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Implications of Premier’s visit to GE China

Updated: Nov 24,2016 2:08 PM

Premier Li Keqiang takes an inspection tour at a General Electric technology park, during his trip to the Shanghai Free Trade Pilot Zone on Nov 21.

“China is still one of the most attractive destinations for foreign investment,” said Premier Li Keqiang during his inspection at General Electric (GE)’s China headquarters on Nov 21.

Premier Li’s visit to GE intended to show the world that China will continue to embrace reform and opening up in an effort to further boost trade facilitation and investment liberalization.

GE’s Asia-Pacific management center opened in Shanghai in Sept 2014, and it has become one of the group’s top five global operation centers. This decision made by GE Company was based on the recognition that the FTZ’s streamlined administration and trade facilitation can improve the group’s operational efficiency, according to GE China CEO Duan Xiaoying.

And GE Company, established in 1896, is an international conglomerate that survived several industrial revolutions and achieved success in upgrading and transformation.

Premier Li’s GE tour also aimed to find solutions lying in shifting the growth model and replacing old growth drivers, and he hopes GE’s success will inspire Chinese enterprises, especially those that are State-owned, to achieve transformation with new growth engines.

In addition, during the visit, the Premier was impressed by the innovative digital foundry in GE China’s science park, which presents the spirit of “mass entrepreneurship and innovation” and collective wisdom. And it has a great implication on Chinese State-owned enterprises (SOEs) which should promote an innovative spirit, especially when it comes to internal R&D.