CHINA’S commitment to opening up has injected impetus into the long-term development of foreign companies in China, including Honeywell, Yu Feng, president of Honeywell China, has said. “China has a diverse range of industrial categories, a favorable environment for innovation, and abundant human resources, among others,” the executive said. Yu said that China will play a significant role in boosting global economic stability and growth, thanks to more convenient personnel exchanges and business travel between China and the rest of the world made possible after the dropping of COVID restrictions. Honeywell, one of the Fortune 500 companies, has a long history in China that dates back to 1935 with its first franchise in Shanghai. Today, all Honeywell’s business sectors are represented in China, with its Asia-Pacific headquarters in Shanghai. Yu said that in 2022, Honeywell deepened its cooperation with its Chinese partners in areas such as energy transition, air transportation, intelligent building and intelligent manufacturing. He said that Honeywell has established a complete localized value chain in China, including research and development, manufacturing, and service, expecting the company to further tap into China’s excellent supply chains. “We are confident in the Chinese market’s high-quality development and Honeywell’s sustained growth in China because of China’s comprehensive advantages, which include complete industrial systems, ultra-large market scale, an increasingly optimized business environment, and long-term positive economic fundamentals,” Yu said. In 2022, foreign direct investment in the Chinese mainland, in actual use, expanded 6.3% year-on-year to 1.23 trillion yuan (about US$178.46 billion), the Ministry of Commerce said in January.(Xinhua) | 