Amid mounting strains on the US dollar-dominated global monetary system, renminbi internationalization is emerging as an increasingly important trend — one expected to underpin China's high-quality development while contributing to global financial stability and development, experts and business executives said on Monday.

Zhu Min, former deputy managing director of the International Monetary Fund, said promoting renminbi — or yuan — internationalization has become not only an intrinsic requirement of China's economic development, but also a broader necessity for global financial development and stability.

"As China's high-quality development gathers pace, a stronger renminbi is becoming increasingly vital to supporting innovation-driven growth, industrial upgrading, green transformation and companies' expansion into global markets," Zhu said at the China Development Forum 2026 in Beijing.

He added that the US share of global economic output has fallen from 45 percent to around 25 percent, while its share of world trade has dropped from 25 percent to about 13 percent, suggesting that "the US economy is no longer strong enough to underpin a single dominant currency system in a globalized world".

Moreover, the weaponization of the US dollar, along with trade wars and other policy moves, further eroded the currency's global standing and raised fresh concerns over the independence of the US Federal Reserve, Zhu said.

That trend has also been reflected in international markets, he said, with rising gold reserves and increasing holdings of non-major reserve currencies, including the RMB and other alternatives to the greenback, the euro, the yen and the pound, pointing to a clear move away from the dollar.

"This is a clear sign of dollar avoidance and a visible decline in confidence in the US currency," he added.

Against this backdrop, renminbi internationalization has gained strong momentum in recent years, Zhu said, noting that the RMB's share in cross-border financial activities had risen from 20 percent to 63 percent, while its share in China's trade payments had increased from 10 percent to 35.4 percent over the past decade. "The progress has been quite fast," he said.

Still, the RMB's global standing remains far below what China's economic and trade weight would suggest, Zhu said, adding that the currency accounts for just 2.1 percent of global reserves and 1.6 percent of global trade payments, far below the country's 16.6 percent share of the world economy and 14.4 percent share of global trade.

"As the world's second-largest economy, China still has a currency whose global standing does not yet match the country's economic strength," he said.

Policy support is also moving in the same direction. The outline of the 15th Five-Year Plan (2026-30) for national economic and social development calls for advancing renminbi internationalization, with efforts focused on broadening the currency's use in international trade, investment and financing, and building an independent and controllable cross-border yuan payment system.

Business executives at the forum also underscored the importance of a bigger global role for the RMB. Bill Winters, group chief executive of Standard Chartered, said financial innovation is crucial to China's high-quality development and is closely linked to the global standing of the yuan.

"China plays a pivotal role in global trade and finance. Financial innovation, therefore, is expected to be both sound and secure," Winters said.

Tan Su Shan, CEO of DBS Group, said broader use of the RMB would help diversify capital sources, improve liquidity and facilitate cross-border flows between Chinese and foreign businesses.

"We are operating in a world marked by divergent trade and capital flows, as well as different rules. It is therefore important to encourage broader investor participation, allow more overseas investors to access China's financial market and advance renminbi internationalization so the currency can play a bigger role in global markets," she said.

Executives of multinational corporations struck a bullish note late on Sunday at the China Development Forum 2026's Beijing Night, expressing renewed confidence in investing in the Chinese capital following a keynote speech by Beijing's top official.

In his speech, Yin Li, Party secretary of Beijing, highlighted the city's role as a global innovation hub, citing the strengths of the Beijing-Tianjin-Hebei region, its burgeoning digital economy, and the synergistic effects brought on by its educational, technological and human resources.

He anticipated that the city would continue to collaborate with multinational companies to "build Beijing into a global investment destination" during the 15th Five-Year Plan period (2026-30).

Apple CEO Tim Cook took the opportunity to express gratitude for the relationships Apple has cultivated in Beijing, as well as optimism.

He said that China and Apple share "a future where technology can be a force for good, uplifting people, enriching their lives, and unlocking a wellspring of human potential".

Saravoot Yoovidhya, CEO of TC Pharmaceutical Industries from Thailand, said, "Our company enjoys strong support, and it's quite easy to communicate with the government in Beijing to find the solutions we need."

Statistics show that Beijing's GDP has grown at an average annual rate of 5.2 percent in the past five years. Its GDP reached a total of 5.2 trillion yuan ($754.4 billion) in 2025, an increase of 5.4 percent year-on-year.

The city has taken the lead in both per capita GDP and overall labor productivity in the nation.

"The deep integration of technological and industrial innovation has fostered the rapid development of new quality productive forces, creating a vibrant market in Beijing," Yin said.

"Looking forward, the city continues to deepen its partnership with MNCs, and optimize its environment to be more livable, tourist-friendly and business-friendly. Social harmony and stability, along with effective urban governance, have made Beijing one of the safest cities in the world," he said.

During the event, attendees enjoyed ice cream made by locally produced robots, observed rehabilitation exoskeletons, and tried on translator glasses and some AI-powered novel products, in a city that is an AI pioneer in the world.

Beijing is also expected to release its AI open source achievements during the Zhongguancun Forum, a top science and technology forum, which is due to open on Wednesday.

It will inaugurate a global AI open source alliance during the event, vying for global investors of an AI corridor in Haidian district, where the country's AI giants are located.

Prior to the forum, Beijing announced its ambitious strategy to enter into high-value niche areas of high-temperature superconductors, synthetic bio-manufacturing, gene editing tools, chips, two-dimensional semiconductors and brain-computer interfaces.

In the quantum domain, Beijing plans to strengthen a multitechnology strategy to build a comprehensive quantum computing hardware and software technology system, according to the plan.

China could strengthen its social safety net and innovate service offerings to further unlock the potential of its vast consumer base, as the world's second-largest economy accelerates its transition toward a consumption-led growth model, a senior executive told China Daily.

"Improving the social security system is paramount. People still have a prudent mentality that they need to prepare for any kind of life accident or opportunities and have a lot of savings," said Denis Depoux, global managing director at German management consultancy Roland Berger.

