In this video, AkzoNobel CEO Thierry Vanlancker discusses his expectations for the Chinese market, the company’s development strategy for China’s unique market and consumer group. He also discusses his expectations for the future and his prediction for economic growth in China this year.
Vanlancker said, the 100th anniversary of the Communist Party of China is an outstanding occasion as the nation has made progress toward becoming a vital economy with solid infrastructure. China is a massive country with a massive population and it is a strong economic country, with social systems in place and a strong infrastructure. “Today, China is about 15% of our turnover. It’s the largest single country where we do business and in fact about 4,500 AkzoNobel colleagues are Chinese and we are motivated to keep pushing our business there. It’s a big and sophisticated market. As mentioned earlier, the infrastructure is extremely strong so it’s also easy to create a supply chain and move goods in it. For any company operating in China, it has to ensure that foreign investment continues to be welcomed and the laws have to be in place”, he stated
China is a country with many opportunities so choosing the right opportunity is probably the most important one. Also, China is digitally advanced. Chinese consumers are most focused on sustainable solutions, the indoor policy, lower footprints of the products and health aspects of products.
Forecast of economic growth of China this year:
The world bank is seeing 8.5 percent in growth for China, of course the comparisons and percentages grow year over year. Though it’s true that due to the COVID situation in China and world over it is difficult to interpret these numbers.
But, China continues to be the world’s one of the fastest growing countries. Paints and coatings typically follow the GDP numbers, so whether this is 8 percent or 6 percent whatever the number is compared to, we believe that our business has a good position in China and it continues to be one of the most promising markets worldwide, he added.
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