China's wider opening-up will benefit European Union (EU) companies as well as domestic customers, EU Chamber of Commerce in China President Joerg Wuttke told Xinhua.

There's a lot of potential in the Chinese market, in which competition will steer more innovation, he said, expressing the hope that China will take bigger steps in its opening-up.

China's gross domestic product hit 24.93 trillion yuan (about 3.83 trillion U.S. dollars) in the first quarter, up 18.3 percent year on year, recent data from the National Bureau of Statistics shows.

For this year, China's economic growth will be very strong given its relatively low base, and the government's target should be easily achievable, said Wuttke.

The growth potential basically depends on how domestic consumption gets going and if people are feeling secure enough to spend money, he added.

China has mapped out its social and economic development priorities for the coming five years and beyond. Wuttke said he is happy to see the emphasis on qualitative growth.

Qualitative growth coming from social security and employment benefits people, so that they can spend money and consume more, said Wuttke.

Speaking about the business environment in China, he said that the sense of quality in consumers has risen, and urbanization has helped to create a group of people that are highly demanding when it comes to a product.

In record time, the Chinese government has built up and implemented a regulated and law-based environment, so doing business in China has changed dramatically, he added.

The supply chain is now adjusting and China just has the required products, such as medical equipment and electronic devices fit for countries in lockdown, said Wuttke.

China is currently pushing forward its new development paradigm of "dual circulation." Wuttke said that means the country is engaging not only domestic players in a domestic setting, but also foreign players in the international environment.

"If China wins, we win," said Wuttke. "Doing business in China, we hope it is engaging, open and successful." 

Related

Go to Forum >>0 Comment(s)