China’s focus on industrial modernization will help the economy out of its downturn and create opportunities for global investors, according to the acting vice chairman  of one of the world’s largest chemical companies. 

Central bank governor Zhou Xiaochuan said China's reform direction was clearYousef Abdullah Al-Benyan, also CEO of Saudi Arabia’s SABIC, told Xinhua on Wednesday that the company was unfazed by China’s slowdown as it transitions towards more high-tech industry, domestic consumption and sustainability.

“We are very optimistic about China’s economy. We are long-term players, we don’t look at short-term hiccups,” Al-Benyan said at the Boao Forum for Asia, after SABIC agreed on Tuesday to conduct joint research with Dalian Institute of Chemical Physics and China National Petroleum Corporation.

According to a press release issued after the deal, “SABIC is in a strong position to collaborate with Chinese customers and partners to create innovative material solutions tailored for the Chinese market across the entire value chain.”

The largest public company in Saudi Arabia has more than 2,000 research scientists spread across the world, including in Shanghai.

“Scientists have to take their technology out of their labs to commercial bases. SABIC can benefit from this while leveraging its know-how to help these research institutions innovate,” Al-Benyan said.

China has made “innovation,” or industrial modernization and diversification, a priority under its new Five-Year Plan and is targeting economic growth of at least 6.5 percent in the years to 2020.

Al-Benyan said such a long-term, sustainable growth would actually be “more powerful” than the higher growth rates seen in the past.

“Innovation will have a major impact on China’s transformation. We think China’s economy will bring future growth for our company and our customers, and we would like to be part of this growth,” he added. Enditem

Source: Xinhua

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