Visitors check the booth of Xylem Inc, a United States-based water technology provider, during the sixth China International Import Expo in Shanghai. (Photo provided to China Daily)
China's steadfast commitment to long-term high-level openness and the ongoing green transformation will generate lucrative opportunities for multinational corporations in its market, said a senior business executive.
As China is committed to achieving carbon neutrality through industrial transformation and sustainable development, these innovations are not only being employed within China but have also found applications in diverse global markets, said Lyu Shuping, president for China and Asia at Xylem Inc, a United States-based water technology provider and a five-time participant at the annual China International Import Expo.
After putting its latest innovation center into operation in Shanghai during March this year, and gaining the largest customized pump application order in China last year, Lyu said that since China has maintained stable economic recovery, and Xylem sees huge opportunities in tech innovation, infrastructure, high-end manufacturing and green development.
"Take wastewater treatment for example, China has transformed into a new model of pollution control with more precision and accuracy than many years ago," she said, adding that intelligence and energy efficiency have become two major trends for the water sector in China. Among these trends, digitalization will of course play a critical role.
"We strongly believe that our smart water solutions will help speed up the digital transformation of the industry. Also, green development will be a major way for manufacturing industry to transform," she added.
To secure more market share, Xylem launched 16 new products in China in 2022, 11 of which were independently developed by its Chinese team.
Apart from enlarging the domestic market, Lyu highlighted that the products manufactured by Xylem in China are exported to numerous economies participating in the Belt and Road Initiative and to nearly all signatory countries of the Regional Comprehensive Economic Partnership Agreement.
For instance, Xylem exports water pumps, mixers and pump parts made from its plants in Nanjing, Jiangsu province and Shenyang, Liaoning province. The company's water analysis equipment assembled from its Beijing plant are mainly exported to countries including India, Australia and South Korea.
With a market presence in more than 150 countries and regions, the Washington DC-headquartered company's products and services move, treat, analyze, monitor and return water to the environment in public utility, industrial, residential and commercial building service settings, as well as water conservancy.