China still an important market for global manufacturing success, says Axalta chief

Even as some foreign enterprises are searching for greener pastures to offset lower economic growth, rising labor costs and higher expenditure on environmentally friendly plants in China, companies like Axalta still believe that the grass is greener in the world's second-largest economy.

Charles Shaver, chief executive officer of Axalta Coating Systems, a leading global supplier of liquid and powder coatings, however, remains undaunted by some companies moving to countries like Thailand, the Philippines and India. The chemical industry veteran, with more than three decades of experience, believes that China is still far ahead of others in terms of the potential for sustained growth and robust development.