While some American companies have seen China's regulations as major hurdles, a U.S. company recently commended the countries policies and foresees great growth opportunities in the country. Honeywell, a software-industrial company, praised China's national agenda which is built mainly on the idea of innovation-driven industrial upgrades and a pro-nature stance.
The China International Import Expo is expected to open its doors on Nov. 5 and will run until Nov. 10. The expo, which is set to be held in the premier city of Shanghai, is said to attract major companies and industry leaders. Honeywell Global Growth Regions President Shane Tedjarati recently said in an interview that the upcoming expo presents a great opportunity for international companies to deepen their cooperation with China.
The China International Import Expo is described as the first Chinese exposition that will focus exclusively on imported services and goods. The exposition expects to lure more than 2,800 companies spanning 130 countries and regions.
Within the next five years, China is expected to import close to $10 trillion worth of goods and services from the United States. Now that the two countries are embroiled in a bitter trade war, it is only imperative for China to look for alternative markets and partners on which to rely their trade on.
The China International Import Expo will highlight booths from different companies around the globe. According to Honeywell, the company's booth will be situated at the High-end Intelligent Equipment Hall of the National Exhibition and Convention Center. The company is highlighting the "Connected Freight" product which is a connected supply chain solution and is expected to roll out to the Chinese market very soon.
According to Honeywell, Connected Freight has the capability of providing information about various location and conditions of a critical freight even while in transit. The company flaunts that its new technology can operate in real time.
With this new technology, Honeywell believes that logistic providers and shipping companies can use it to monitor shipments that are of relatively high value, as well as shipments of perishable goods. This, according to Honeywell, can significantly reduce the cost of damage and loss.
Logistics has grown into one of China's most lucrative and important industries. According to the China Federation of Logistics and Purchasing, the size of the country's smart logistics market will exceed $143 billion by 2025. In order to leverage on this highly profitable market, companies like Honeywell are starting to integrate their brand into the local Chinese market.
