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Valued-added service industry holds the key to China's high-quality development in 2023: President of AmCham South China

High-quality development is the primary task of building a modern socialist country in all respects. According to the 2023 Government Work Report delivered by Premier Li Keqiang, China will promote high-quality development, fully consider domestic and international imperatives and boost market confidence.

Harley Seyedin, President of the American Chamber of Commerce in South China (AmCham South China), echoed that there's plenty of room to grow towards high quality by creating jobs that are not just manufacturing but post-manufacturing capabilities that are needed to make the consumers very happy, when sharing with GDToday his insights on China's 2023 economic development on March 7.

As a foreign businessman, Seyedin contributed to the development of Dongguan 30 years ago by establishing a power plant in 1993. Now he is investing in developing that land into a high-tech industrial park, focusing primarily on manufacturing high-technology and medical equipment. "That's going to be one of the fastest-growing fields in China," he said.

As China upgrades its manufacturing industry, "Made in China" has moved up the global value chain. From the perspective of Seyedin, value-added services create a high-quality economy.

For instance, Seyedin believed robotics is the future because it is not simply the arm producing the product. Robotics is more about the computerized program written in the back that tells the robot what to do.

Seyedin insisted that a higher-quality economy means more people engaged in the programming, designing, and managing of transportation systems. "That's what the government is talking about, a higher-quality economy, an economy that provides many more jobs than the actual manufacturing itself," he added.

Besides, the Government Work Report also indicates that China will create an environment in which enterprises under all forms of ownership can compete and grow on a level playing field.

Seyedin was significantly inspired. He thought it would bring more new opportunities to both domestic and international companies. "We want to continue to invest in China. We think we're going to be a great part of that going forward," he stressed.

According to the 2023 Special Report on the State of Business in South China released by AmCham South China recently, the investment enthusiasm of companies is on an upward trajectory, with four-fifths of companies reinvested in China in 2022.

In 2023, 75% of the participating companies plan to reinvest in China, including 68% of American companies that are determined to dig deeper into the Chinese market.

Reported by Nan, Fanny

Video by Axin

Edited by Wing, Olivia, Will, Jerry 

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