Multinationals emphasize nation's crucial role in driving global economic growth

Foreign technology companies have pledged efforts to deepen cooperation with Chinese partners and seize the tremendous opportunities arising from technological innovation, digital transformation and expansion of high-standard opening-up, voicing optimism about the prospects of the world's second-largest economy.

Emphasizing China's crucial role in driving global economic growth and safeguarding the safety and stability of industrial and supply chains, business executives and experts said the country's commitment to nurturing new growth drivers and further attracting foreign investment will bolster market confidence and inject strong momentum into high-quality development.

ALSO READ: 'Digital China' the priority for 2026

The tone-setting Central Economic Work Conference, which concluded on Dec 11, listed enhancing innovation-driven development to accelerate the cultivation of new growth drivers as one of the priorities for economic work this year. The country will develop new quality productive forces according to local conditions, the conference said.

The high-profile meeting also underscored the need to steadily advance institutional opening-up and reform and improve the systems for promoting foreign investment.

Ian Shih, president of Rockwell Automation (China) Ltd, said the future growth drivers of China's economy will increasingly come from emerging industries such as green technology, smart manufacturing and the digital economy, highlighting that the keywords "innovation, green and digital" will remain as the company's focus.

Shih said the US-based industrial automation firm is dedicated to helping the cultivation of new quality productive forces in the Chinese market through energy transition, life sciences, high-end equipment, digital and artificial intelligence innovations, and explorations in other fields.

Shih applauded China's continuous efforts to expand high-standard opening-up and stabilize foreign trade and investment, adding that with its global research and development footprint and supply chain resources, the company not only supports China's industrial upgrade, but also helps Chinese companies integrate into the global innovation and industrial ecosystem.

ALSO READ: China accelerates move toward low-carbon growth

"China is not only a manufacturing powerhouse and a major consumer country, but also an innovator with exceptional engineering talent," said Tetsuro Homma, executive vice-president of Japanese tech company Panasonic Holdings Corp.

Homma said the company aims to enhance production efficiency in the Chinese market, with the number of R&D staff members continuing to grow, and its R&D investment in the country will also keep expanding.

The Japanese conglomerate is stepping up efforts to boost the application of AI tech and promote China's digital transformation. Homma said the market where AI technologies are most closely integrated with people's daily lives is the Chinese market.

Highlighting that sci-tech innovation is crucial for cultivating new growth engines and competitive advantages, Zhu Keli, founding director of the China Institute of New Economy, said China has sent a clear signal that it is committed to bolstering industrial upgrade by leveraging cutting-edge digital technologies, and creating a world-class and market-oriented business environment governed by a sound legal framework.

READ MORE: Chinese innovation steals show at Consumer Electronics Show

Zhu said China's emphasis on nurturing new quality productive forces and the shortened negative list for foreign investment access serve as essential requirements of China's economic transformation and upgrading. The move is conducive to attracting more foreign capital inflow into advanced manufacturing, high technology and green sectors, and helping the country move up the value chain.

"China's focus on digitalization and decarbonization aligns seamlessly with our core expertise. We are well-positioned to support China's advancement in fostering new quality productive forces," said Anu Rathninde, president of Johnson Controls Asia-Pacific.

The US-based smart building solutions provider has seen growth opportunities supported by a series of policies that advance reform and opening-up, and it looks forward to growing its business even further, he said, adding that China's economy is propelled by digital transformation and some key industries like smart manufacturing and modern services, creating many opportunities for sustainable innovation.

It has sped up localization efforts by establishing a global compressor manufacturing center in China and deepening cooperation with Chinese partners, so as to bolster the development of green buildings, smart manufacturing and renewable energy.

China's Ministry of Commerce said the country saw 61,207 newly established foreign-invested firms in the first 11 months of last year, a year-on-year increase of 16.9 percent. Actual foreign direct investment in November alone jumped 26.1 percent year-on-year.

Norbert Meyring, head of industrial manufacturing and automotive sector at KPMG China, said China's focus on nurturing new quality productive forces marks a strategic shift from "scale-driven growth" to "innovation-led and sustainable development".

ALSO READ: Beijing targets trillion-yuan AI industry within two years under new action plan

Despite external uncertainties such as rising trade protectionism and supply chain disruptions, Meyring said China's attractiveness to foreign businesses remains fundamentally robust, as the country's vast consumer base and integrated industrial ecosystem remain irreplaceable for companies' global business expansion, especially in advanced sectors like electric vehicles, green tech and digital services.

"Foreign firms increasingly value China's deep talent pool, advanced infrastructure and burgeoning innovation clusters for R&D and high-end manufacturing — assets harder to replicate elsewhere quickly," he said, adding that China's unique combination of scale, advanced manufacturing capabilities and innovation potential ensures it remains a strategic hub.

The Ministry of Industry and Information Technology said China has ranked as the world's largest manufacturer for 15 consecutive years, and its manufacturing output accounts for about 30 percent of the global total.

China will hold greater appeal for foreign companies, given the nation's unwavering efforts to expand high-standard opening-up and optimize its business environment, said Zhang Jianping, deputy director of the academic committee at the Chinese Academy of International Trade and Economic Cooperation.

READ MORE: Tech innovation transforming China's rare earth industry

Zhang added that the implementation of a new round of opening-up measures, such as a shortened negative list for market entry, the Foreign Investment Law and pilot free-trade zones, has created favorable conditions for foreign businesses to invest in China.

China has rapidly emerged as a global frontier for industrial innovation, presenting vast development opportunities driven by its vibrant digital economy and the development of new quality productive forces, said Chris Lee, senior vice-president and head of Asia-Pacific of industrial software developer Aveva.

Lee said China's mature and extensive industrial system and supply chain offer an unparalleled platform for technological innovation."We are fully confident in the Chinese market and will continue to increase investment in the 'in China, for China' initiatives."

Cui Jingyi, the company's vice-president and head of Aveva China, said China's designation of new quality productive forces as the core driver of high-quality development reflects the nation's forward-looking strategy toward technological innovation and industrial upgrading.

Aveva fully aligns with this direction and is actively integrating its global innovation system into China's scientific and technological advancement, she said, adding: "We aim to position China as a key global innovation hub for R&D and innovation efforts, better supporting the domestic industrial digital transformation needs."

READ MORE: China unveils action plan to promote green consumption

Samantha Zhu, chairperson of Accenture Greater China, said China is a key player in the global innovation economy and is one of the leading countries in innovation.

Zhu said the policies and measures to further accelerate innovation and boost total factor productivity, expand market access in key industrial sectors and improve services will help the country deliver broad-based growth in a sustainable way.

"In particular, we can see that both foreign and Chinese companies quickly mobilize themselves to ride the latest wave of technological innovation led by AI, better create value, respond dynamically to change and build resilience," she said, adding that in the new wave of technological and business evolution, the company has been helping clients build digital maturity across their organizations, making them more agile with data and AI and bridging innovation with real impact.

Contact the writer at fanfeifei@chinadaily.com.cn