BASF has broken ground on a $10bn petrochemical complex in southern China, becoming the latest foreign company to increase its presence in the country as Beijing gradually relaxes restrictions on overseas investment.
Martin Brudermüller, the German chemical group’s chief executive, said the facility in Guangdong province is the largest investment in BASF’s 154-year history and reflects confidence in the growth of the Chinese market.
“You cannot get nervous because now we have a market slowdown, global disruptions from trade and the auto industry having negative growth,” said Mr Brudermüller. “To invest in a site like this you have to believe long term in the market fundamentals.”
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