China's anti-virus efforts boost foreign investors' confidence

0 Comment(s)Print E-mail Xinhua, March 10, 2020
Adjust font size:

As China goes all out to contain the novel coronavirus outbreak, authorities have stressed efforts to help foreign-funded companies resume production and operation in an orderly manner.

Thanks to unremitting anti-virus efforts, multinational companies and joint ventures across the nation are demonstrating their confidence in the Chinese market as their business activities have gradually recovered in the world's second-largest economy.

LyondellBasell, one of the largest plastics, chemicals and refining companies in the world, signed an agreement with the Liaoning Bora Enterprise Group through the Internet on Friday.

The two companies will invest 12 billion U.S. dollars over the next 10 years to build a petrochemical industry base in the city of Panjin, northeast China's Liaoning Province. The partnership will make the city a world-class production base of chemicals and drive the development of industrial chains including plastic packaging and building materials.

Executives from both companies witnessed the online signing ceremony in six cities worldwide including Shenyang, Shanghai, Hong Kong, Houston in the United States and Rotterdam in the Netherlands.

"I was worried that the signing ceremony would be postponed due to the epidemic, but LyondellBasell proposed to sign the contract online as scheduled," said Qu Baoxue, the controlling shareholder of Bora. "Both sides are very pleased to complete the investment on schedule."

People attend a signing ceremony between Liaoning Bora Enterprise Group and LyondellBasell in Shenyang, northeast China's Liaoning Province, on March 6, 2020. [Xinhua]

"The signing of the agreement today is very timely. In terms of the coronavirus, we see that as a temporary situation. We know that will be solved in China and around the world," said Bob Patel, director of LyondellBasell. "And therefore, our work is very supportive because we see the strategic importance of the market in China."

In recent years, the global chemical giant has seen rapid growth in the Asian market, represented by China, at a rate of 7 to 8 percent per year.

The two companies first signed a memorandum of understanding and announced their investment plan in September 2019. Since the coronavirus outbreak, the two companies did not suspend their cooperation but sped up consultations and preparations to complete the investment project.

"I have been impressed with China's determination and tremendous efforts to combat the crisis," said Patel. "The outbreak will not affect the company's assessment of the Chinese market. China's economic prospects are very bright in the long term."

The partnership between LyondellBasell and Bora epitomizes how foreign-funded enterprises are maintaining their investment strategies in China and upholding their confidence in the Chinese market.

As the world's second-largest economy, China's solid and stringent measures to curb the epidemic have helped cultivate a good business environment for foreign investors and offset the negative impact caused by the deadly pathogen.

Among those measures, local governments arrange chartered buses, trains and flights to bring employees of foreign-funded enterprises back to work, and implemented preferential taxation policies to reduce firms' production costs.

Zhang Yansheng, chief researcher of the China Center for International Economic Exchanges, said China's effective control of the epidemic is undoubtedly becoming a new "bonus" for the country to attract global foreign investment.

1   2   >  


Follow China.org.cn on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from China.org.cnMobileRSSNewsletter