A worker works at Bosch Hydrogen Powertrain Systems (Chongqing) Co., Ltd. in southwest China's Chongqing Municipality, April 19, 2024. (Xinhua/Huang Wei)
"We're excited to be part of this transformation ... Our expertise in high-quality material science aligns perfectly with (China's) recent focus on establishing 'new quality productive forces,'" said Heraeus Group CEO Jan Rinnert, expressing his enthusiasm for China's shift toward a more sustainable and innovation-driven economy.
HANAU, Germany, Nov. 20 (Xinhua) -- China's rapid advancement in technology and innovation is a major draw for German businesses seeking to expand their investment, which will further strengthen bilateral cooperation, Heraeus Group CEO Jan Rinnert has said.
"It's important to note that in the past five years, we've invested more than we did in all the previous years combined," Rinnert, CEO and chairman of the Board of Managing Directors of Heraeus Group, a German family-owned global technology group, told Xinhua in a recent interview.
Heraeus began its journey in China 50 years ago with a refinery in Hong Kong and now it has "a dynamic presence in 12 cities across China, spanning multiple industries," he said, adding that one of China's primary appeals to German companies is the sheer size of its market and the immense growth opportunities it offers.
With a growing middle class and rising disposable incomes, Rinnert anticipates a strong demand for high-quality products and services.
Rinnert noted that China's commitment to economic growth is another critical factor driving investment. Despite global economic uncertainties, China has set an ambitious growth target of 5 percent for 2024. The goal, which is significantly higher than those of other major economies, creates a stable environment for businesses, he added.
Behind the company's focus on the Chinese market is also China's "rapid advancement in technology and innovation."
This photo taken on April 26, 2024 shows BMW electric vehicles displayed at the signing ceremony for deepening strategic cooperation between BMW and Shenyang, in Shenyang, northeast China's Liaoning Province. (Xinhua/Pan Yulong)
"By collaborating with local customers, universities and institutions, we can innovate new technologies together," the business leader said.
Heraeus has increased its investment in research and development (R&D) and innovation centers in China. Recent initiatives include the establishment of centers for precious metals products and advanced packaging for power electronics in Shanghai, both launched this year. The company's global innovation center for photovoltaics business was relocated from North America to Shanghai years ago, he added.
As Heraeus continues its development in China, Rinnert said he has witnessed significant progress in the country since he began traveling to China in 2003.
"Since then I have visited China two to three times each year. One of the most noticeable changes is the greener landscapes, which is a reflection of the country's heightened focus on environmental issues."
Rinnert expressed his enthusiasm for China's shift toward a more sustainable and innovation-driven economy.
"We're excited to be part of this transformation ... Our expertise in high-quality material science aligns perfectly with the recent focus on establishing 'new quality productive forces,'" he said.
A drone photo taken on Nov. 3, 2024 shows wind turbines in Rudong County of Nantong City, east China's Jiangsu Province. (Xinhua/Song Yanhua)
"By fostering strong partnerships between Germany and China, we can combine strengths and resources to drive forward our shared goals," Rinnert said. "We have witnessed remarkable growth in sectors such as semiconductors, electric vehicles, the circular economy, and renewable energy, including the most recent advancements in green hydrogen."
Looking ahead, Rinnert is optimistic about further strengthening Heraeus' presence in China with continued cooperation between Germany and China.
"This collaboration will be a cornerstone of our strategy as we look to the future," he said.
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