Multinational execs praise CIIE address

Belinda Wong, chairwoman and CEO of Starbucks China

The CIIE highlights the Chinese government's firm commitment to high quality opening up, and to promoting the domestic and international dual circulation policy. China is an open and inclusive market. The dynamism and opportunities in China have greatly benefited Starbucks' development in the market.

We have full confidence in the future prospects of the Chinese market and economy. We will continue to increase our investments while deepening our connection to China, and support the sustainable development of the industry through supply chain localization and digitalization.

Starbucks plans to continue to invest in the market including efforts to increase its store numbers by 50 percent to 9,000 stores by 2025 in China -- its second-largest market -- as well as to double its sales and quadruple its operating income through efforts including store expansion, growth in omnichannel engagement and at-home and on-the-go coffee services.

Delivering locally tailored coffee innovations is key to the implementation of the plan. In the next three years, Starbucks China is investing $220 million in launching its digital technology innovation center in the country to further facilitate its digitalization of store operations and in-house technology and data infrastructure.