At the end of last year, deposits held by Chinese households reached 166 trillion yuan ($24 trillion), a twofold increase from a decade ago and a historic peak, according to data from the People's Bank of China, the country's central bank.

Based on the nation's population of 1.4 billion, this translates into an average of about 118,000 yuan in savings per person.

Depoux noted that releasing just 1 percent to 2 percent of this huge sum for consumption would have an "enormous" positive impact on the Chinese economy.

"A very strong upholding of the education and healthcare system" will help make income available for consumption, he said.

Finance Minister Lan Fo'an said at the China Development Forum on Sunday that the government will increase the share of public investment directed toward people's livelihoods, over the next five years.

"The country will continue to refine policies that invest in people, including issuing consumption subsidies for eldercare services, exercising childcare subsidies and improving policies for free preschool education," Lan said.

Meanwhile, the government will support the expansion of affordable childcare and eldercare service providers, to reduce the costs of family care for both the elderly and children, Lan added.

In addition to demand-side policy support, Depoux pointed to diversified supply catering to people's evolving needs as of equal significance.

"There are a lot of new services that still remain to be 'invented'," said Depoux. "The minute those services that can better fulfill people's emotional needs start to exist, we will see people going there, and generating a services contribution to GDP."

China has been opening service sectors to foreign investment, Depoux said, calling the nation "a fitness club" where foreign companies become competitive, move quickly and bring in the most cutting-edge innovations.

Pan Gongsheng, governor of the PBOC, said: "We will vigorously develop the service sector and promote reform, innovation, opening-up, and cooperation in the service industry."

"On the basis of being a global manufacturing powerhouse, China will accelerate its transformation into a core global demand market,"Pan said at the forum on Sunday.

Nestle is committed to long-term investment in China, said the CEO of the Swiss food and beverage giant, Philipp Navratil, highlighting the country's agile consumer market and the opportunities it offers in technology, sustainability and local brand development.

"We are optimistic about being here in China and to keep growing alongside China," Navratil said at the China Development Forum 2026 in Beijing on Monday. "This is a place where we can get inspired and then bring some innovation out to the world."

China's consumer market, Navratil said, is transitioning from a phase of incremental expansion to one of leadership in innovation, particularly in food, beverages and technology.

"Consumers move very fast here, and there is a lot of focus on technology and artificial intelligence, which is another area where we want to lead," he said.

The CEO said the company's strategies are aligned with the country's broad economic goals, including boosting domestic consumption and driving the green transition.

"We work together with local farmers in coffee and dairy here in China," he said. "This is very much aligned with what the company wants to do in sourcing regenerative agriculture and supporting decarbonization."

Nestle has been present in China for almost 40 years and currently operates 23 production factories. More than 90 percent of its products sold in the country are produced locally, and a similar share of ingredients is sourced domestically. "That is the best way to be long-term relevant, anchored, and invested in China," he said.

Globally, Navratil said the company is focusing on five priorities: strengthening its portfolio in coffee, pet food, nutrition and health, and food and snacks; driving volume growth and brand building; improving efficiency; generating cash; and cultivating a performance-driven culture.

He said that local brands such as Totole, a chicken bouillon product, and candy brand Hsu Fu Chi are increasingly important in China and are gaining traction abroad.

Innovation is central to its strategy. Navratil said that China is a testbed for trends that can be scaled up globally. "You don't always need to be the first one, but it's good to be a fast second," he said.

AI is another area of investment. Navratil described three applications: enhancing factory and supply chain efficiency, accelerating product innovation and improving targeted marketing. "We use AI for insight generation, testing concepts, and producing better innovations that are more relevant for consumers," he said.

"We see opportunity," Navratil said of the Chinese market. "By continuing to invest in innovation, research and development and our people, we can support the transition to upgraded local consumption."

China's push to commercialize and scale up the application of rapidly evolving artificial intelligence across a broad range of industries is expected to inject fresh momentum into high-quality economic growth, senior officials and business executives said at the China Development Forum 2026 in Beijing.

In particular, China's abundant industrial application scenarios, growing supply of high-quality data and continued efforts to advance high-standard opening-up are creating broad opportunities for both domestic and foreign businesses, they said at the two-day event.

Liu Liehong, head of the National Data Administration, said China's AI sector has continued to expand on the back of technological innovation and commercial applications. "By the end of the 15th Five-Year Plan (2026-30) period, the scale of China's AI-related industries is expected to exceed 10 trillion yuan ($1.45 trillion)," he said.

AI agents are becoming an important force driving the rapid expansion of large-model applications in China, Liu said, adding that they enable autonomous task planning and sustained execution, marking a new form of large-model application in real-world scenarios.

"Broad-based AI adoption across industries is key to translating high-tech advances into momentum for development."

He also said high-quality data is essential to the large-scale application of AI. As AI advances from foundation models to industry-specific models and gains deeper traction in the real economy, high-quality sectoral datasets are becoming critical to effective model deployment.

Xu Bin, head of research at UBS Securities, said the year 2026 could be a pivotal year for the scaled adoption of AI agents in China, as the technology shifts from conversational interaction toward task execution across a widening range of business scenarios.

UBS remains positive about the outlook for faster adoption and expects continued evolution across the industry value chain, he added.

Huang Zhiming, vice-president of Cisco, highlighted China's strengths in AI, citing its advantages in computing power, talent and energy resources, as well as its vast market. "From healthcare and logistics to manufacturing and finance, China offers a wide range of application scenarios for AI," Huang said.

Such a rich and diverse market environment provides broad scope for AI applications to expand further in China, he added.

Zhang Chenxu contributed to this story.

China will remain a strategic anchor for ABB Group, evolving from a key market into a major hub for advanced manufacturing and innovation, as the country accelerates its shift toward green and technology-driven growth, said the company's top executive.

