China's pledge to achieve carbon neutrality by 2060 is drawing foreign businesses, with Danish Danfoss capitalising on the green transition stimulating sectors like new energy vehicles, the circular economy, and green finance, Xinhua reported on Tuesday. Official data indicates that China's green development could nurture a 10-trillion-yuan ($1.41 trillion) market annually. "The Chinese economy, especially its green economy, will unlock huge business opportunities," said Xu Yang, president of Danfoss China. Danfoss, with China as its second-largest global market, is planning to boost its investment in the country to fortify its supply chain and foster innovation, thereby facilitating the green transition in sectors like construction and transportation. In May 2023, Danfoss launched its most advanced and largest global refrigeration R&D centre in Tianjin, with an investment of about 140 million yuan. Multinationals are broadening their reach in China's green development, with global automotive supplier Marelli seeing vast potential in the new energy and intelligent vehicle sectors and planning to ramp up its resource investment in China.
