China's development success is a great opportunity for the global economy, says the Xinhua expert

A China-Europe freight train that set out from Duisburg, Germany, carrying exhibits for the 6th China International Import Expo (CIIE) arrives in Shanghai, east China, Oct. 11, 2023. (Xinhua/Ding Ting)

China's development success since opening to the world has benefited foreign companies, and its huge market remains promising for European companies.

FRANKFURT, Jan. 1 (Xinhua) — China's development success since opening up to the world is benefiting foreign companies, and its huge market remains promising for European companies, a leading German economist said.

“The success of Chinese development, let's say the amazing success in the last 45 years, has also been great for foreign companies. They do a very good business and make a lot of sales,” Horst Löchel, professor of economics at the Frankfurt School of Finance and Management, told Xinhua in a recent interview.

With a solid middle class eager to spend on consumer goods and other products, China continues to offer significant opportunities for foreign companies, Loechel said.

He said China's “innovation power” has become so strong that almost every European company has set up research and development centers in the country so as not to miss anything.

“So fundamentally, the prospects of the Chinese market for European companies appear very promising,” he said.

The digital economy has become the most important driver of China's economic development over the past twenty years. Loechel pointed out that it is imperative for China to further develop the digital economy, including the platform economy. The transition to a greener economy could be another growth driver for the Chinese economy, he added.

The success of the digital economy in China has also opened up opportunities for cooperation as German and other European companies want to digitize their manufacturing industries, the expert said.

Aside from digitalization, companies from Europe and China could find opportunities to collaborate in the chemical industry, environmentally friendly production financing and other areas, said Löchel.■