Global drugmaker AstraZeneca (NASDAQ:AZN) is celebrating its 30th year in China with a commitment to be a “patriotic company” that “loves the Communist Party”. At an event in the eastern city of Wuxi, the company’s China president and global executive vice president Wang Lei said that AstraZeneca will build a local, transnational company that loves the Party and the country.
The comments come as AstraZeneca has been increasing its investments in China, with a $450 million investment to build a factory to make inhalers. Last year, China accounted for 13% of AstraZeneca’s total sales and the company is now China’s biggest drugmaker.
The pledge of allegiance to the ruling Chinese Communist Party follows a recent crackdown on consulting and due diligence firms by Chinese authorities, sending jitters across foreign companies who had used such consultancies to conduct research on the market and prospective deals.
The move also follows visits from the heads of foreign firms, including AstraZeneca’s CEO Pascal Soriot and Apple (NASDAQ:AAPL)’s Tim Cook, to stress their commitment to China since the country started reopening its borders earlier this year.