US firm Honeywell finds rich growth seam in China

Multinational companies must carefully study Chinese leader Xi Jinping's report made at the 19th National Congress of the Communist Party of China in October last year, as it clearly identifies the potential business opportunities in the country, said a top official from US-based manufacturing and tech giant Honeywell.

Yu Feng, vice-president and general manager of Honeywell performance materials and technologies for the Asia-Pacific region, said that taking a lead from Xi's address the company has identified seven areas for growth - providing better quality of life to consumers, the development of green technology and environmental protection, advanced manufacturing, innovation, high-quality development for products and services, the Belt and Road Initiative and the Healthy China 2030 plan.

Explaining the details of such cooperation, Yu said the company last year participated in a boiler renovation project that aimed to provide better air quality and improve the overall efficiency of boilers in the country. Honeywell infused its decades of expertise in energy saving and environmental protection technologies and tailored them specifically for the Chinese market, he said, adding that the project commenced operations in the middle of 2017.