The changes China is making to upgrade its economic structure are bringing more opportunities to global investors, Jason Peng, president of China & North Asia, Danaher Corporation, told CGTN, sharing the tech giant's vision of the Chinese market.
As a global conglomerate focusing on science and technology, many of Danaher's subsidiaries first entered the Chinese market at the very beginning of the reform and opening up period. Peng says Danaher today is committed to long-term engagement with China, rather than just focusing on sales in the market.
With China's economy moving on from a labor-intensive and environmentally costly system towards a more sustainable model, there will be greater potential for global investors to explore, with a fairer, more transparent investment environment giving investors greater confidence, Peng noted.
Taking IVD (In Vitro Diagnostics devices), part of Danaher's pharma business, as an example, Peng said that China's IVD industry is still at a relatively early stage of development, accounting for only five percent of the global IVD market and with a spend per capita reaching only 8 percent of levels seen in the U.S.
That imbalance indicates why China is a market with huge potential for IVD devices, which play a critical role in disease prevention, diagnosis and prognosis, and are one of the largest segments of the global healthcare industry.
(Video by Zhang Wanbao, Huang Yichang; Animation by Zhang Tao; Design by Fan Chenxiao)