Lujiazui, a financial zone in Shanghai Photo: VCG

Foreign companies still have confidence in China, a view boosted by the release of the Government Work Report on Tuesday, which said China will ramp up efforts to attract foreign investors, including further shortening the "negative list" for foreign investment.

The Chinese economy has demonstrated resilience and delivered growth in recent years, and it has sustained the confidence of multinational companies in the future of the Chinese market.

China has been pursuing a high-level opening-up process, while continuously improving the business environment, which has drawn strong positive responses from foreign companies. Airbus has welcomed recent favorable policies. The company is committed to becoming a model of cooperation in the high-tech aerospace industry between China and Europe, it said in a note shared with the Global Times on Tuesday.

Airbus is not alone in its positive attitude. "China is one of our major markets and plays a strategic role in our global business. With the improved business environment and ongoing pursuit of high-standard opening-up, we continue to invest in China to strengthen our end-to-end capabilities. We remain positive and confident about the future of the China market," said Anna An, president of Henkel Greater China.

The view was echoed by Tetsuro Homma, executive vice president of Panasonic Corporation. The Chinese market has incomparable advantages in terms of innovation speed, market size, intelligentization, ability to absorb and digest new technologies, talent reserves and supply chain, Homma said.

The comments came after the government work report was delivered by Chinese Premier Li Qiang to the annual session of the National People's Congress (NPC) on Tuesday.

China is aiming for economic growth of around 5 percent in 2024, Li said, adding that China will promote alignment with high standard international economic and trade rules, steadily expand institutional opening-up and facilitate interplay between domestic and international markets.

"We will further shorten the negative list for foreign investment. All market access restrictions on foreign investment in manufacturing will be abolished, and market access restrictions in services sectors, such as telecommunications and healthcare, will be reduced," Li said.

The Chinese government's ambitious growth target of about 5 percent means that the government needs to take measures to offset the effect of the sluggish real estate industry, said Maximilian Butek, executive director at the German Chamber of Commerce in China (Shanghai).

He said German companies are very much looking forward to China's measures to stimulate demand, and they believe in the mid- to long-term potential of the Chinese market.

China's economy has been recovering over the past two years, and the country remains a powerful engine of global economic growth. As the world's second-largest economy, China will continue to be a driving force for global manufacturing and trading, and an important stabilizer in the global supply chain, Rio Tinto Chief Commercial Officer Alf Barrios told the Global Times.

The Chinese government has intensified efforts to enhance openness at higher levels across the board and created favorable conditions for foreign companies to innovate, invest, operate and grow in China, making foreign companies a significant driving force and an integral part of China's high-quality economic growth, said Zhou Xiaolan, executive vice-president of the pharmaceuticals division of Bayer AG.

Many foreign companies told the Global Times that China has become an important market for them, and their plans in China are getting bigger. Schneider Electric said it has 29 factories and distribution centers in China, more than 1,600 Chinese suppliers, and five R&D centers. Airbus said the work on expansion of its Tianjin A320 family assembly line in Tianjin is now in full swing.

Henkel said that in January, they opened a new Asia R&D center for consumer business. And Rio Tinto said that in 2023, China was again its largest market globally, with revenue accounting for nearly 60 percent of the company's total.

Last year, Bayer inaugurated an open innovation center in Beijing, the first of its kind in China. Simultaneously, the Beijing plant of Bayer Radiology opened. In addition, the construction of a new supply center in Hangzhou commenced last year. This center is anticipated to become operational within this year.

Even under the difficult circumstances of the epidemic, Panasonic said it still strengthened its investment in China and built 17 new production bases, including three in 2023. There are also multiple investment plans for 2024, and one in Beijing has been confirmed.

The work report also said the Chinese government will strive to modernize the industrial system and develop new quality productive forces at a faster pace. The report listed a series of tasks in this respect, including industrial and supply chain improvement and upgrading, and the cultivation of emerging industries and future-oriented industries such as hydrogen power and new materials.

As the key to achieving high-quality development, new productive forces have received great attention from all industries. Schneider Electric is committed to supporting the growth of the new productive forces with its technological and innovative advantages in digitization and sustainability, said Executive Vice President of China & East Asia Operations Yin Zheng.

With world leading products and solutions in automation and energy management, the company can boost the overall competitiveness and impact of Chinese industries, help to build new productive forces, and accelerate the "dual-carbon" goals, Yin said.

Airbus said 2024 will be a year of opportunities for it to continue developing its business and cooperation in China while maintaining strong impetus in the domestic market. The company remains committed to China, it said, and will continue to invest in the future, jointly promoting high-quality development with Chinese partners.