Foreign-funded companies in Changzhou National Hi-Tech District join battle against COVID-19

CHANGZHOU, China, Feb. 21, 2020 /PRNewswire/ -- A growing number of the foreign-funded firms located in Changzhou National Hi-Tech District have joined in the efforts to control and prevent the further spread of the novel coronavirus (COVID-19). ThyssenKrupp Steering System (Changzhou) CEO Sebastien Baran said: "It never once crossed my mind to return to Europe during this period, and I fully believe that the Chinese government and people can win the battle against the scourge."

Foreign companies make donations

Many foreign companies in Changzhou National Hi-Tech District have already made donations. In addition to cash, some of the firms have provided medical supplies including specialized equipment and instruments in short supply in the affected areas.

• ThyssenKrupp's operating subsidiaries in China have jointly donated 2 million yuan (approx. US$285,000) to the China Charity Federation to support epidemic control.
• Mettler-Toledo (Changzhou) Measurement Technology has assembled 500,000-yuan (approx. US$71,000) worth of its biological and virus detection products for donation to organizations badly in need of supplies.
• Deeson (Changzhou) Vehicle Technology provided over 20 recreational vehicles for the free use of medics and workers on the front lines.
• The wholly owned subsidiary of SC Johnson & Son, Inc. in Changzhou City supplied 500,000 yuan worth of disinfection products and another 500,000 yuan in cash to the city of Wuhan for the purchase of protective clothing, masks, goggles and other medical protective equipment.
• LEDVANCE Lighting Technology (Shenzhen) furnished some 5,000 sets of UV bactericidal lamps to designated hospitals.
• Hyundai (Jiangsu) Construction Machinery donated epidemic prevention materials to the Red Cross Society of Xinbei District, Changzhou City. The materials, valued at 677,262 yuan ($US 96,429 at today's exchange rates), were purchased from South Korea with the help of its controlling shareholder Hyundai Engineering & Construction.

Foreign companies remain committed in their belief in China's huge growth potential

Changzhou National Hi-Tech District, a key destination for foreign capital in the Yangtze River Delta, has attracted the presence of some 1,800 foreign companies, including more than 30 of the world's top 500 firms. In 2019, the district's GDP rose to 156.3 billion yuan (approx. US$22.3 billion), up 7.5 per cent from 2018, with US$1.32 billion in committed and US$762 million in paid-in foreign capital. Since the outbreak of the coronavirus, many foreign-funded firms with deep roots in China going back many years have shown their willingness to work together with the China government and people to overcome the current difficulties. A number of foreign companies in the district said the impact of the epidemic on the Chinese economy is transient and controllable. They fully believe that, after the outbreak, China's economy and society will bounce back and continue to flourish.  

Despite the virus's impact on the export supply chain as well as the manufacturing, marketing and shipment of goods, the Chinese market still has huge room for growth in the long term. The size, potential, scope and vitality of the Chinese market remain with their bright prospects for the future intact. ThyssenKrupp Steering System (Changzhou) CEO Sebastien Baran said "As China is the world's largest auto market, the epidemic may have certain adverse effects. However, I believe in China's great potential and look forward to deepening our business cooperation with partners in China's auto parts sector."