China's new "dual circulation" development pattern is not about having its doors-closed, but rather opening up vast opportunities in the domestic as well as global markets, according to foreign firms attending the ongoing third China International Import Expo (CIIE).
Saw Choon Seong, China president of Air Products, a U.S.-based industrial gases manufacturer, said he is very excited about the "dual circulation" development pattern, where domestic and foreign markets can boost each other, with the domestic market as the mainstay.
"The 'dual-circulation' pattern will allow our company to introduce world-leading technologies, equipment and solutions to China, and at the same time bring proven domestic technologies to other markets," Saw said.
Though a first-time exhibitor at the CIIE, Air Products has been in the Chinese market for more than 30 years, during which time it has built up broad capabilities, including technology, engineering, manufacturing and gasifiction experience, and applied them to projects worldwide.
Meanwhile, the company has already reaped several handsome cooperation agreements in the first two days of the expo. "The CIIE is such an open and shared platform," Saw said.
Willie Tan, CEO of Skechers China, Korea and Southeast Asia, expressed similar excitement. "I believe that this new strategy will push local consumption greatly and bring about the fast growth of China's economy."
The new pattern will also enhance the relationship with those international companies and further help the development of China's opening-up policy, Tan told Xinhua.
"The success of this year's CIIE is one of the best ways to implement this 'dual circulation' pattern," he said, noting that to win the Chinese market, the U.S. sportswear company has launched several new products at the expo.
German chipmaker Infineon has come to the CIIE for three consecutive years. According to Thomas Wevelsiep, chief financial officer of Infineon Technologies Greater China, the expo serves as a great opportunity to demonstrate technologies and reach out to more potential customers.
"Both internal and external circulation translates into greater demand and more opportunities," Wevelsiep said.
Infineon announced at the CIIE that it will further expand its insulated gate bipolar transistor (IGBT) assembly line in Wuxi, east China's Jiangsu Province, making it into one of the company's largest IGBT assembly sites.
"For years, Infineon has benefited from China's business-friendly market environment, and we observe the further development of the Chinese market with great optimism," said Wevelsiep.
Masahiko Uotani, president and group CEO of Shiseido Group, said he expects that the success stories in the Chinese market can be applied overseas.
For instance, he said, in the sale of cosmetics, many new approaches based on digital technology have emerged in China.
"We very much look forward to driving bigger development for the entire world through bilateral information exchange and mutual learning in multiple forms between China's domestic market and the overseas market," Uotani said.
Despite restrictions due to virus containment measures in place, this year's CIIE has attracted 2,600-odd global exhibitors and is expected to welcome 400,000 visitors, making it one of the largest events across the world in 2020.