Morten Wierod, CEO of the Swiss tech company, said ABB sees strong alignment between its strategic priorities and China's development goals under the 15th Five-Year Plan (2026–30), particularly in areas such as electrification, automation, artificial intelligence and smart manufacturing.

"China's long-term development plans resonate well with what we do at ABB. Electrification and automation are global trends, and the nation is at the forefront of these transformations," Wierod said in an interview on the sidelines of the China Development Forum 2026 in Beijing.

As China accelerates its transition toward green development, he said ABB will continue to invest and deepen cooperation with local partners, as well as leverage its technological capabilities to support industries in improving both efficiency and sustainability.

According to the outline of the 15th Five-Year Plan for national economic and social development, China will promote green and low-carbon growth, upgrade traditional sectors to the mid-to-high end of the value chain, nurture emerging industries and make forward-looking plans for industries of the future.

Wierod said electrification would be central to decarbonization, driven by expanding renewable energy and more efficient electricity use through automation and digital technologies, stressing that a reliable power supply is essential for advanced manufacturing.

In terms of industrial opportunities, ABB sees significant potential in sectors undergoing structural transformation, such as steel, where production processes are shifting from coal-based methods to electric arc furnaces and the use of green hydrogen.

For example, ABB has provided Qingdao Special Iron and Steel Co Ltd in Qingdao, Shandong province, with an intelligent manufacturing solution integrating digital technologies, data analytics and safety systems, enabling real-time data monitoring and centralized control, while AI helps predict failures, optimize energy use and reduce costs.

The project is part of ABB's broader push in China, its second-largest market globally, employing more than 14,000 people and increasingly developing solutions for both domestic and global markets.

"We see China not only as a strong market for our products, but also as an innovation hub where we develop new solutions that can be applied both domestically and internationally," said Wierod, adding that he plans to return to China in May with the company's board members to visit key operations and engage with customers and policymakers.

More than 85 percent of ABB's products sold in China today are manufactured locally, supported by a strong domestic supply chain and an R&D team of over 2,000 engineers, while about a quarter of its China-based output is exported to overseas markets, including Southeast Asia, Europe and South America.

Chen Jianwei, a researcher at the University of International Business and Economics in Beijing, said China's drive to advance reform and development through higher-level opening-up will unlock fresh momentum for multinational companies and trading partners.

According to the Ministry of Commerce, foreign investment from Canada, Switzerland and France in China rose by 210 percent, 41.3 percent and 3 percent year-on-year, respectively, in the first two months of 2026.

Tapestry Inc, a United States-based fashion group, will sharpen its focus on China's young consumers as it expands its store network and deepens local innovation, said its top executive.

With more than 350 stores across 90 cities, Tapestry, the parent company of brands including Coach and Kate Spade, plans to move further into China's smaller urban markets, betting on rising incomes and changing consumption patterns to unlock the next growth phase.

Speaking on the sidelines of the China Development Forum 2026, held in Beijing on Sunday and Monday, Joanne Crevoiserat, CEO of the New York-based fashion firm, said Tapestry is prioritizing Generation Z consumers, typically born between the mid-1990s and early 2010s, aiming to position its brands as a "first luxury purchase" for young shoppers, particularly in handbags.

"Specifically, we are building emotional connections with consumers at key life moments — from graduation to first jobs — by offering products that reflect personal style and support self-expression," said Crevoiserat.

Younger consumers are increasingly seeking a sense of identity, with Tapestry aiming to grow alongside them as their purchasing power rises, she said.

According to the outline of the 15th Five-Year Plan (2026-30) for national economic and social development, China aims to achieve a notable increase in household consumption as a share of GDP, making domestic demand a more prominent economic driver.

The government also launched the "Shopping in China" initiative in April 2025 to foster a more international-friendly consumption ecosystem while stimulating domestic demand through a richer supply of higher-quality goods and services.

To secure more market share, Tapestry is doubling down on localization, tailoring its products, marketing and retail experience to resonate more deeply with Chinese consumers, after reporting revenue growth of 34 percent year-on-year in China in the second quarter of its 2026 fiscal year.

While maintaining a consistent global brand identity, Crevoiserat said the firm will continue to collaborate with local artists, incorporate elements tied to Chinese festivals such as Chinese New Year and Qixi Festival — also known as Chinese Valentine's Day — and adapt storytelling to reflect local culture and preferences.

"Store designs will also reflect the distinct character of different cities, from Beijing and Shanghai to emerging city markets," said the CEO, who recently visited Tsinghua University in Beijing and Wuhan University in Hubei province, to better understand young consumers' spending habits and evolving preferences.

Alongside its consumer strategies, Tapestry's China workshop in Dongguan, Guangdong province, has been upgraded with new facilities and updated technologies, enabling the company to drive product development and innovation in China for the world.

Despite uncertainties in the global luxury market, Crevoiserat said Tapestry remains confident about China's long-term prospects, citing the country's large and evolving consumer base, strong policy support and rapid pace of innovation.

"We see significant potential ahead," she said. "China will remain a key driver of our growth for years to come."

Guan Lixin, a researcher specializing in marketing and consumption at the Chinese Academy of International Trade and Economic Cooperation in Beijing, said China's consumption upgrading and pro-consumption policies will create stronger growth momentum, offering foreign companies broader market opportunities and a more supportive environment for long-term development.

For foreign brands, a raft of supportive measures can lower barriers to market entry and streamline access to China's sizable and increasingly sophisticated consumer base, Guan said.

Amid global economic uncertainty, China's combination of continuing openness, massive market scale and innovation capacity is offering multinational companies a predictable and rewarding business climate — one that is increasingly shaping their long-term commitment to the world's second-largest economy, senior officials and business leaders said.

Vice-Minister of Commerce Yan Dong said that regardless of how the international landscape evolves, "the historical trend of economic globalization, the principle that openness fuels innovation, and the common aspiration for mutually beneficial cooperation remain unchanged".

