Honeywell vows to continue strengthening localized research and development in China this year despite the lackluster global economic recovery.

The multinational conglomerate is committed to accelerating the development of new products for the Chinese market, while implementing co-creation with its customers and partners, said William Yu, president of Honeywell China.

"Thanks to opportunities brought about by China's market demand in digitalization and energy transition, 2023 was a year of success for Honeywell in China," he said.

"Our aerospace business has shown strong growth. We have also made considerable gains in key fields such as industrial automation, energy transition and life sciences."

His comment came as the National Bureau of Statistics said that China's GDP grew 5.2 percent year-on-year to a new high of 126.06 trillion yuan ($17.52 trillion) last year. China's growth not only outpaces the estimated global growth of 3 percent, but also ranks top among major economies, said the NBS.

According to Yu, the Honeywell Zhangjiagang factory and Nanjing factory were recognized as provincial-level green factories in 2023, while Honeywell Xi'an factory has been recognized as a national-level green factory.

These honors highlight Honeywell's expertise in energy transition and its commitment to sustainability, he said.

2023 was also a year of transition. Honeywell has realigned its business segments to three compelling megatrends: automation, the future of aviation, and energy transition. This will enable Honeywell to realize synergies that will accelerate innovation, providing actionable solutions to partners and customers and helping make the world smarter, safer and more sustainable, he added.

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