Multinationals embrace green opportunities in China
A new energy vehicle is on display during the 23rd China International Fair for Investment and Trade (CIFIT) in Xiamen, east China's Fujian Province, Sept. 8, 2023. (Xinhua/Lin Shanchuan)
XIAMEN, Sept. 10 (Xinhua) -- Amidst the bustling exhibition halls of the 23rd China International Fair for Investment and Trade (CIFIT), the spotlight was firmly on the new energy vehicles (NEVs) exhibited by numerous Chinese companies.
Whether it's a sleek electric sports car, an eco-friendly public bus, or an efficient logistics vehicle, the array of new energy products has showcased "significant business opportunities in China's green and low-carbon industry," said Yu Danyao from Xiamen King Long United Automotive Industry Co., Ltd.
King Long, one of China's leading bus makers, has put on display an 8.5 meter-long pure electric bus at the ongoing CIFIT. The trade fair currently underway in Xiamen City of Fujian Province has drawn more than 58,000 merchants from over 100 countries and regions.
The robust development of NEVs comes amid China's efforts to peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060.
There is great potential in China's low-carbon industry market, which will present new cooperation opportunities for countries interested in investing in China, said Li Yong, an official with the Ministry of Commerce.
Air Products, a world-leading supplier of gases for industrial uses, put into operation a hydrogen fueling station in February in Changshu City in east China's Jiangsu Province.
The company is in the process of constructing what is anticipated to be China's first commercial liquid hydrogen production facility in Zhejiang Province, Air Products China Vice President Feng Yan, said during a seminar in CIFIT.
Feng emphasized the company's commitment to expanding its presence in China, with a particular focus on sectors related to hydrogen energy.
"We have high expectations for China's clean energy transition and the prospects of low-carbon development," she said.
ABB, a global tech giant in electrification and automation, has made its production hub in Xiamen a flagship site for sustainable manufacturing.
With the installation of 100,000-square-meter rooftop photovoltaic panels, the site will achieve 50 percent energy decarbonization, reducing the annual carbon emissions by an estimated 13,400 tonnes.
The project can provide insights into the rapid low-carbon transformation for other enterprises, said James Zhao, senior vice president of ABB (China) Ltd.
"China is ABB's second-largest market, and its emissions reduction targets align well with our development goals," Zhao told Xinhua at CIFIT. "It represents a very favorable opportunity for ABB and also for market development."
Even beyond CIFIT, foreign investors have cast a vote of confidence in China's green and low-carbon industries, especially the NEV market.
After building a Gigafactory in Shanghai -- its first outside the United States - U.S. carmaker Tesla announced in April that it would build a new mega factory in the metropolis.
Other auto manufacturing powerhouses have also jumped on the bandwagon. Japan's Toyota has teamed up with Chinese automaker Guangzhou Automobile Group Co., Ltd. to develop new energy models, and German car manufacturer Volkswagen Group has set up its global new energy car R&D center in Anhui Province.
In August this year, China's State Council issued guidelines aimed at enhancing the foreign investment environment and bolstering efforts to attract foreign investments. These guidelines detailed 24 specific measures across six key areas.
Among these measures, China will implement policies to encourage the adoption of green energy consumption and support more involvement of foreign-invested enterprises in green certificate trading and cross-provincial green power transactions.
China has already established a policy mechanism for achieving carbon peaking and carbon neutrality goals, said Ma Xiuhong, president of the China Council for International Investment Promotion.
She added that the world's second-largest economy is constantly improving its green development and business environment, making it a super-large investment market with robust industrial support, domestic demand potential and power of innovation.
