Foreign firms see growth potential in China

A1 Among many factors, the one we are most impressed by, especially from our industry perspective, is the drive toward innovative and advanced manufacturing.

China's recently unveiled 14th Five-Year Plan (2021-25) and 2035 long-range objectives highlight the continuous improvement of people's lives both materially and spiritually. The advanced manufacturing sector, notably the chemicals industry which SABIC engages in, has the capability to effectively support this vision through various innovative solutions ranging from AI-based smart transportation to the way we communicate and engage instantly, which is enabled by emerging technologies such as 5G, smartphones and portable devices.

A2 China's development is moving in the right direction. Beneath this tendency is China's increasing ambition to embrace the world through top-level domestic initiatives such as setting up free trade zones and ports, and impressive efforts on cross-regional collaboration.

China's transition toward high-quality development through an innovation-driven strategy deeply resonates with SABIC. Since our entry into the Chinese market in the 1980s, we have consistently been at the heart of China's economic transformation and have been proactively responding to China's call to participate in its higher-quality development through our differentiated material solutions across key industries.

A3 In our view, it is the transition to more sustainable growth that focuses on innovation and high-quality development.

The plan and objectives will usher in new guidance for the Chinese economy, aiming for higher innovation and quality standards. It is a call to foster new growth drivers amid current uncertainties, such as new infrastructure investment areas, which are generating unprecedented opportunities in the manufacturing sector, especially the chemicals industry that we operate in.

As the global economic landscape is rapidly changing, we expect China to maintain its inspiring advocacy of collaboration and globalization, thus advancing its historical ambitions.

A4 In addition to innovation in research, applications or production, governance innovation is also an important aspect. It is worth saying that in recent years we have observed China make continuous improvements in the IPR (intellectual property rights) field for IPR-related legislation and enforcement, which is presenting an inspiring trend of innovation and improvement in governance.

Strengthened IPR protections are a vital part of an increasingly transparent and rule-of-law-based business environment in China, which will better serve the Chinese people and also foreign businesses, including SABIC, thus supporting us in bringing the best portfolio of innovative and advanced technologies into the Chinese market.

A5 By introducing well-deliberated laws and regulations, strengthening IPR protections and incentives, easing market entry and making other comprehensive efforts, China is effectively showing its commitment to the next round of higher-level opening-up.

Having been in China for decades, SABIC strives to deliver innovative material solutions that address the ever-evolving needs generated from the improved modern lives of the Chinese people. We firmly believe in the sustained resilience of the Chinese economy and renewed interest in foreign investment.