STORY: China's high-quality development means more opportunities: Honeywell China president
DATELINE: June 28, 2023
LENGTH: 0:02:29
LOCATION: TIANJIN, China
CATEGORY: ECONOMY

SHOTLIST:
1. various of China
2. SOUNDBITE 1 (English): YU FENG, President of Honeywell China
3. SOUNDBITE 2 (English): YU FENG, President of Honeywell China
4. SOUNDBITE 3 (English): YU FENG, President of Honeywell China

STORYLINE:

For Honeywell, a U.S. industrial conglomerate, China's high-quality development means more business opportunities.

According to the President of Honeywell China Yu Feng, Honeywell has been keeping investing in China as a vote of confidence in the country's market and future economy.

SOUNDBITE 1 (English): YU FENG, President of Honeywell China
"China is already Honeywell's second-largest market in the world and the biggest market among all the high-growth regions. So China is very important to Honeywell. We opened a company in Wuhan in 2020. We set up a new operation and R&D center in Xi'an in 2021, and we set up a new operation and R&D center here in Tianjin in 2022. So we continue to invest because we are confident and we believe in huge opportunities. Now because China is more focused on high-quality development, it's a huge opportunity or an even bigger opportunity for companies like Honeywell."

Yu made the remarks during an exclusive interview with Xinhua during the ongoing 14th Annual Meeting of the New Champions, or the Summer Davos, in north China's Tianjin.

Not like in the past when many foreign companies just brought their experiences abroad to China when they established brands in the country, Yu said today, companies like Honeywell could launch new products, services and best practices in China first and then adopt them in other countries and regions as China is a significant market for many global investors.

SOUNDBITE 2 (English): YU FENG, President of Honeywell China
"If we could be successful in China, and China is already the second-largest GDP country, this already has a huge impact to the rest of the whole world. So this is the first thing, make it successful in China and have a positive impact in the whole world. Second is that best practices here in China definitely could be more and more exported to the rest of the world. And I believe many other companies, Chinese companies and foreign companies, they could do the same thing."

Speaking of China's growth, Yu said, China's recovery will definitely contribute immensely to global growth.

SOUNDBITE 3 (English): YU FENG, President of Honeywell China
"China will achieve plus or minus a five percent (growth). This is a huge contribution to the world economy because in order to have a five percent growth, China needs to import a lot, and China needs to export a lot, so this is definitely a benefit for the rest of the world."

Xinhua News Agency correspondents reporting from Tianjin, China.
(XHTV)