🏭 German giants are doubling down on the Chinese mainland! 🌏
Despite whispers of protectionism in the European Union, companies like Mercedes-Benz and Bosch are embracing the Chinese market with open arms. 🚀
On Thursday, Mercedes-Benz CEO Ola Kaellenius sounded off, cautioning the EU against ramping up protectionist measures against China. \"It would be destructive for an economic region like Europe,\" he warned after releasing the carmaker's quarterly results. 🙅♂️
And he's not alone! A survey by the German Chamber of Commerce in China revealed that a whopping 78% of German companies expect consistent growth in their industries in China over the next five years. 📈
Get this: 48% of respondents are anticipating annual growth of 5% to 20% in their Chinese operations. The big players are even more pumped, with 90% of larger companies seeing major growth potential. 💪
Take Bosch Group, for example. They've declared the Chinese mainland not just a significant market but also a key hub for innovation and research. Xu Daquan, president of Bosch China, shared that despite various challenges and uncertainties, Bosch China achieved \"sustained and robust growth\" in 2023. 🛠️
Numbers don't lie! Bosch Group's sales in China hit 139.1 billion yuan (about $19.5 billion), marking a 5.2% year-on-year growth. They've also got nearly 58,000 employees on the ground. Talk about commitment! 🤝
And they're not stopping there. Bosch plans to cement its stronghold in the Chinese market, investing more, boosting local manufacturing and R&D, growing alliances, and offering top-notch services to customers and the market. 🌟
Meanwhile, a study by the German Economic Institute showed that Germany's direct investment in China reached an all-time high last year, hitting 11.9 billion euros (roughly $12.7 billion). That's a 4% bump from the previous year! 💰
German companies' investments in China made up 10% of Germany's total foreign investment in 2023. Fun fact: Their investments over the past three years are equal to what they invested in the six years from 2015 to 2020. Now that's what we call going all-in! 🃏
Despite the talk of protectionism, it's clear that German businesses see the Chinese mainland as a land of opportunity. And with these companies leading the charge, the future looks bright for cross-continental collaborations! ✨
Reference(s):
German companies embrace Chinese market amid EU protectionism concerns
cgtn.com
