Global specialty chemicals company Evonik has expressed strong confidence in China's economic resilience and growth potential, highlighting the vast market opportunities emerging from the country's drive to boost consumption.

"The signals from the 'two sessions' and recent high-level forums like the China Development Forum underscore the government's focus on boosting domestic demand, which would be a boost to our market growth," said Xia Fuliang, president of Evonik Greater China and head of Smart Materials Asia.

The application of chemical industry products spans all aspects of life, and even a 5-percent increase in consumption could effectively boost market demands, Xia noted.

With a presence in China dating back to the 1930s, Evonik has deeply witnessed and participated in China's economic development and has also been a beneficiary of it, according to him.

"From initially selling products to later producing in China, we now place greater emphasis on locating our innovation initiatives in the country," Xia said.

Evonik's only lithium-ion battery technology center is in Shanghai, and the company plans to establish its first hydrogen energy technology center in the metropolis.

By 2030, according to Xia, Evonik aims for Asia to contribute 30 percent of its global sales, with China accounting for nearly half of that share. "This requires sustained investment in innovation, infrastructure, and talent in the Chinese market."

Xia said that in 2025, the company will expand its production capacity and increase investment in innovation in China, with several landmark projects to be completed or put into operation this year to cater to market demands in sectors like electric vehicles and renewable energy.

"We are full of confidence in China's development," Xia said. "The Chinese people's diligence and ingenuity are the bedrock of the economy's resilience." 

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