Economic Watch: Italian enterprises optimistic about Chinese market, expect deeper bilateral cooperation

Source: Xinhua| 2019-03-23 23:41:05|Editor: Mu Xuequan
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BEIJING, March 23 (Xinhua) -- Italian companies are optimistic about the Chinese market, expecting stronger bilateral ties between the two economies to bring more opportunities.

Giulia Gallarati, secretary general of the China-Italy Chamber of Commerce, told Xinhua more than 500 Italian companies in China had registered as members of the business organization, which aims to facilitate localization of Italian businesses.

Members' feedback shows that Italian enterprises believe they can benefit from China's development and see revenue growth in the country's thriving market, according to Gallarati.

As the Chinese economy maintains stable growth and moves towards a consumption-driven development model, consumers' spending power continues to grow, spurring the upgrade of the consumer market.

Such trends provide impetus and opportunities for Italian enterprises to expand their presence in China and readjust their strategies for Chinese consumers' changing appetites.

Alcantara, an Italian producer of the homonymous material mainly used in fashion design and automotive sectors, chose China as its first overseas market due to the country's big "quantitative and qualitative potential," according to Andrea Boragno, CEO of the company.

Recent years have seen an increase in Chinese consumers' demand for luxury goods and lifestyle experiences, Boragno said, adding that now is an excellent opportunity for the high-end material manufacturer to establish China as its key market.

Against the backdrop of China's expanded opening-up, the two nations have made remarkable achievements in economic and trade cooperation, with bilateral trade hitting a historical high of 54.2 billion U.S. dollars last year.

Mentioning China's Belt and Road Initiative and newly approved foreign investment law, Gallarati said bilateral economic cooperation under such policies provides Italian businesses with opportunities.

Italy boasts advantages in innovative technologies, while China is shifting to an innovation-driven economy, such similarity will lead to further cooperation between the two sides, she added.

China's opening-up efforts not only promote mutual benefits but draw more Italian investment with greater openness and widened market access.

By the end of last June, Italy had invested 7.21 billion dollars in 5,937 projects in China, official data showed.

China is developing in a "golden age" of inbound and outbound investment activities along with the implementation of ambitious and comprehensive reform programs, according to Boragno, who said such development benefits his company.

"In this scenario of rapid growth, we believe Chinese consumers will be more and more demanding," he said.

Moreover, various platforms have also been established for Italian enterprises to explore the Chinese market. An example is the first China International Import Expo (CIIE) in 2018 where 141 Italian companies participated, with products and services in the medical, food, intelligent equipment and daily consumption sectors.

Italian companies and organizations have confirmed their participation in the second session of the event to be held this November, according to the CIIE bureau.