China pivotal to MNCs' global biz strategy

A total of 186 companies and institutions, including French industrial conglomerate Schneider Electric, Swiss food and beverage giant Nestle SA and United States material-science group Dow Inc, have taken part in the CIIE during all seven years.

Highlighting that this grand event has established itself as a premier venue for global product debuts for seven years, Arnold Li, senior vice-president of Ingersoll Rand Inc, a US industrial goods manufacturer and seven-time participant at the CIIE, said the expo has become a key platform for Ingersoll Rand to launch new products.

The company, in fact, held the world premiere of its latest compressor during the expo.

"The Chinese market holds a pivotal position in our global business strategy. As the second-largest economy in the world, China offers immense potential and innovative capabilities, presenting us with numerous opportunities for growth," said Li.

"We firmly believe that the Chinese market is not only a key driver of our current business expansion, but also a core focus of our future strategic layout," he said.

Sectors including healthcare, biotechnology, new energy and automation will be the group's next growth points in China, he added.

Up to 450 new products, technologies and service items made their debuts at this year's CIIE, up from 442 in 2023, said the Ministry of Commerce.

Market watchers and foreign business leaders view this as a strong testament of global companies' confidence in the Chinese market and their commitment to further expansion in the country, despite a sluggish global economic recovery.

Amid the current headwinds to economic globalization, China remains steadfast in advancing reform and opening-up, optimizing the business environment, and continuously working to enhance market transparency, efficiency and market rules.

The government has introduced a series of policies to attract foreign investment, said Dereck Ji, managing partner for China at Belgium-based ADL Consulting.

For instance, the latest edition of China's national negative list for foreign investment, which took effect on Nov 1, has removed the last two manufacturing-related restrictions, further opening the sector to global investors, according to the National Development and Reform Commission.

"As China's manufacturing sector undergoes transformation and upgrading, high-end manufacturing has become a key area for attracting foreign investment," Ji said.

Strategic industries in the manufacturing sector, such as electric vehicles, new materials, intelligent manufacturing, industrial robots, biomedicine and high-performance medical devices, aerospace and high-end equipment manufacturing, offer opportunities for foreign companies to achieve growth through technological cooperation and investment, he added.

Apart from showcasing the latest products and technology solutions at its 600-square-meter booth, Swedish technology group and seven-time CIIE participant Hexagon AB said it plans to deliver more tailored solutions for rapidly expanding sectors such as electric vehicles and commercial aviation to support China's rising demand for high-end manufacturing.

"Collaborating with local partners and startups has been a key part of this strategy, helping us to remain agile and address China's industry needs directly," said Josh Weiss, president of Hexagon's manufacturing intelligence division.