assa Abloy has been increasing its investment in China for more than 20 years since its first investment in a local factory (Guli) in Zhongshan, Guangdong province, in 2001.

In recent years, Assa Abloy has taken part in the construction of plenty of landmark buildings in China such as Jin Mao Tower, the G20 Summit's Hangzhou International Expo Center, the Olympic Sailing Center in Qingdao, Beijing Daxing International Airport, and Qingdao Jiaodong Airport.

"In doing so, Assa Abloy is aimed at helping raise the security and protection level of the public facilities and housing. In the future, it will keep growing in China and serve the Chinese market," Poxton said.

Green development

When asked about the new chances that China's "dual-carbon" goal will bring about for foreign investment, Poxton said sustainable development plays a pivotal role for the economic and industrial development and it is also the strategic priority of Assa Abloy. 

He noted that Assa Abloy will adhere to the idea of sustainable development in order to offer China with more quality access solutions, which are green, environmentally-friendly and efficient.

With the rise of the green and environmental protection requirement, Assa Abloy, against the backdrop of the construction of a new infrastructure and smart cities across China, has participated in accelerated development of green building projects as a sustainable development supplier, he said.

"We have also rolled out the green team program, focusing on continuous improvement and daily control on energy waste. We see opportunities to actively participate in the national sustainable development pilot programs in China to build project references and establish credibility."