Economic Watch: Partnering with China brings development, growth opportunities, global businesses say

by Xinhua writer Wu Qiong, Yang Shiyan

BEIJING, May 23 (Xinhua) -- The steady drum of rain against umbrellas fills the air as sleek black sedans glide to a halt outside the Diaoyutai State Guesthouse in Beijing on Thursday afternoon. Business and trade leaders worldwide streamed into the lobby for a much-anticipated trade summit.

During their brief pauses for the throng of journalists shouting questions, words on the lips of many a delegate include artificial intelligence (AI), innovation, and industrial chain cooperation -- but above all, the constant refrain is China.

Speaking on behalf of British businesses with development interests in China, Sherard Cowper-Coles, chair of the China-Britain Business Council, said that Britons coming to China are looking at opportunities for development and growth because they have a lot to benefit from engagement with China. "And it's not just about making money. It's also innovative here in China," he noted.

Held by the China Council for the Promotion of International Trade (CCPIT), the Global Trade and Investment Promotion Summit 2025 focuses on the themes of embracing the era of digital intelligence and working together for common development. Over 800 representatives of government departments, international organizations, associations and enterprises attended the summit.

Noting his recent visit to a technology-savvy Chinese firm, Vaughn Barber, chair of the China-Australia Chamber of Commerce, believes that AI and other emerging tech sectors present vast opportunities -- those where everyone can thrive through collaboration.

Summit delegates noted that China's commitment to opening up has not only strengthened its position as a trade leader, but also boosted global cooperation and economic growth amid rising uncertainties and protectionism.

"I highly affirm China's firm commitment to free trade and its leadership in this regard," said Low Kian Chuan, president of the Associated Chinese Chambers of Commerce and Industry of Malaysia.

Commenting on the recent completion of negotiations on the Version 3.0 China-ASEAN Free Trade Area (CAFTA), Low expects more harmonious cooperation between ASEAN countries and China. Technological improvement and productivity enhancement can be achieved through cooperating with China, he said.

Regional opening-up achievements, such as the CAFTA and the Regional Comprehensive Economic Partnership, alongside institutional opening-up measures like extending zero-tariff treatment to all 43 least-developed countries it has diplomatic ties with, demonstrate China's confidence in opening up and provide much-needed stability to the world economy, Wang Yiwei, professor of the School of International Relations at Renmin University of China, told Xinhua.

Industrial chain resilience also contributes to the world's second-largest economy's potential for worldwide cooperation, according to industry experts and business leaders.

The scalability of industries in China showcases the nation's ability to make high-quality products at a rapid pace, and it only continues to accelerate, Jack Perry, chairman of The 48 Group in Britain, told Xinhua.

A recent survey by the China-Australia Chamber of Commerce reveals that Australian businesses are placing great importance on building partnerships with Chinese companies, Barber noted, adding that it increases their ability to be responsive to Chinese consumer needs and strengthens their supply chain resilience over time.

These advantages of the Chinese market have driven numerous international businesses to double down on their commitments -- backing their confidence with concrete actions.

"For decades, we have strived to walk hand in hand with China and move forward together, and China has provided numerous opportunities," said Yu Feng, president of Honeywell China. Now China has entered a new development stage, and amid our ever-changing world, it has become even more necessary to partner with China, he noted.

Since the start of this year, China has drawn influential foreign investors from tech giants to automakers into the global manufacturing powerhouse and innovation hub, with Toyota committing to a 14.6 billion yuan (about 2.03 billion U.S. dollars) strategic cooperation agreement in Shanghai, and AstraZeneca signing a landmark agreement to invest 2.5 billion U.S. dollars in a global strategic research and development center in Beijing.

Earlier last month, the first batch of large-diameter batteries from Panasonic Energy (WuXi) Co., Ltd. was delivered, marking the full commercialization of the project with an investment value of over 50 million yuan.

With confidence in the resilience of China's economy and the new energy battery market, Panasonic will further increase investment in areas such as capacity integration and expansion, R&D strengthening, and green manufacturing, said Tetsuro Homma, executive vice president of Panasonic Holdings Corporation and group chief executive for China & Northeast Asia.

And as more foreign firms are drawn to the Chinese market, the CCPIT will improve its services, expand its international circle of friends, and continue to make new contributions to building an open world economy, said Ren Hongbin, chairman of the council. Enditem