TIANJIN, Feb. 1 (Xinhua) -- Against the backdrop of the incessant hum of machinery in the workshop of Dynapac (China) Compaction & Paving Equipment Co., Ltd. in north China's Tianjin Municipality, workers are striving to complete a new batch of orders as the Lunar New Year approaches.
A global enterprise specializing in compaction equipment manufacturing, the company is a part of the French-based Fayat Group. The group has been actively involved in the Chinese market for over 20 years and has practically seen China's remarkable infrastructure development over the decades.
"The Chinese market is vast and diverse. The Yangtze River Delta region, the Beijing-Tianjin-Hebei region, and the western regions each exhibit distinct terrains, climates and cultures," said Bo Xinyan, managing director of Dynapac China.
"Enterprises can learn about diverse business models from around the world within a single country, which brings a lot of opportunities for global companies like ours and helps us learn how to expand business operations in other countries," she added.
The diversity of the Chinese market has attracted an increasing number of French investors in recent years.
Tianjin Binhai New Area, the first national-level new area in northern China, boasts about 40 French-funded enterprises, with more than 5,000 employees registered, generating a total operation revenue of 10.5 billion yuan (about 1.5 billion U.S. dollars) in 2023. World-renowned industrial leaders like Airbus and Schneider Electric have also developed their businesses in the Tianjin Binhai New Area.
Among the French-funded enterprises, 35 percent are manufacturing companies, 22.5 percent are wholesale and retail companies, and 20 percent are from the scientific research and technical services sector, according to Tianjin Binhai New Area's development and reform commission.
The appeal of the new area for French investors exemplifies China's enduring vitality in the global market. The country's rapid development of intelligent technologies has created fresh opportunities for global companies.
According to Peter Weckesser, executive vice president of Schneider Electric, China is playing a leading role in the development of information technologies such as artificial intelligence, 5G and cloud computing and has great potential as well as opportunities in its digital economy sector.
"The Chinese government's strong execution and resource allocation capabilities are highly attractive to multinationals," Bo said, adding that the Fayat Group had explored various countries before ultimately deciding to establish its Global Spare Parts Distribution Center in China.
"However, only the Chinese government departments practiced their promise to provide 24-hour uninterrupted customs clearance services," she said. As a result, the distribution center was officially established in the Tianjin Port's free trade zone in April 2023.
Just last year, Airbus broke ground on its second final assembly line in Tianjin, and Schneider Electric established a new factory in the city. These developments underscore the unshakable confidence of French companies in China's business climate.
Since December 2023, China has piloted a unilateral visa-free policy for some countries including France, further facilitating business trips and visits to China for the executives and staffers of multinationals.
The year 2024 also marks the 60th anniversary of the establishment of China-French diplomatic relations.
"In the first week after the Spring Festival, the CEO of our company plans to visit China," Bo said. "We will plan the development strategies of our business in China for the next five to 10 years in detail." ■
