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Go-to destination for foreign investors

By LIU ZHIHUA | CHINA DAILY | Updated: 2022-11-28 07:44
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A visitor interacts with a table tennis robot at Japanese industrial automation manufacturer Omron's exhibition stand during the fifth China International Import Expo in Shanghai on Nov 6. FANG ZHE/XINHUA

New policies set to bring more capital, tech, talent and manufacturing capacities to China

Global life sciences company Cytiva is expanding its Fast Trak center in Shanghai with an investment of around $8 million to tap China's rapidly growing biopharma industry.

Yu Lihua, general manager of Cytiva China, the local unit, said the company hopes to introduce advanced technologies in China and further its integration into the country's supply chains that are characterized by strong resilience and flexibility.

Cytiva's China strategy is a testament to the trend of an increasing number of foreign companies funneling more and more resources into the country. It is a trend that is increasing China's weight in foreign companies' global industrial and supply systems.

Just how important China has become to foreign companies can be gauged from Cytiva's upgraded Fast Trak center, which covers 11,000 square meters and will offer high-end manufacturing services to its customers. This is expected to accelerate the standardization, digitalization and scalable development of the biopharma industry, which makes medicines using biological sources like yeast and bacteria.

Cytiva has also launched a series of new solutions to meet market demand for process design and manufacturing in China, while forging new partnerships with local enterprises such as OriCell Therapeutics and Foster Bio.

A report submitted to the opening session of the 20th National Congress of the Communist Party of China said the country will quicken efforts to foster a new pattern of development with focus on both the domestic economy and positive interplay between domestic and international economic flows.

China will raise total factor productivity, and make industrial and supply chains more resilient and secure, the report stated.

The industrial landscape will be modernized, with measures underway to advance new industrialization, which will boost China's strength in manufacturing, product quality, aerospace, transportation, cyberspace and digital development, the report said.

Experts said foreign investors are integrating deeper into China's complete industrial chain and resilient supply chain, against a backdrop of growing uncertainties and complexities in the global economy.

China's prominence in global industrial and supply chains will continue to grow, as the country advances high-level development and opens up still wider to the rest of the world to remain increasingly attractive to foreign investors, they said.

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