Guangzhou hosts the Fortune Global 500 summit

Policy encouragement and decision-making support for large enterprises, private economy and multinational enterprises are expected to promote the progress of the regional economy, and more importantly, help restore confidence in addressing new challenges, according to business leaders and experts at a Fortune summit.

"Despite facing external challenges, the Fortune Global 500 list reveals the achievements and opportunities for development of Chinese enterprises," said Derek Zhang, executive editor of Fortune China, during the Fortune Global 500 Summit, which was held in Guangzhou, the capital of Guangdong province, on Thursday.

The summit, themed "new challenges, new possibilities", drew nearly 40 business leaders from Fortune Global 500 enterprises and experts to discuss topics such as reshaping the world's economy, opportunities for traditional manufacturing, and the high-quality development of industries.

"Both the world and China have ushered in a new pattern of development. To address challenges, both enterprises and economies need to have new perspectives and paths to promote the reconstruction of a healthy economic order," said Alyson Shontell, editor-in-chief of Fortune.

Six companies headquartered in Guangzhou are among the Fortune Global 500 list in 2023, highlighting the city's economic vitality and development momentum, according to Shontell.

"It will be a growing trend for Chinese automobile companies to ship more vehicles in the overseas market, as more of them have made breakthroughs in intelligent and internet-connected new energy vehicles," said Feng Xingya, president of GAC Group, a leading automobile manufacturer headquartered in Guangzhou.

Facing new challenges, Chinese automobile enterprises have improved significantly in terms of technological strength, according to Feng.

"In the past, our automobile products mainly relied on cost and price competition in the international market. In addition to technological improvement, the brand influence and service network of Chinese enterprises have been comprehensively optimized," said Feng.

China's export of automobile products is expected to surpass 5 million units, a sharp increase compared to 3 million in 2022, according to Feng.