China's service sector holds greatest potential for European companies

Joerg Wuttke (Center), president of the European Union Chamber of Commerce in China, and Denis Depoux (Right), head of Asia at Roland Berger, at the release of the European Business in China – Business Confidence Survey 2016, in Beijing, June 7, 2016.[Provided to chinadaily.com.cn]

China's service sector holds the biggest growth potential for European companies, said Joerg Wuttke, president of the European Union Chamber of Commerce in China, at a release of a report in Beijing on Tuesday.

Potential is huge in service sectors such as tourism, logistics and healthcare, given the issues of aging, pollution challenges and the need for education, said Wuttke at the release of the European Business in China – Business Confidence Survey 2016.

Chinese middle class' demand for quality food also brings opportunities for European companies which have interesting product range to serve, he added.

Besides, "new energy vehicles might be the one [sector] that looks very promising", he said.

Echoing Wuttke's view, Denis Depoux, head of Asia at Roland Berger, an international consultancy firm, said he believed technology-enabled services including energy, environmental protection, and healthcare provide greatest opportunities for European companies in China.

European companies are showing growing interest in the service sector such as education while maintaining their focus on in machinery and automation industries in China, said Depoux.

According to the Business Confidence Survey 2016, jointly released by the European Union Chamber of Commerce in China and Roland Berger, 55 percent of European companies would likely increase their investment if greater market access was afforded to them.