BEIJING, Jan. 7 (Xinhua) -- U.S. carmaker Tesla's Shanghai energy storage Megafactory began trial production recently, with mass production expected to start in the first quarter of 2025.
Trial production was launched just seven months after construction began, setting a new record for "Tesla speed" in China. The company's Shanghai Gigafactory -- Tesla's first plant in the country's eastern financial hub -- was built and inaugurated within a year in 2019.
China offers a complete industrial chain, vast market potential, and a production and business environment crucial for enterprise growth, according to Tesla vice president Tao Lin.
Tesla's second factory in Shanghai underscores its commitment to investing in the world's second-largest economy, its confidence in China's manufacturing capabilities, and the strengthened economic ties between the two countries in the new-energy sector, experts said.
Like Tesla, many U.S. multinationals remain committed to the Chinese market as few can afford to ignore the immense opportunities here. Many are ramping up investment to consolidate their presence, defying the rhetoric of "decoupling" and "de-risking" from China ratcheted up by some American politicians.
Such is the case with U.S. tech giant Apple. The company, which sees China as an important market and a key supply chain partner, is committed to long-term development in China and will continue to increase investment in areas such as the supply chain and research and development, said Apple CEO Tim Cook during a meeting with Chinese commerce minister in October.
When asked about his Chinese supply chain partners during a visit to the second China International Supply Chain Expo in Beijing in November, Cook said: "I value them very highly. We could not do what we do without them."
China remains an indispensable part of Apple's global supply chains. Out of Apple's 200 major suppliers worldwide, over 80 percent have set up factories in China.
In addition, China is an important market for Apple. In the fourth quarter of its fiscal year 2024, Apple's Greater China net sales topped 15 billion U.S. dollars, making it the third-largest market globally after the Americas and Europe.
China's robust, innovation-driven economy, complete industrial chain, huge consumer market, continuous opening-up and business-friendly environment have made it a popular investment destination for a huge number of American companies.
China has been a land of opportunity for U.S. firms. More than 70,000 American companies have established businesses in the country.
U.S. materials science giant Dow has said it will stay committed to the Chinese market, its largest outside the United States, with steady investment and stronger partnerships to seize the opportunities brought by the country's shift to a greener and smarter economy.
Despite a slowdown in headline GDP growth, Puay Koon Chia, president of Dow Asia Pacific, said the opportunities and attractions of China are "definitely still very evident" thanks to a large and stable economy, efficient supply chains, a large skilled workforce and an innovation drive, among other factors.
Over the past two decades, Dow has invested in new production lines every 12 to 18 months at its manufacturing site in the eastern Chinese city of Zhangjiagang, and the executive said the company will strive to keep up the pace of expansion.
U.S. fashion company Coach is also seeking new opportunities through collaboration with partners in China.
"We are eager to collaborate with an expanded network of partners to uncover fresh prospects within the fashion sector and to enhance the lifestyle of a broader base of Chinese consumers," said Yann Bozec, president and CEO of Coach Asia Pacific.
With over two decades of commitment to the Chinese market, Coach has witnessed China's steadfast resolve to foster an open economy of higher standards and to pursue the development of superior quality, Bozec added.
Similarly, 3M, an industrial conglomerate with a 40-year presence in China, looks forward to continuing to inject green momentum into the high-quality development of China's economy.
"Adhering to the localized development strategy, 3M continues to increase its investment in China and accelerates the localization process of the entire 'research-and-development-production-testing' chain to better meet local needs," said Henry Ding, senior vice president of 3M and president of 3M China.
For Edwards Lifesciences, China has become an important growth market. The U.S. medical device giant, which entered the Chinese market in 2001, looks forward to bringing more globally leading innovative technologies and solutions to China, according to Ben Cheong, the company's senior vice president for the greater China region.
"We have witnessed the tremendous transformation of China's health industry over the past decade. We are full of confidence and anticipation for the future development of the Chinese market," he said.
Recent macroeconomic policies introduced by China since September have also boosted the confidence of foreign businesses. "We believe that these proactive macroeconomic policies will inject new impetus into the development of China's economy and the operations of foreign enterprises in China," said Alan Ho, co-senior country officer for China at J.P. Morgan.
"We are optimistic about the long-term development of China's economy and capital markets, and look forward to these developments bringing more opportunities for growth for us and our clients."
Amid rising geopolitical tensions, U.S. companies in China remain steadfast in their commitment, said Eric Zheng, president of the American Chamber of Commerce in Shanghai (AmCham Shanghai), emphasizing their long-term focus on succeeding in the Chinese market. AmCham Shanghai has 2,800 members from more than 1,000 companies.
"We still believe the potential market is here. That's why our companies are not leaving," Zheng said. ■
