Swedish telecommunications company Ericsson is heartened by the Chinese Government's promotion of advanced technology.
"The Chinese Government really plays a big role in helping drive the Chinese economy as well as technology, which I think is very positive," Amanda Woolverton, Ericsson's Vice President of Marketing and Communications for Northeast Asia, told Beijing Review. "The CIIE is a very good exemplification as it gives the message that the entire country is behind it for global business to connect to Chinese buyers and consumers."
The Chinese Government's support of 5G, Ericsson's main focus at this year's CIIE, is another reason for the company's optimism in China. "The government is so decisive in rolling out 5G licenses, which gives the right signal to all the players that 5G is not just a buzzword, but is going to be a reality," she said. "If we don't know what the prospect is, no one will seriously invest. But in China we know 5G has become its national strategy and we have confidence."
She said Ericsson has the confidence to continue its commitment to China's development. "5G is something that really requires global collaboration. Just like telecommunication itself, it needs to work everywhere," she added. "If it is just a technology for a single country, then no one can connect with anyone else."
Regarding Ericsson's relationship with Chinese brands, Woolverton said they have mutual respect for each other. Also, "5G will make the pie bigger" as it drives new businesses.
According to the Ministry of Commerce, foreign direct investment into the Chinese mainland grew 6.5 percent year on year to 683.21 billion yuan ($96.4 billion) in the first nine months. Over 30,800 new foreign-funded enterprises were founded during the period.
This increase amid a slump in investment globally indicates an improved business environment in China. China's ease of doing business ranking climbed to 31st this year from 46th last year, according to a World Bank report on October 24.
World Bank senior economist Marcin Piatkowski attributed the growth to the special attention paid by the Chinese Government especially to the formulation and implementation of laws and regulations.
Woolverton echoed Xi's thought at the Boao Forum for Asia meeting last year that China's development cannot be separated from the world, and the world's development cannot be separated from China's.
"There are a lot of things Ericsson can learn from Chinese companies, and Chinese companies can learn from Ericsson as well," she said.
Ericsson entered the Chinese mainland as early as 1892, when many people didn't know much about China. Today, more than 95 percent of Ericsson's revenue comes from international markets.
With Chinese companies today keen on expanding their business internationally, they could learn from the Ericsson example while readying for the global market and devising strategies and systems for risk management.
Woolverton also appreciated Chinese companies' resource allocation ability, and speed of innovation and product portfolio updates and in meeting customer requirements. She called it impressive and worth learning from.
"Competition is important, but it requires more participation of all players to make things happen," she said. "It's not just one company, one player. We need the entire ecosystem to play a bigger role."
Copyedited by Sudeshna Sarkar
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