China will continue to advance reform and development through openness, and strive to provide broader opportunities for countries around the globe, Yan said on Monday during the China Development Forum 2026 in Beijing.

To this end, China has launched the "Shopping in China" initiative to attract international tourists to spend in China, while enabling domestic consumers to buy quality products from around the world, Yan said.

He added that the country will host more than 100 "Export to China" events throughout the year, leveraging online and offline channels to create more matchmaking platforms for imported goods. "We welcome businesses from all countries to seize the opportunity to export to China, and position China as their premier export destination," the vice-minister said.

Boosting imports is not a short-term policy measure for China, but rather a long-term strategic priority that has already been incorporated into the 15th Five-Year Plan (2026-30).

Georges Elhedery, group CEO of HSBC Holdings, said that what happens in China's next phase of development will matter far beyond its borders. "It will shape the global economy," he said.

For multinational executives navigating an increasingly volatile global landscape marked by slowing growth and rising protectionism, the predictability of China's market demand has emerged as a highly valued asset.

Philipp Navratil, CEO of Nestle, said the world is changing, and Nestle needs to change even faster. "Nowhere is that imperative more vivid, more urgent or more exciting than here in China. China's pace of digital adoption and consumer innovation pushes us to be even better in the region," he said.

In addition to acting as an anchor of global demand, China has increasingly emerged as an innovation hub for global businesses.

"In recent years, China has become a testing ground, application field and profit center for global innovation," said Yan, the vice-minister, adding that China will support international joint research and application and promote the construction of an open innovation ecosystem.

The transformation is already underway. Ola Kallenius, chairman of the Board of Management of Mercedes-Benz Group, said: "China is a crucial innovation hub, especially in fields of electrification and intelligence. We are accelerating the next level of localization in China, tapping even more into the potential of its unique local ecosystem."

Siemens CEO Roland Busch said that China plays a dual and critical role for the German industrial giant — serving as both a core market and a source of innovation. On Monday, the company unveiled 26 new products developed and manufactured in China that are destined for global markets.

For foreign investors, China is like a "fitness club", said Denis Depoux, global managing director at German management consultancy Roland Berger. "Foreign companies have to be competitive, have to move quickly, and have to bring the most cutting-edge innovations to China," he added.

The number of newly established foreign-invested enterprises stood at 8,631 in the first two months of this year, a year-on-year increase of 14 percent, according to the latest data released by the Ministry of Commerce.

"More than four decades of reform and opening-up have demonstrated that China offers a long-term, stable and secure development environment, making it the most reliable safe haven for international capital," said Han Wenxiu, executive deputy director of the Office of the Central Commission for Financial and Economic Affairs, during the forum on Sunday.

Multinational CEOs at the China Development Forum's Beijing Night struck a bullish tone on Sunday night, expressing renewed confidence in investing in the Chinese capital after a keynote speech by Beijing's top official.

In a speech, Yin Li, Party chief of Beijing, highlighted the city's role as a global innovation hub, citing the strengths of the Beijing-Tianjin-Hebei region, its burgeoning digital economy, and the synergistic effects brought by its educational, technological, and human resources. He anticipated that Beijing would continue to collaborate with multinational companies to "build Beijing into a global investment destination" during the 15th Five-Year Plan period (2026-30).

Apple CEO Tim Cook took the opportunity to express gratitude for the relationships Apple has cultivated in Beijing, as well as optimism. He said that China and Apple share "a future where technology can be a force for good, uplifting people, enriching their lives, and unlocking a wellspring of human potential".

Saravoot Yoovidhya, CEO of T.C. Pharmaceutical Industries from Thailand, said, "Our company enjoys strong support, and it's quite easy to communicate with the government in Beijing to find the solutions we need."

During the event, attendees enjoyed ice cream made by locally produced robots, observed rehabilitation exoskeletons, and tried on translator glasses.

Swiss pharmaceutical company Novartis is to expand its research and development, manufacturing capacity and operations footprint in China, with planned investment of more than 3.3 billion yuan ($460 million), a gathering in Beijing has heard.

The announcement came as the China Development Forum annual meeting opened in Beijing on Sunday, with Vas Narasimhan, the chief executive officer of Novartis, attending for the eighth time.

"China is critical to Novartis' long-term development and innovation," Narasimhan said, adding that the Basel-based company will continue to bring innovative medicines to Chinese patients and aims to be a trusted healthcare partner in the country.

Novartis said China has become its second-largest market globally, and the company plans to launch a large-scale investment and expansion program this year to strengthen innovation and manufacturing capacity in the country.

Its Changping plant in Beijing, established in 1987, is a major production site in the company's global manufacturing network. The facility has started a new round of expansion and upgrade projects, with planned investment of about 1.5 billion yuan to build new facilities and introduce new sterile preparation, liquid filling and packaging technologies.

The company's Shanghai campus, which serves as Novartis' China headquarters, will mark its 10th year of operations this year. Novartis plans to jointly invest 1.8 billion yuan with partners to launch the second phase of the project.

Novartis pioneers radioligand therapy, which treats certain cancers, with its targeted PSMA radioligand therapy receiving approval in China for two indications in November last year.

Major construction is complete on the company's radioligand manufacturing facility in Haiyan county, Zhejiang province - the first of its kind in China. Once the site, which has seen an investment of 600 million yuan, reaches full production capacity, it will help reduce waiting time for Chinese patients seeking radioligand therapy.

Chris Kempczinski, McDonald's chairman and CEO, said in an exclusive interview with China Daily that "We're growing a lot in China. We believe in the country and we believe in the business. If China delivers the around 4.5 percent GDP growth target, that would certainly be a really healthy number. And 5 percent GDP growth would be fantastic if you can get it. The more you can drive domestic consumption, the more we're gonna be able to invest."

BEIJING -- China's fiscal policy will place greater emphasis on openness and shared benefits over the next five years, allowing countries worldwide to share in its development opportunities, Minister of Finance Lan Fo'an said on Sunday.

