Xi Jinping Emphasizes Chinese Investment at Guangzhou LG Factory... "Hope to Seize Opportunities" (Comprehensive)

Chinese President Xi Jinping visited the LG Display production base located in Guangzhou, Guangdong Province on the 12th, emphasizing investment in the Chinese market.

According to China's state-run Xinhua News Agency on the 13th, as part of his inspection tour of Guangdong Province, President Xi visited the LG Display Guangzhou production base the previous day and stressed, "In a situation where global economic growth is sluggish, if China establishes a new development pattern and strengthens the business environment, its market advantage will become even more distinct." President Xi has been inspecting the area since the 10th after visiting Guangdong on the 7th to meet with French President Emmanuel Macron.

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On that day, at the LG Display Guangzhou production base, President Xi reportedly listened to a business-related briefing for about an hour and toured the production lines. At the site, he emphasized, "I hope foreign investors come to China, come to Guangdong Province, come to the Greater Bay Area (the region encompassing Guangdong Province, Hong Kong, and Macau), seize opportunities, deeply cultivate the Chinese market, and create new glory for corporate development."

Furthermore, Xinhua News Agency reported that President Xi examined the products displayed within the facility as well as the production and assembly processes, highly appreciating the achievements in corporate development. Company officials introduced the progress made in trade and investment cooperation over recent years. The Guangzhou LG Display production base, constructed in 2006 through a 70:30 joint venture between LG Display and the Guangzhou Development Zone, covers a total area of 700,000 square meters and is considered one of the largest foreign-invested enterprises locally. It mainly produces liquid crystal display (LCD) and organic light-emitting diode (OLED) panels, and has been mass-producing 8.5-generation OLED panels since 2020.

On the same day, President Xi also visited the Chinese electric vehicle company Guangqi Aion New Energy Vehicles, where he emphasized China's reform and opening-up policy. He stated, "China's reform and opening-up policy will remain unchanged for a long time," and "We will never close the door to openness on our own." He also stressed, "We want to face all countries that wish to cooperate and achieve win-win outcomes, promoting the common prosperity and development of the global economy." Furthermore, he said, "China is a major country that values the real economy and must follow the path of self-reliance," adding, "Key core technologies must be based on independent research and development, and international cooperation is also welcomed." He emphasized, "We must strengthen education and talent cultivation and lay a foundation for scientific and technological self-reliance."

These remarks are interpreted as part of efforts to shed the image of lockdowns and closures solidified by the zero-COVID policy over the past three years and to actively pursue economic opening. In particular, the growth target of around 5.0% set for this year appears to be based on the judgment that it is difficult to achieve without active investment from foreign and private sectors.

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