Vote of confidence in China's future

Slowdown-what slowdown? That might well be the stance of foreign companies operating in China, if asked about the implications of slowing economic growth for the future of their businesses in the country, and the attendant concerns about it.

Some of the world's biggest corporate names such as Walmart, BASF, Exxon-Mobil, Procter & Gamble, Saudi Aramco, BMW, Cargill, ABB, Tesla and GE are all renewing their commitment to China by expanding their operations countrywide, never mind the sense of uncertainty sparked by the China-US trade dispute.

Such is their confidence in the bright future of the Chinese economy that their operations are in full swing day and night. Perhaps, nowhere is this more evident than at Walmart's South China perishable goods distribution center in Dongguan, Guangdong province.

There, well past a midnight during a weekend, Walmart staff busily pick and load goods in an orderly manner. After one or two hours, the trucks equipped with refrigeration and monitoring functions set off, laden with fresh vegetables, meat, fruits and dairy products.

The goods will travel from Dongguan's Shatian town to over 100 Walmart stores across Guangdong province and Guangxi Zhuang autonomous region-two geographies that boast consumers with a strong preference for fresh goods.

The US retail chain invested 700 million yuan ($99.1 million) on this distribution facility. Walmart plans to invest a further 8 billion yuan in logistics and supply chains in China over the next two decades. In the pipeline are more distribution and support facilities that will boost its supply chain capacity.

Data from Guangdong's Provincial Commerce Department show that the province alone saw a 61-percent growth in foreign investment to $11.08 billion in the first half of this year.

Foreign-invested projects entailing investment of $50 million or more each surpassed 40. Among the foreign investors in Guangdong province are multinationals such as German chemical giant BASF SE, US-based oil and gas company Exxon-Mobil Corp and consumer goods giant Procter & Gamble Group.

From preparing for factory construction to intensifying activities in the field of research and development, global companies have been accelerating the expansion of their operations across China in recent years, said Chu Shijia, director-general of the comprehensive department at the Ministry of Commerce.

He said many opportunities come from China's move to encourage foreign companies to expand their market presence in areas such as advanced manufacturing, high-tech, modern agriculture and services. China is also offering easier market access and creating a more fair, transparent and predictable environment for foreign businesses.

The positive impact of these measures is felt not just in South China but mainland-wide. For instance, in June, China (Hubei) Pilot Free Trade Zone, located in the country's central region, signed agreements with global companies to establish 24 big-ticket projects. The move attracted 30 billion yuan in investment in fields like industrial incubation, machinery maintenance, new materials, electronic information and medical equipment.