Against a backdrop of subdued global economic momentum, China will pursue a proactive fiscal policy at home while strengthening international financial cooperation to inject greater stability and positive energy into the global economy, Lan said at the China Development Forum 2026, which opened in Beijing on Sunday.

China will deepen bilateral and multilateral financial cooperation and help improve global economic governance, he added, noting that the country will work with others through financial and economic channels to address global challenges and deliver more tangible outcomes.

The country will foster a more fair, transparent and non-discriminatory business environment, enabling all market players, including foreign enterprises, to compete on a level playing field, the minister said.

The China Development Forum 2026 is scheduled for March 22-23, with the theme "China in Its 15th Five-Year Plan Period: Advancing High-Quality Development and Creating New Opportunities Together."

The two-day China Development Forum 2026 that began in Beijing on Sunday offers the global business community a chance to better understand China's proposed economic trajectory over the next five years as outlined in the 15th Five-Year Plan (2026-30) and to assess what that means for the world.

The forum, often dubbed "China's Davos", is a platform for dialogue among Chinese government officials, international executives and scholars, helping businesses explore opportunities for cooperation in technology, green development and innovation-driven growth.

The theme of the forum this year — "China in its 15th Five-Year Plan Period: Advancing High-Quality Development and Creating New Opportunities Together" — underscores the importance of collaboration between Chinese and foreign businesses in navigating the complexities of the global economy.

Premier Li Qiang, in his keynote speech at the opening of the forum, emphasized China's commitment to high-quality development and stable economic growth. He assured the participants that China will persist in creating a favorable business environment and implement national treatment for foreign enterprises. This will allow global companies to continue to thrive and achieve success in China.

The global economy is undergoing a transition: while traditional growth avenues struggle, new sectors such as green technology and artificial intelligence are burgeoning. Amid this duality, China's strategic focus on openness and innovation stands out as a signal for cooperation.

When meeting with representatives of multinational corporations prior to the forum on Saturday, Vice-Premier He Lifeng stressed this as he invited the global giants to increase their investment in China. He highlighted China's steady progress in innovation-led development, which offers vast opportunities.

The latest measures of China to boost travel service exports and expand inbound consumption highlight the country's resolve to continue to invigorate growth. These policies aim to enhance the international appeal of China's tourism and service sectors, crucial components of the nation's foreign trade. By expanding visa-free policy, facilitating international payment systems and raising service standards, China aims to attract more foreign visitors and investors.

In 2025, China's economy grew by 5 percent, surpassing 140 trillion yuan ($20.4 trillion) for the first time. By setting a GDP target between 4.5 and 5 percent this year, China intends to continue that growth trajectory.

In the first two months, the industrial added value of major enterprises grew by 6.3 percent year-on-year; the total value of imports and exports of goods increased by 18.3 percent; and fixed-asset investment grew by 1.8 percent year-on-year, marking a shift to growth. All this indicates that China's economy is moving in a positive direction and progressing steadily.

China's development path is a source of global opportunities. And China's openness to foreign investment, and its initiatives such as the China International Import Expo have been welcomed as they create channels for international cooperation.

Moreover, China is committed to helping build an open world economy. Apple CEO Tim Cook, who is in Beijing to attend the forum, said China is Apple's most important production base and the primary source of its supply chain. He said that Apple is continuously deepening its innovation cooperation, green development and industry chain collaboration in China, which is highly aligned with the country's 15th Five-Year Plan.

The new five-year plan is not only a blueprint for the country's domestic development, but also an answer to how it will contribute to building a stable foundation for global economic growth and provide a platform for foreign companies to thrive.

The plan's focus on innovation, sustainability and openness highlights a path toward inclusive growth and shared prosperity.

The China Development Forum is thus a testament to China's role as an economic powerhouse, offering vast opportunities for international cooperation and growth. As the world navigates an era of uncertainty, China's vision and commitment to high-quality development provide a road map for an interconnected and prosperous future.

Future industries such as quantum technology and embodied intelligence should be a global "concerto" of collaboration rather than a "solo" performance by any single nation, China's Minister of Industry and Information Technology Li Lecheng said on Sunday at the China Development Forum in Beijing.

Li emphasized that China is committed to sharing technological innovations with the world and working jointly to advance future industries for the benefit of all humanity.

He noted that multinational corporations are increasingly integrating into the landscape of these emerging sectors.

The minister outlined a multi-pronged strategy to accelerate the development of future industries. This includes strengthening top-level planning and establishing technology foresight mechanisms, as well as promoting the coordinated development of pilot zones tailored to local advantages.

To boost technological supply, China will intensify efforts in original and groundbreaking research, with a focus on fields such as quantum technology, bio-manufacturing, hydrogen and nuclear fusion energy, brain-computer interfaces, embodied intelligence, and 6G.

He also stressed the importance of leveraging enterprises as key drivers by nurturing leading tech firms with core competencies. The ministry will work to integrate innovation, industry, capital, and talent chains, while refining governance systems to balance development with security.

Li called for deeper international cooperation, greater engagement in global innovation networks, and active participation in setting international standards to foster an open, inclusive, and secure environment for future industrial growth.

Georges Elhedery, group CEO of HSBC Holdings plc, said China is entering a new phase of development that will help shape the next era of global growth, as Chinese companies sharply accelerate their push to expand overseas.

In an interview during the China Development Forum 2026 in Beijing, Elhedery said the country's outbound direct investment continues to gain momentum, underscoring its rapidly growing role as a global investor.

He added that while global trade continued to grow in 2025, increased uncertainties arising from tariffs, geopolitical tensions and military conflicts have been intensifying. Nonetheless, these headwinds, as well as the resulting structural shifts, have created new opportunities, and new trade corridors have emerged.

"Under the current 'new normal' of global trade, Chinese companies are facing new needs and challenges in their journey to 'go global'. Financial institutions should keep up with Chinese companies, as the pattern of their journey has shifted from primarily exporting products to actively building overseas operations," Elhedery said.

