As China assures bright future, multinational firms eye win-win

China's efforts in promoting high-standard opening-up and innovative development will create unlimited market opportunities and broad development prospects for multinational corporations, said corporate executives on the sidelines of a high-level meeting during the ongoing Boao Forum for Asia Annual Conference 2024.

Their comments followed a meeting between China's top legislator Zhao Leji and some representatives of the forum, including top executives of Chinese and foreign enterprises, in Boao in South China's Hainan province on Wednesday.

Top officials from the Ministry of Commerce, the Ministry of Industry and Information Technology, and the People's Bank of China, the country's central bank, also attended the meeting.

At the meeting, Zhao said China is taking a series of new measures to expand its high-standard opening-up and sincerely welcomes partners from all over the world.

China has the advantages of a vast market scale, robust industrial system, talent and an ecosystem that fosters innovation, as well as obvious institutional advantages. In addition, the fundamentals of China's long-term economic improvement have not changed, Zhao said.

Zhao noted that the nation advocates inclusive economic globalization, opposes various forms of unilateralism and protectionism, and is willing to closely link its own development with that of other countries.

The country will continue to promote mutually beneficial cooperation between China and foreign countries from the legal system level, safeguard the lawful rights and interests of enterprises and promote high-standard opening-up, he said.

Ban Ki-moon, chairman of the Boao Forum for Asia and former UN secretary-general, said at the meeting that China is now in a transition to growth model that put more focus on quality and sustainability. It takes vision and courage to pursue such goals, he said.

During the ongoing conference, MNC executives voiced their support for economic globalization and free trade, and expressed confidence in China's economic development prospects. They said they are willing to actively expand the market to achieve win-win outcomes.

Leon Wang, executive vice-president of AstraZeneca, a global biopharmaceutical major, said China has reiterated its determination to continuously promote international economic exchanges and interactions. "This is good news for multinational companies in China, including AstraZeneca, and will reinforce their confidence in the Chinese market."

Wang noted that cooperation is both a cornerstone for development and key to sustained innovation. "Asia has emerged as a major global force in science and innovation, and China is playing an important role in addressing the serious health challenges facing the world. We will continue to strengthen its collaboration with innovative Chinese companies and healthcare organizations to address these challenges together."