The 2022 Annual Conference of the Boao Forum for Asia (BFA) is scheduled to take place in Boao, a resort town in the island province of Hainan, on April 20-22. In separate interviews with Beijing Review reporter Tao Xing, Leon Wang, Executive Vice President, International and China President of multinational pharmaceutical company AstraZeneca, and Elizabeth Gaines, CEO of Australia-based mining firm Fortescue Metals Group (FMG), shared their companies' plans to expand business in China. They also applauded the BFA's success as a platform for regional cooperation. Edited excerpts of their views follow: 

Leon Wang, Executive Vice President, International and China President of AstraZeneca 

AstraZeneca entered China in 1993 and has since invested over $1 billion in production and operation along with an additional $1.5 billion in research and development (R&D) here.

In Wuxi, Jiangsu Province, we have established a distribution center to export medicines to over 70 countries and regions. Today, China has developed into AstraZeneca's second largest market worldwide, following the U.S., and we are one of the best-performing foreign pharmaceutical companies in the Chinese market.

China has achieved rapid economic development over the past 40-plus years of reform and opening up and has shown tremendous influence in the Asian region and on the international stage. The country's continuous optimization of its business environment and its policy reforms, as well as the emphasis on and encouragement of innovation, not only promotes the sustainable development of the economy, but also cultivates a supportive environment for sci-tech advancement, which boosts the confidence and determination of foreign-funded enterprises to put down deep roots in the Chinese market and execute long-term strategies.

The Healthy China initiative, launched in 2015, promotes a healthy lifestyle as part of the endeavor to improve the people's wellbeing. China's strength in disease prevention and control, and in overall public health services, has increased in recent years.

AstraZeneca will continue to increase its input into China. Since 1993, we have introduced nearly 40 innovative medicines into China, targeting oncology and respiratory illnesses, as well as some rare diseases. Additionally, we inaugurated an upgraded R&D center in Shanghai in 2021 to develop new medicines from both China and overseas, and to further develop China's R&D capabilities within the global R&D network.

At present, there are over 150 projects in AstraZeneca's China R&D pipeline, nearly 90 percent of the company's global total. It is expected that in the next five years, nearly 50 of AstraZeneca's new drugs and indications will be approved in China.

In recent years, AstraZeneca has cooperated with local government organizations to build international life science innovation campuses, also known as iCampus. These platforms are serving as incubators for innovative healthcare solutions, and have attracted over 60 Chinese and overseas firms since 2019—when the first iCampus opened in Wuxi.

The digitization of the medical industry is an important trend, and COVID-19 has accelerated the transformation.

In the future, we will continue to expand cooperation and investment in this field. Additionally, AstraZeneca will work toward equalizing urban and rural access to public health services to help Chinese people achieve a high-quality living standard.

The outbreak of the COVID-19 pandemic has had a global impact. However, the Chinese economy is already back on track due to well-targeted measures. This gives us enormous confidence and hope that COVID-19 containment is possible, and the international community can weather the public health crisis and continue to grow and prosper.

As a powerful platform, the BFA continues to gather government representatives, industry leaders, experts and academics to conduct dialogues and promote innovation, and to play a greater role in bringing China, Asia and the world closer together. In the face of pandemic challenges, AstraZeneca believes we must join hands to create a healthier, stronger and more sustainable future for people around the world.

Elizabeth Gaines, CEO of FMG 

China's economic growth through urbanization, industrialization and modernization is driving significant infrastructure and property development, and underpins strong demand for steel and iron ore, with FMG providing 15 percent of the country's total iron ore imports.

As a low-cost supplier of seaborne iron ore to China, FMG maintains strong relationships with all our Chinese stakeholders.

We have shipped over 1.76 billion tons of iron ore to China since the first commercial shipment in 2008; signed contracts worth approximately AU$1.4 billion ($1.06 billion) with Chinese businesses since 2010; and introduced China's Hunan Valin Steel Group as our second largest shareholder. FMG has also initiated the China-Australia Senior Business Leaders Forum (SBLF), provided longstanding funding for scholarships at Central South University in the central Chinese city of Changsha, and joined the International Advisory Board of the Lingnan College, Sun Yat-sen University, in the southern Chinese city of Guangzhou.

In January, FMG signed a memorandum of understanding with Sinosteel to complete a rapid project assessment of the latter's Midwest Magnetite Project, including a rail and port development at Oakajee in West Australia.

We expanded our distribution channels into portside sales in China in 2019, with the establishment of a wholly owned sales entity: FMG Trading Shanghai. It has transacted over 35.3 million tons of iron ore since its inception.

This portside sales capability to supply products directly to Chinese steel mills from regional ports is well established and has allowed us to enhance our service to small and medium-sized customers, complementing our existing contractual seaborne arrangements.

FMG has commenced its transition to a green renewables and resources company that is underpinned by industry leading targets to be carbon neutral by 2030 and achieve net zero emissions in its entire value chain by 2040. Collaboration is integral to driving this transition and we are committed to engaging with our customers in China and elsewhere, our suppliers and other key industry participants to facilitate the reduction of emissions.

This year marks FMG's 14th year supporting the BFA annual conference.

The BFA provides a vital platform to further deepen Australia's business and political relationships with Asia. It is also an important opportunity to expand our engagement with China, which extends beyond the supply of iron ore to include important relationships across procurement, investment and finance, as well as academic and social linkages. We can discuss issues relevant to our region, including long-term opportunities for Australia's resources industry.

This year's theme will encompass topics including the business sector's transition toward carbon neutrality and the global economic recovery from COVID-19. It will be significant to discuss how businesses and governments can work together to meet and exceed emission reduction targets.

Copyedited by G.P. Wilson 

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