To meet these demands, he said banks need to strengthen their global networks and provide customized, one-stop financial solutions.

Elhedery added that, unlike traditional branch-centric models — where overseas subsidiaries of Chinese companies are often managed as independent entities — a vertically client-aligned framework that mirrors a company's organizational structure is essential for delivering seamless and consistent banking services. Such an approach, supported by offerings including holistic global payment solutions, global trade services, emerging market currency risk management and cross-border financing, can give companies real-time visibility over global cash flows, improve working capital efficiency and help mitigate trade-related risks.

He also emphasized that stepping up efforts to reinforce Hong Kong's status as an international financial center, while deepening its role as an offshore renminbi hub, will be key. Greater connectivity between the Chinese mainland and Hong Kong, Elhedery said, would enable international investors to access more efficient and convenient risk management tools.

China's focus on applying artificial intelligence across industries and its broader economic transition toward high-tech sectors are drawing global attention, a foreign expert said.

David Meale, practice head for China at Eurasia Group, said on the sidelines of the China Development Forum 2026 on Sunday that China's approach to artificial intelligence stands out for its emphasis on real-world industrial applications rather than only frontier technology models.

"What strikes me is that what makes China different from the United States is this real focus on AI applications being integrated into almost every part of production processes and business operations, compared with what we are seeing elsewhere, which is more focused on frontier models and their capabilities," he said.

Meale said China's transition toward a more technology-driven economy will be closely watched globally, especially as AI reshapes industries and employment structures worldwide.

"It is very challenging for all countries right now to adjust to a world where AI is displacing workers in some sectors, while new sectors are not creating a lot of new jobs at the same time. China is also thinking about how to navigate that transition," he said.

Looking ahead, he said the global community will pay close attention to how China balances technological innovation, consumption growth and economic restructuring in the coming years.

"Over the next five years, the world will be watching whether there will be more consumption relative to investment and exports, and how China navigates that transition," he said.

Meale also said China has prepared for a more turbulent global environment and is positioning itself as a stabilizing force in the global economy.

"China has planned for a world that is going to be turbulent. By virtue of its vast market, its planning and how it is positioning itself in the world, China wants to communicate a message of pushing global events toward greater stability," he said.

He added that stable China-US relations are important for global supply chain stability.

"Both sides understand that we cannot live in a world where countries are not predictable in their role in supply chains," he said.

Nearly 40 percent of German companies said they plan to accelerate their localization in China, in the wake of recent trade conflict escalation between the United States and China, a survey by the German Chamber of Commerce in China said on Wednesday.

A report based on a survey of 143 German companies operating in China found that 86 percent of respondents have been affected by the latest US trade measures toward China. In particular, 93 percent of German automotive firms' businesses in China have been affected, according to the survey that was released by the chamber in Beijing.

For industries, 36 percent of the surveyed companies are involved in machinery and industrial equipment, while others are in automotive, mobility, electronics, logistics, and plastic and metal products.

Besides plans to strengthen localization in China, other firms are monitoring the situation or looking into other sourcing markets as an alternative to the US, the survey found.

German firms' investment intentions in China remain solid, however. In the next two years, 7 percent of respondents said they plan to strongly increase their investments in China, up 2 percentage points over last year. Besides, 43 percent of respondents said they plan to somewhat increase their investments in China, down 4 percentage points over last year.

Meanwhile, German election winner Friedrich Merz has been sworn in as Germany's new chancellor. German companies operating in China have called for a more hands-on approach from the new government toward China.

Those approaches include promoting an active and informed engagement with China, and improving China's image in Germany, said Oliver Oehms, executive director and board member of the German Chamber of Commerce in China-North China, during a news conference in Beijing.

China had been Germany's largest trading partner for eight consecutive years until 2024 when US replaced China to become Germany's top trading partner, according to German Federal Statistical Office.

Germany stands as China's largest trading partner in Europe and an important investment destination, the Ministry of Commerce said.

At the annual meeting of the China Development Forum in March, executives from major German companies such as Mercedes Benz, BMW, Bosch, and Deutsche Bank expressed their willingness to increase investment in the Chinese market.

The automotive industry has been a highlight of Sino-German economic and trade cooperation.

China's Commerce Minister Wang Wentao met with Hildegard Muller, president of the German Automotive Industry Association, in late April, and Wang said China and Germany have a solid foundation for cooperation in the automotive industry, with German automakers having served as "witnesses, participants, and beneficiaries" of China's reform and opening-up.

China's door will only open wider, and the country's policies on utilizing foreign investment have not changed and will not change, Wang said.

"Given the pressure of US tariff policies, it is necessary for countries around the world to accelerate economic and trade cooperation with those outside of the United States, and achieve diversified trade layouts," said Zheng Chunrong, director of the German Studies Center at Tongji University.

zhuwenqian@chinadaily.com.cn

Editor's Note: China's top leadership met with more than 40 representatives of the international business community in Beijing on March 28. The key message sent was clear — China has been and will remain an ideal, secure and promising destination for foreign investors, and that investing in China is investing in the future. China Daily reporters interviewed some of the executives of the multinationals who attended the meeting. The following stories tell why the global business leaders firmly believe that China's development is the core driving force of the world's economy, and offers exciting, vast opportunities and stellar growth potential.

Japanese conglomerate Hitachi Ltd is ramping up efforts to expand its presence in China, and looking to grasp the immense opportunities arising from digital transformation, sustainable development and green transition in the world's second-largest economy.

Toshiaki Higashihara, executive chairman of the company, said Hitachi has expanded its business in line with China's development direction since it entered the Chinese mainland market more than 40 years ago, and today it is actively developing business in China in a wide range of fields, ranging from social infrastructure to information technology.

Higashihara said China is one of Hitachi's most important markets, and the company will promote solutions to address social issues with "digital, green and innovation" as the driving forces for growth.

