“AstraZeneca China’s President Wang Lei Vows to Build a Patriotic Enterprise in China”

20.05.2023

Following many local Chinese companies swearing allegiance to the party, Wang Lei, headquartered in Cambridge, UK, global drugmaker AstraZeneca China, said recently that AstraZeneca strives to become a “local multinational company that loves the party and the country” in China.

(Deutsche Welle Chinese website) AstraZeneca’s global executive vice president and president of China Wang Lei Wang Lei said this Friday (May 19) that “AstraZeneca must be built into a local multinational company that loves the party and the country.” Photos from the scene showed the words also appearing in a scrolling marquee on the screen behind him.

Wang Lei made the remarks at an event in the eastern Chinese city of Wuxi to mark the drugmaker’s 30th anniversary in China, a person familiar with the matter told Reuters.

In recent years, as Xi has tightened his grip on society and the economy,Many local companies pledge allegiance to the Chinese Communist Partybut it is still unusual for a foreign company to make such a statement.

A spokesman for the company’s Cambridge headquarters declined to comment when asked by Reuters whether Wang Lei’s “patriotic” pledge and presentation had been approved by top AstraZeneca executives.

The spokesman also declined to comment on what Wang Lei’s allegiance would mean for AstraZeneca’s business plans in China.

Among the world’s largest pharmaceutical companies, AstraZeneca’s large and growing business in China stands out.

The company generated 13 percent of its sales in China last year and is investing $450 million in a factory to make inhalers used to treat “smoker’s lungs.”

Since China reopened its borders after ending its anti-epidemic policy, AstraZeneca CEO Pascal Soriot (Pascal Soriot)) and Apple CEO Tim Cook (Tim Cook), the heads of many foreign companies have visited China to emphasize their commitment to China.

Soriot said in this month’s first-quarter earnings call that AstraZeneca is optimistic about the Chinese economy, has signed three licensing agreements with Chinese companies, and is interested in expanding more businesses.

Chinese authorities’ latest crackdown on consulting and due diligence firmsDisturbing to many foreign companies. Foreign companies often use such consulting services to investigate market potential.

(Reuters)

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