SHANGHAI (Reuters) – Sanofi announced on Monday an investment of around one billion euros in China, the largest to date in this country, for the construction of a new insulin production laboratory in Beijing.
The site, which will be located in the Beijing Economic and Technological Development Zone, will constitute Sanofi’s fourth production and supply unit in China, the group said on its official WeChat account.
China is working to strengthen its economic ties with European Union member states, even as its trade relations with the 27 bloc soured after the Chinese government was accused of subsidizing the vehicle industry electrical.
In a meeting Monday with Sanofi Chairman Frédéric Oudéa in Beijing, Chinese Commerce Minister Wang Wentao said China will support all companies equally in terms of technological innovation and competition, according to a statement of the ministry.
China will continue to open its market and is committed to creating a business environment for companies such as Sanofi to operate and develop with “peace of mind”, Wang Wentao added.
(Written by Brenda Goh with the Beijing editorial team; Pauline Foret, edited by Sophie Louet)
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