In 1979, Hitachi established its office in Beijing and established Fujian Hitachi Television Co Ltd in 1981, the first manufacturing joint venture of a Japanese company in China.

"Through IT, control and operation technologies — and products that we have cultivated over the years — we will continue to focus on our business in China, building on our ties with our good old friend, China," he said.

For instance, the company actively cooperates with Tsinghua University to promote research and development and innovation activities in fields such as environmental protection and healthcare.

Looking forward, Hitachi will make greater efforts to improve energy supply, enhance people's quality of life and revitalize local economies, while contributing to China's regional development, industrial transformation and upgrading, as well as exchanges and cooperation between China and Japan, he added.

Currently, the Japanese company mainly focuses on three business segments globally — digital systems and services, green energy and mobility, and connective industries.

Revenue from the three segments in the Chinese market accounted for about 11 percent of the company's total top line in fiscal year 2023. Its business in China includes power transmission and distribution, grid equipment, as well as elevators. It is also actively expanding its footprint in the healthcare sector.

Higashihara attended the recently concluded China Development Forum, which he said serves as a bridge between Chinese leaders and global leaders.

"We recognize that this is a very valuable platform for understanding China's important measures and sharing efforts to solve global issues through open dialogue," he said, adding, "Through exchanges with high-level leaders, we have gained many insights and strengthened our belief in China's prospects."

Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, said that China has not only lowered the threshold for foreign investment, but also introduced favorable policies for key industries as well as R&D and innovation, in order to guide and support foreign capital to flow into high-tech manufacturing.

Chinese enterprises could learn advanced technologies and management experience from their foreign counterparts and improve innovation capacity and competitiveness, thereby injecting impetus into economic transformation and upgrading, Zhou added.

China's heightened efforts to promote high-standard opening-up and stabilize foreign trade and investment — such as the shortened negative list for market entry and pilot free trade zones — have created favorable conditions for foreign businesses to invest in China, said Zhang Jianping, deputy director of the academic committee at the CAITEC.

During an interview at the guest room of a home appliances store in China World Mall in Beijing in mid-March, Hubert de Haan, senior vice-president for China of Germany's BSH Home Appliances Group, sipped his coffee thoughtfully, while stressing that China "is still worth it".

His words may sound simple, but they echo a sentiment that is far more nuanced.

After tracking China's economic policies for years, I have learned that understanding this market takes more than just reading headlines — it requires diving into the details, including the numbers, the policies, and, perhaps most importantly, the momentum foreign business executives feel when they are actually here on the ground.

That momentum is driven by powerful fundamentals that continue to matter to global investors.

At the center is China's vast consumer market.

Its massive population powers a consumption engine that is constantly evolving. As the middle-income group expands, so does demand for better products, smarter services and improved experiences. Foreign businesses aligned with this shift are discovering more opportunities and more discerning customers.

Fueling this demand is a manufacturing ecosystem unmatched in scale and integration. From raw materials to finished goods, China's industrial chain enables end-to-end production. This efficiency lowers costs and boosts responsiveness, a critical advantage in today's volatile global environment.

Enabling it all is world-class infrastructure. High-speed railway networks, expressways, ports and airports form a logistics network built for speed and volume. For firms managing complex supply chains, China offers rare reliability and often outperforms global peers.

The talent pool is another strength.

Beyond sheer numbers, China's workforce is increasingly skilled. Advances in education and training have elevated its human capital. Today, it is not just labor, its engineers, designers and digital specialists are ready to scale with demand.

Digitally, China has leapt ahead. From mobile payments to artificial intelligence labs, it is now one of the world's most dynamic digital economies. For companies in e-commerce and fintech, opportunity here is not abstract, it is immediate and immense.

Moreover, I can tell that the value proposition is evolving. It is no longer just about scale or speed. It is about strategic alignment with China's innovation agenda. As supply chains reconfigure and consumption matures, the country is prioritizing high-tech, knowledge-driven investment.

As foreign direct investment in China is shifting away from labor-intensive operations toward research and development hubs, innovation centers and green tech, it brings new opportunities and higher expectations. Market entry thresholds are rising, and success requires more than capital.

Today, investment means adaptability, foresight and trust. Only global players with the right products, services and market approaches have the capability and confidence to compete here.

These messages were not just confined to individual interviews. It echoed throughout the China Development Forum 2025, held in Beijing in late March. In a world facing rising protectionism and economic uncertainty, top executives of leading multinational corporations believe openness and collaboration have never been more essential — for countries to keep markets accessible, and for businesses to work together toward shared solutions and sustainable growth.

Among them was Georges Elhedery, group chief executive of HSBC Group, who said his company expects China to remain an engine for global growth in 2025 and across this decade. In the long run, China will remain a thriving, sustainable economy, firmly at the center of global trade and investment, and at the forefront of innovation.

In this new landscape, it is no longer about which multinational corporations can enter. It is about who can last, and who can lead.

So yes, as de Haan from BSH China said, China is still worth it. But success here demands more than just showing up. It requires clarity, long-term commitment and the agility to grow with China, not just in it.

Despite operating in different industry sectors, several multinational corporations — such as Germany's Siemens AG, Tapestry Inc of the United States and Japan's Takeda Pharmaceutical Co — share a common goal of stepping up investment in China's high-tech and supply chain sectors to stay competitive.

Their top executives, who attended the China Development Forum 2025 in Beijing in March, noted that the Chinese government's proactive efforts — from expanding domestic demand to fostering emerging and future industries, and deepening international cooperation through greater openness — are sending out strong signals and continuously boosting the confidence of foreign businesses in the Chinese market, despite rising global trade protectionism, unilateralism and geopolitical tensions.

One such company is Mercedes-Benz.

The German automotive group will begin producing the long-wheelbase electric CLA, a compact luxury model, in China this year, followed by the long-wheelbase GLE SUV and an all-new electric van in the coming years.

