China's growth fuels global development

China's strong innovation momentum and resilient growth prospects are giving global businesses greater confidence and fueling world economic growth, as the country continues to share the benefits of its vast market and high-standard opening-up with the world, business leaders and experts said on Wednesday.

Speaking at the ongoing 17th Annual Meeting of the New Champions of the World Economic Forum, also known as the Summer Davos forum, in Dalian, Liaoning province, they added that the world's second-largest economy is not a so-called "shock", but a powerful engine of innovation-driven growth, long-term investment opportunities and shared growth for the global economy.

Ben Dawson, president for Asia Pacific, Japan and China at United States-based tech company Cisco, said in an exclusive interview with China Daily that China's vast and dynamic market has continued to create opportunities for global companies.

Having invested in and deeply engaged with China for 32 years, Cisco has seen the country's artificial intelligence development gain momentum on the back of a strong industrial base, sustained investment in manufacturing and faster adoption of advanced technologies across traditional sectors, Dawson said.

The upbeat sentiment comes as China is moving faster to create new forms of smart economy, with this year's Government Work Report calling for advancing and expanding the "AI Plus" initiative, promoting faster application of new-generation intelligent terminals and AI agents, and encouraging large-scale commercial application of AI in key sectors and fields.

Yin Zheng, executive vice-president of China and East Asia operations at French industrial conglomerate Schneider Electric, said that China has become both an important engine of global economic growth and a major hub for technological innovation, with its solid energy foundation and strong industrial system reinforcing each other.

The trend extends beyond Schneider Electric. Jiang Ying, chair of Deloitte China, said more multinational companies are adopting a new growth model in China — rooting themselves in the local market while serving global demand — by using the country's vast market as a testing ground for technology deployment, industrial collaboration and global expansion.

"The long-term value of the Chinese market lies in its vast and dynamic consumer base, vibrant technological and industrial innovation, and continued high-level opening-up," she added.

Global companies' growing confidence in China stands in contrast to some overseas anxiety about the country's advances in technology and industrial innovation, including the narrative of a so-called "China Shock 2.0" that frames China's development as a disruption to the global economy.

Yet executives and experts at the forum said the country's industrial rise is creating new sources of innovation, efficiency and shared growth.

Joe Ngai, chairman of McKinsey Greater China, said that Chinese industry is already "indisputably at the leading edge of global development" in many areas, especially high-tech manufacturing, clean energy, AI applications and robotics.

"Chinese companies are exporting a lot of their intellectual property, their methodologies and their processes. China is becoming the factory for factories," Ngai said.

China's industrial strengths are also underpinned by its complete value chain, said Elodie Latour, Decathlon's vice-president for China.

"I don't think there is any other place in the world where you have the full value chain available like you do in China. And when you have the full value chain available, your time to market becomes almost irreplaceable," Latour said.

Product personalization and fast response to market needs are other areas where China can really stand out and offer a unique customer experience, she added.

Noah Xie, chairman and CEO of Kmind Strategy Consulting, said China's vast market represents a major opportunity for foreign companies that are willing to invest, operate and grow in the country.

Contact the writers at zhangchenxu@chinadaily.com.cn