Heads of multinational companies gather for the "Spring Meeting": China's "new" opportunities from a global perspective

Spring is here again, and since 2000, during this time of year, top entrepreneurs from around the world have gathered in Beijing for the “Spring Appointment” of the China Development Forum.

The annual “China Development Forum” is regarded as the premier event for opening up to the outside world, and it is also the first “national-level” forum held after China’s annual Two Sessions. This year’s forum coincides with the start of China’s 14th Five-Year Plan, while the current international situation is undergoing profound and complex changes.

Working Together to Expand the Global Economic and Trade Pie, Creating New Opportunities Together

Market, development, and future are the three key words for this highly anticipated summit. The theme of this annual meeting also focuses on the development direction of China’s 14th Five-Year Plan, emphasizing high-quality development and the co-creation of new global opportunities as two core aspects.

Premier Li Qiang stated at the annual meeting that the market has become a scarce resource but can be continuously created. China will unswervingly promote high-level opening up, import more high-quality foreign goods, and work with all parties to promote balanced and optimized trade development, working together to expand the global economic and trade pie.

At the annual meeting, Novartis announced that it will continue to increase its investment in China, expanding its research, production, and operational layout in China, with an expected investment of over 3.3 billion yuan, contributing to innovation and high-quality development in China’s biopharmaceutical industry.

Novartis CEO Vas Narasimhan stated in his speech that China is crucial for Novartis’s long-term development and innovation, and we will continue to introduce innovative drugs for Chinese patients and strive to be China’s most valuable and trustworthy healthcare partner.

As one of the international financial institutions with the largest investment in China, HSBC Group CEO Noel Quinn stated that China is entering a new stage of development and will shape the next era of global growth. The Chinese economy is igniting the vigorous vitality of emerging industries and possesses the strength to achieve greater breakthroughs. HSBC will continue to invest in the Chinese market, helping overseas clients seize opportunities in China and assisting Chinese enterprises in expanding into global markets.

Ola Källenius, Chairman of the Board of Management of Daimler AG, announced at the annual meeting that dozens of new products will be launched in China over the next 24 months.

Committed to Being the “Cornerstone of Certainty” and “Harbor of Stability” for the World

What multinational companies value most in long-term investments is a stable investment and development environment. China’s vast population, stable political environment, strong consumption capacity, and considerable growth potential make it one of the markets that global capital and enterprises cannot ignore.

At this forum, many influential guests from both China and abroad expressed the importance of stability for development, and the remarks from several Chinese officials provided many multinational companies with a “sense of reassurance” for their development in China.

At the annual meeting, Dilma Rousseff, President of the New Development Bank and former President of Brazil, stated that development is only possible in a peaceful, stable, and secure environment. China is a stabilizing force and core engine for global stability, growth, trade, and technological transformation.

Standard Chartered Group CEO Bill Winters also stated that China is a stable platform in an unstable world and will attract more international investment opportunities.

PBoC Governor Yi Gang stated that China will steadily promote high-level opening up in the financial sector. We will deepen the interconnection of financial markets and cross-border payment systems, facilitating more investors to invest in China’s financial market. We welcome foreign investors to participate in and invest in China’s financial market.

Han Wenxiu, Deputy Director of the Central Financial Office and Director of the Central Agricultural Office, stated that China will unswervingly deepen reforms and promote high-level opening up. Based on the comprehensive removal of foreign investment access restrictions in the manufacturing sector, the focus will also be on expanding market access and opening up in the service sector, promoting orderly expansion of openness in telecommunications, the internet, education, culture, and healthcare, and advancing the efficient, convenient, and secure cross-border flow of data.

Wang Jinsong, Deputy Director of the National Energy Administration, stated that China will also uphold an open, inclusive, and cooperative attitude to jointly maintain the stability and smoothness of the global new energy industry chain. We will establish an open, transparent, and non-discriminatory international energy market order to promote the free flow of new energy products, technologies, and services globally.

Seizing “New” Opportunities in Consumption, Serving Consumption as an Important Direction for the Future

China is one of the most dynamic consumer markets in the world. The current consumption model is evolving at an unprecedented pace. The core driving force behind the growth of consumption in China is shifting towards service consumption, which is nearing “half the landscape” of Chinese residents’ consumption.

Dan Katz, First Deputy Managing Director of the International Monetary Fund (IMF), stated at the annual meeting that China can further expand consumption and domestic demand by increasing residents’ income and reducing precautionary savings incentives—especially in service consumption.

Ramon Laguarta, CEO of PepsiCo, pointed out at the annual meeting that consumption is the core engine of China’s economic growth. The 14th Five-Year Plan clearly emphasizes the expansion of high-quality consumption, acceleration of innovation, and the expansion of domestic demand, which align closely with PepsiCo’s business focus.

He mentioned that for PepsiCo, China is not only one of the crucial growth markets but also a global innovation hub, and PepsiCo sees itself as a long-term partner, investor, and co-builder in China’s next stage of development.

As an international company deeply rooted in China for over 30 years, Xu Xinxiong, CEO of Tsingtao Brewery Group, stated that China has a profound foundation of a super-large market, with the role of consumption as the main driving force of economic growth becoming increasingly prominent.

In his view, current consumption demand in China is exhibiting three major trend changes: shifting from meeting basic needs to pursuing quality experiences, from single-product consumption to the integration of products and services, and from mass consumption to tiered and personalized consumption. The 14th Five-Year Plan positions consumption as the core driving force for economic growth, clearly proposing the construction of a strong domestic market, improving the consumption environment, and unleashing consumption potential, injecting new momentum into consumption upgrades through measures such as boosting consumption special actions, creating new consumption scenarios, and stimulating the vitality of lower-tier markets.

Xu Ran, CEO of JD Group, believes that the Chinese consumer market demonstrates strong resilience and great potential. Service consumption is an important direction for the future, and retail goods also possess enormous growth potential. Driven by artificial intelligence technology, new consumption scenarios will continue to emerge.

Reporter Zhang Xiaochong from the Beijing News and Beike Finance

Editor Yue Caizhou

Proofreader Jia Ning