Reform and opening up has changed the global economic landscape and value chain, and this may be just "the beginning of an unfolding historic trajectory" as China vows to further open up its economy, according to the Dow Chemical Company.
Reform and opening up has been an unprecedented success, combining correct policies and relentless hard work, Lim Yoke Loon, Greater China president of the US chemical giant, said in an exclusive interview with Xinhua.
This year marked the 40th anniversary of the initiative, which Lim said has unleashed incredible market potential in China, and enabled its transformation into a critical global manufacturing base and a large consumer market for other economies.
Reform and opening up has also allowed international companies to tap into China's business opportunities. Since Dow opened its first office in China in 1979, the company has enjoyed tremendous growth opportunities in the market, Lim said.
Dow now has 10 local business centers and 17 manufacturing sites in China. The company has 5,000 local employees and China is its second-largest market after the United States.
Seeking to extend further into the local market, Dow opened the Shanghai Dow Center in 2009, its largest integrated research and development center outside the United States, which now provides innovative products for use not only in China but also across the world.
As China strives to build an economy reliant on technology and innovation, and focuses on industrial upgrading and environmental protection, it will provide more opportunities for Dow and other international enterprises, he said.
Optimistic about Dow's development in China, Lim said the company will maintain a strategic focus on growth industries and markets, geographic expansion, and customer value creation through innovation.