Ola Kaellenius, chairman of the board of management at Mercedes-Benz, said the company has made significant strides in research and development in China. Powered by its innovation centers in Beijing and Shanghai and supported by 2,000 local experts, the group has advanced its development of connectivity, digitalization, autonomous driving features and electric vehicle transformation.

"Just like other European automotive companies, we have been among the biggest foreign beneficiaries of China's rapid economic growth," said Kaellenius.

"At the same time, our industry has been one of the largest recipients of foreign direct investment in China. There is a strong interdependence between China and the European Union. Both sides want to protect jobs in their home markets while reaping the benefits of free international trade," he added.

Noting that China's growing focus on boosting domestic consumption is giving global companies greater confidence to invest in the world's second-largest economy, Joanne Crevoiserat, CEO of Tapestry, said the company is keen to contribute to the country's consumption upgrade and expansion by bringing more innovative products to this market.

Tapestry is a New York-based luxury goods maker and the parent company of brands like Coach and Kate Spade.

"China is our largest market outside the US, and it is a major source of inspiration for us globally. Many of the innovations we develop here — through partnerships with Chinese companies to serve Chinese consumers — are later introduced to other markets around the world," Crevoiserat said.

The company, she added, is on track to achieve its goal of opening 100 stores in China between 2022 and 2025, with the milestone set to be reached by the end of this year.

"In addition to investing in physical stores, or brick-and-mortar retail, we will also invest in digital, particularly with the advancements in the Chinese market, as local consumers are fairly digitally engaged," she said. "So, we have been making investments into our digital capabilities and meeting the consumer demand in an omnichannel way."

Christophe Weber, president, CEO and representative director of Takeda Pharmaceutical Co, expressed a similar opinion.

Takeda will make targeted investments in data and digital solutions in China to unleash the power of new technology for the future of healthcare, he said.

In January, the Japanese company announced the signing of an investment cooperation agreement to establish its China innovation center in Chengdu, Sichuan province. The new facility will focus on digital healthcare innovation and leverage big data and artificial intelligence technologies to develop solutions.

Eager to stabilize its appeal to global investors in 2025, China will further open up internet-related, cultural and other sectors in a well-regulated manner and expand pilot programs to open fields such as telecommunications, medical services and education, according to this year's Government Work Report.

The country will encourage foreign investors to increase reinvestment and support collaboration among upstream and downstream enterprises along industrial chains.

The report said national treatment will be ensured for foreign-funded enterprises in areas such as access to production factors, licensing, standards setting and government procurement.

Sang Baichuan, dean of the University of International Business and Economics' Institute of International Economy in Beijing, said that China enjoys a stable political, economic and social environment when compared to several other countries.

Amid mounting global economic headwinds, China's steadfast commitment to opening-up, backed by consistent government support and a more level playing field, is encouraging, Sang said.

As China's innovation capabilities grow, foreign investors are increasingly shifting from "a manufacturingonly focus to collaborative research and development", he added.

Noting that high-tech, high-efficiency and high-quality growth have become key drivers of China's economic transformation, aligning with its focus on new quality productive forces, Roland Busch, president and CEO of Siemens AG, said the country has made rapid advancements in artificial intelligence.

First introduced in 2023, new quality productive forces refer to advanced productivity freed from the traditional economic growth mode and productivity development paths.

Busch said innovations such as the open-source foundational model R1 by Chinese AI startup Deep-Seek are examples of how "China surprises us with innovations".

This momentum is not limited to the private sector.

China's centrally administered State-owned enterprises, such as State Grid Corp of China and China Mobile Ltd, have deployed AI technologies across more than 500 scenarios in key sectors such as manufacturing, smart vehicles, energy and power, according to information released by the State-owned Assets Supervision and Administration Commission of the State Council, the country's top State assets regulator, in late March.

These solutions have significantly reduced costs for central SOEs and their partners as well as improved efficiency in research and development, production and customer service.

Seeing more opportunities in areas such as healthcare, consumption, advanced manufacturing and innovation-driven development, a total of 7,574 foreign-invested enterprises were newly established in China in the first two months of this year, representing a year-on-year growth of 5.8 percent, said the Ministry of Commerce.

Investment from the United Kingdom, Germany and South Korea climbed by 87.9 percent, 54.7 percent and 45.2 percent year-on-year, respectively, in the first two months, according to the ministry.

During separate meetings with several US business leaders, including Apple CEO Tim Cook and Wendell Weeks, chairman and CEO of Corning Inc, in Beijing in March, Minister of Commerce Wang Wentao said that China's economy continues to consolidate and expand its recovery momentum even though it faces growing external uncertainties.

Wang said ongoing policy measures will strongly support economic growth. China will continue to create favorable conditions for foreign companies to increase their investments within its market.

The minister stressed that trade wars produce no winners and protectionism offers no solutions. As the world's two largest economies, stronger China-US economic and trade cooperation is consistent with economic principles, while decoupling and supply chain disruptions would harm all parties involved, he said.

Miguel Lopez, CEO of German industrial conglomerate Thyssenkrupp AG, said China is not only one of the largest markets for many foreign companies, but also home to the world's most comprehensive industrial and supply chains, supported by a well-developed logistics system.

Thyssenkrupp will continue to strengthen supply chain management in China and establish closer relationships with local suppliers. This will not only improve risk resilience and lower costs, but also benefit its global markets, Lopez said.

"Looking ahead, only through open collaboration, technological innovation and sustainable development can we collectively build a more stable and efficient global supply chain," he said.

Antoine de Saint-Affrique, CEO of Danone SA, a French multinational food products company, said that given China's economic significance, a healthy and growing China benefits the entire world.

"Growth in China contributes to the expansion of the global economy, and a thriving global economy, in turn, supports shared prosperity and peace," he added.

Between January and February, foreign-invested businesses in China saw their export value grow 6.9 percent year-on-year to 1.08 trillion yuan ($148.9 billion), according to the General Administration of Customs.

zhongnan@chinadaily.com.cn