Foreign Enterprises Thrive in China, Contributing to Robust Economic Growth
Beijing, The Gulf Observer: Since the conclusion of the Spring Festival holiday, Thermofin Heat Exchanger (Pinghu) Co., Ltd., a German-funded enterprise specializing in high-end heat exchangers, has been actively engaged in the construction of two new plants. This expansion is anticipated to quadruple the company’s production area, allowing it to efficiently manage substantial orders.
Thermofin’s impressive growth in China is attributed to the robust integrated support of technologies, market dynamics, and production capacity. The company’s core technologies in rapid cooling and precise temperature control have positioned it as a leader in industries such as indoor ski resorts and high-end cold storage.
Shen Yafeng, the operation manager at Thermofin, highlighted the significance of combining cutting-edge technologies with China’s efficient and dynamic production capabilities. Many foreign companies, like Thermofin, are choosing to expand their investments in China, capitalizing on the country’s economic growth and market potential.
In 2023, Thermofin initiated a comprehensive plan to build new factories and establish its Asia-Pacific regional headquarters in China, with an estimated investment of 155 million yuan. The company’s commitment to the Chinese production base underscores the strategic importance it places on the local market.
The Pinghu economic and technological development zone has proven to be an attractive hub for foreign-funded enterprises. Hosting over 300 such companies, the zone’s focus on intelligent manufacturing of advanced equipment and biotechnology has contributed to the growth and success of foreign businesses.
Japanese JFE Group’s venture, Zhejiang JFE Shoji Steel Products Co., Ltd., serves as another example of a foreign company thriving in China. Over three decades, the Chinese branch has undergone nine rounds of investment expansion, with the group’s total investment increasing significantly.
Maeda Tatsushi, managing director of Zhejiang JFE Shoji Steel Products Co., Ltd., emphasized the close integration of the company’s development with Chinese industries. The company’s investments in China’s new energy vehicle (NEV) market align with the country’s development trends and have resulted in substantial contributions to the local economy.
In 2023, Pinghu city signed 27 foreign investment projects with a total investment of 2.54 billion U.S. dollars. The actual use of foreign investment during the same period exceeded 480 million U.S. dollars, showcasing the city’s attractiveness to foreign enterprises seeking growth opportunities.
