China's green transition, innovation capabilities and policy continuity will create fresh opportunities for foreign firms to introduce their latest products and services during the 15th Five-Year Plan (2026-30) period, said business leaders on Wednesday.
Speaking at a sub-forum at the ongoing Boao Forum for Asia Annual Conference 2026 in Boao, Hainan province, they said China remains a key market and innovation hub, as shifting regional development patterns and policy-driven opportunities encourage foreign corporations to deepen local investment, forge closer partnerships and integrate further into supply chains despite geopolitical uncertainties.
Wu Chun, managing partner for China at Boston Consulting Group, said that after decades of growth in China, foreign firms have seen three major shifts — the rapid rise of Chinese companies in the global arena, the country's transformation into an innovation hub, and a growing need for deeper integration into local supply, value and innovation chains.
China has seen rapid development in green energy, biopharmaceuticals and electric vehicles, leading foreign enterprises to reassess future growth sectors and their strategies for engaging with them, said Wu.
Peter Burnett, chief executive of the China-Britain Business Council, said that despite rising costs, China's strength increasingly lies in its technological capabilities and talent pool, encouraging foreign businesses to pursue research and development, partner with local firms and integrate more closely into the country's innovation ecosystem.
That view is in line with the latest data. China's high-tech industries drew 63.21 billion yuan ($9.17 billion) in foreign direct investment in the first two months, up 20.4 percent year-on-year and accounting for 39.2 percent of total FDI attracted by the country during the period, said the Ministry of Commerce.
David Rosiers, director of the Beijing chapter of the Canada China Business Council, said investing in China remains essential for Canadian companies seeking to expand exports and enhance global competitiveness, adding that China-Canada two-way investment has more than doubled over the past decade and that opportunities under the 15th Five-Year Plan, particularly in innovation, services and domestic demand, outweigh perceived risks.
Lorenzo Riccardi, chairman of the Italian Chamber of Commerce in China, also said China is a key market and strategic partner, with investment moving beyond coastal regions with deeper integration into the country's innovation-driven supply chains.
"Italian businesses, meanwhile, see China as a long-term growth market, supported by its rising share of global GDP and shifting regional development patterns, even as competition intensifies and geopolitical uncertainties persist," said Riccardi.
Long Yongtu, former vice-minister of China's now-defunct Ministry of Foreign Trade and Economic Cooperation, said China's vast and comprehensive manufacturing system — along with well-integrated industrial and supply chains — will enable foreign firms to plug directly into global production networks and further expand from China.
The country also offers a highly skilled workforce, particularly in engineering and technology, supporting innovation activities. Together, these strengths allow foreign companies to enhance global competitiveness while benefiting from China's market and innovation capabilities, said Long.
Jean-Pascal Tricoire, chairman of Schneider Electric, said the French industrial group is currently building two new plants in Xiamen, Fujian province, and Wuxi, Jiangsu province, while upgrading its Beijing research and development centre, focusing on energy management, optimisation, efficiency and digitalisation. - China Daily/ANN
