China’s efforts to advance new industrialization and accelerate the establishment of a modern industrial system will not only provide ample space for deeper international cooperation in industrial and supply chains, but also create huge opportunities for multinational corporations to invest in the country, government officials and business executives said.
They added that scientific and technological innovation will give a strong impetus to China’s economic recovery, while foreign companies can play a bigger role in helping the world’s second-largest economy develop at a high-quality level.
Jin Zhuanglong, Minister of Industry and Information Technology, said China will continue to expand opening-up at a high level, implement measures on the complete removal of restrictions on foreign investment in the manufacturing sector, and deepen mutually beneficial cooperation with companies around the world to the optimization and upgrading of industrial and supply chains will be supported.
Jin made the remarks on Monday at the 2024 China Development Forum in Beijing, stressing that foreign-funded enterprises play a vital role in stabilizing China’s industrial economy and promoting high-quality development. The two-day forum concluded on Monday.
Although facing increasing uncertainties and challenges, including a complex and gloomy external environment, China is willing to work with other countries to create a global industrial and supply chain system that is secure, stable, smooth, efficient, open, inclusive and mutually beneficial, Jin said.
More efforts will be made to help foreign businesses establish research and development centers in China, carry out technological research and industrial applications in cooperation with Chinese companies, and expand international cooperation in digital transformation, as well as green and low-carbon development of manufacturing industry, he added.
With production accounting for more than 30 percent of the global total, China is the world’s largest producer, ranking first for 14 consecutive years, according to the ministry.
Ola Kaellenius, Chairman of the Board of Directors of Mercedes-Benz Group, who attended the forum, expressed the company’s commitment to deepen its presence in China, advance electric and digital transformation together with Chinese partners, and support China’s ongoing modernization and development of new qualitative productive forces.
“Today, China is not only the largest market for new energy vehicles, but also an innovation center with industry-leading companies and a mature NEV supply chain. We believe the Chinese market will continue to grow and play a leading role in bringing new innovations to our industry,” Kaelenius said.
China has been sending positive signals of progress in opening up at a high level in recent years, significantly strengthening market confidence, Kaelenius added.
“The modernization of industrial systems depends on cooperation and openness,” said Stefan Hartung, Chairman of the Board of Robert Bosch, stressing that the company remains confident in China’s promising business landscape and technological progress and is ready to contribute to the evolution of a modern industrial system .
Bosch, as one of the first foreign companies to invest in China, has witnessed rapid growth together with local partners and customers. Currently, the German company has a stable presence, boasting 34 production sites and 26 research and development centers in the Chinese market.
In addition, innovative digital technologies, including 5G, big data and artificial intelligence, are increasingly being applied to support digital transformation and upgrading in traditional industries and to accelerate the construction of a modern industrial system.
Liu Liehong, head of the National Data Administration, told the forum that to further drive the deeper integration of digital technology with the real economy and unleash the value of data resources, the country will increase efforts to improve the core system of data elements, expanding industrial data application scenarios and accelerating the construction of digital infrastructure such as computing networks.
Liu also stressed the need to promote and standardize cross-border data flow, work with major economies around the world to establish a cooperation mechanism on cross-border data flow, and participate in the formulation of global digital rules to expand high-level opening in the data domain .
Denis Depu, global managing director of consultancy Roland Berger, said that foreign enterprises have been and hopefully will remain key players in China’s industrial modernization drive, particularly in areas such as automation and digitization of industrial and supply chains, where multinational companies have strong positions globally, including in China.
Li Dongsheng, founder and chairman of Chinese consumer electronics manufacturer TCL Technology Group, called for strengthening exchanges and cooperation with foreign counterparts to support the digitalization of China’s manufacturing sector, exploring mutually beneficial and orderly international rules related to the digital economy , and expanding cooperation in intellectual property rights on digital transformation.
