With its rapidly expanding automotive, medical and electronics sectors, China offers a large and increasingly sophisticated market for KraussMaffei’s advanced manufacturing technologies, a top executive said.

The country’s emphasis on innovation, coupled with government policies that promote high-tech development and sustainable manufacturing, have created an ideal environment for the company to expand its presence, said Ma Lan, chief administrative officer from KraussMaffei China.

“KraussMaffei, as a foreign subsidiary of Sinochem Holdings, is expected to benefit from China’s economic rebound and increased consumption, with continued business growth in the Chinese market,” she said on the sidelines of the seventh China International Import Expo held in Shanghai last year. week.

Ma believes that China’s acceleration of development of new quality productive forces will be conducive to long-term stable economic growth and strengthen technological innovation and industrial upgrading.

“China’s attractiveness to foreign businesses is increasing as restrictions ease, particularly in the manufacturing and producer services sectors, as the country moves toward high-level opening up by completely lifting restrictions on foreign investment in the manufacturing sector and constantly improving its business environment,” she said.

The rapid growth of China’s automotive industry, for example, particularly in the new energy vehicle sector, provides enormous market opportunities for global plastics industry players such as KraussMaffei.

China’s passenger vehicle sales rose 4.3% year-on-year in September, with most of the gains coming from battery-powered vehicles, whose buyers and makers have benefited since July from a government subsidy to encourage trade as part of a broader recovery plan. package, according to data from the China Passenger Car Association.

Sales in the world’s largest auto market reached 2.13 million vehicles in September, up from 2.04 million a year earlier. For the first nine months, sales increased 1.9% compared to 2023 levels, the release said.

China will remain a key engine of global economic growth and a stabilizing force in international supply chains, said Zhang Jianping, deputy director of the academic committee of the Chinese Academy of International Trade and Economic Cooperation.

The country’s continued efforts to open up its manufacturing sector and improve the business environment have made it increasingly attractive to foreign companies, especially in manufacturing and producer services, Zhang added.

KraussMaffei has capitalized on this momentum by tapping into the growing demand for lightweight materials, automation and smart manufacturing solutions.

The company’s growing commitment to China is reflected in its continued investments in local facilities, research and development, as well as partnerships with key players in various industries, Ma said.

As the Chinese market evolves with an emphasis on premium, high-quality products, KraussMaffei is well-positioned to capitalize on these trends, strengthening its position in the global market, Ma said.

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