The China Development Forum 2025 opened in Beijing on March 23, 2025. Photo: VCG

More than 30 years ago, when Jean-Pascal Tricoire first came to China, his friends gave him the Chinese name Zhao Guohua. At that time, they called him "little Zhao," but now, after many years, they call him "old Zhao."

As a veteran attendee of the China Development Forum (CDF) since 2012, Jean-Pascal Tricoire, Chairman of Schneider Electric, has witnessed the rapid development of the Chinese economy and its continued opening-up.

"I have had the honor of participating in the forum since 2012, and I have gained a lot from it every year," he told the Global Times. 

In the past 25 years, our global revenue has increased fourfold, and China has played a very significant role in this success. Today, China is not only our second-largest worldwide market but it's also a vital source of innovation. We are an integral part of China's growth - we participated, we contributed, but we also benefited from it, he added. 

Zhao's remarks are not alone. From Sunday to Monday, CDF 2025 was held in Beijing, under the theme "Unleashing development momentum for stable growth of global economy," with more than 750 foreign representatives attending, including 118 official representatives and 86 business representatives. Multinational companies from a wide range of countries participated, and the number of first-time participants reached a record high.

Several executives of multinational companies interviewed by the Global Times reiterated that China remains a key pillar of their global strategies and that they plan to increase investment. They noted China's innovation capacity has surged, and its development momentum is fueling global economic stability.

We welcome foreign businesses to seize opportunities, invest in China, prepare for the future, promote steady global growth, oppose unilateralism and protectionism, and achieve greater development through mutually beneficial cooperation, said Guo Jiakun, spokesperson of China's Foreign Ministry on Tuesday.

Long term investment

As CDF 2025 opens amid a steady rise in foreign investment, China's economic trajectory continues to draw global attention.

On Friday, the first batch of Tesla Megapack energy storage systems produced at Megafactory Shanghai departed the port en route to Australia. On the same day, British pharmaceutical giant AstraZeneca signed a landmark $2.5-billion agreement to invest in Beijing over the next five years.

"The Chinese market is a main pillar of our global strategy, and a key driver of our electric and digital transformation. Mercedes-Benz remains committed to long-term investment in China. I believe that China's policy to further open up would significantly contribute to unlocking China's full potential, said Ola Källenius, Chairman of the Board of Management of Mercedes-Benz Group AG, at the speech of CDF on Sunday. 

Just like other European automotive companies, we have been among the beneficiaries of China's rapid economic growth. At the same time, our industry has also been one of the biggest foreign direct investors in China, he said. 

China is driving economic and technological progress, and BMW has been part of this success story for decades, BMW Group Chairman Oliver Zipse said at the speech made at the CDF on Sunday.

Since 2010, we have invested around 116 billion yuan ($15.99 billion) into our production base in Shenyang. We contribute strongly to industrial upgrading and local job creation. Shenyang has evolved into a world-class manufacturing and innovation hub. In 2024, we delivered over 100,000 battery electric vehicles to customers in China. China is our biggest single market for electric vehicles. "We will continue our investment in China," he added. 

"China is for us already a second-largest market worldwide and more and more source of innovation as well," said Marc Horn, president of German sci-tech giant Merck in China.

"When we talk about investment, we now think about more broadly, not only about capitals. What we really try to do now is to invest in talent here, in local partnerships, really learning expertise," he said, noting that he expects very exciting cooperation opportunities between Chinese and European companies in the future.

In the past five years, TCP Group has invested 4.36 billion yuan in China. Our firm confidence in the Chinese market is not only due to its huge consumption potential and growth space, but also because of the outstanding leadership and strong driving force for economic development demonstrated by the Chinese government in a complex international environment, said Saravoot Yoovidhya, CEO of TCP Group. 

According to the Ministry of Commerce, 7,574 new foreign-invested enterprises were established across China in the first two months of 2025, up 5.8 percent year-on-year. The smart device manufacturing and e-commerce service sectors led in foreign capital utilization.

Digital transformation

The just concluded two sessions emphasized China's commitment to developing new quality productive forces.

We should pursue integrated advancements in technological and industrial innovation, press ahead with new industrialization, expand and strengthen advanced manufacturing, and vigorously develop modern services, said China's 2025 Government Work Report. 

Foreign companies said that, supported by the development of digital technology, new quality productivity forces lead the rise of China's emerging industries and future industries and promotes the transformation and upgrading of traditional industries.

Schneider Electric entered China in 1987, currently it has 30 factories and logistics centers. It has established five R&D centers and an AI innovation laboratory in Beijing.

Our more than 30-year history in China has vividly demonstrated the new quality productivity forces brought by digitalization and electrification technologies, Tricoire said.

Over the past three decades, we have built a strong presence in China, spanning from clinical development to manufacturing, supply chain and commercialization, in support of China's modernization efforts in health care, said Christophe Weber, president, CEO and representative director of Takeda. 

Most recently, we announced a collaboration agreement with the city of Chengdu to establish the Takeda China Innovation Center. This is a digital capability center that expands our strategic blueprint for digital innovation, Weber added. 

"We have been active in the China market since 2003 and we plan to stay active as well in the future," said Hamid R. Moghadam, CEO of US logistics warehouse operator Prologis during the CDF, expressing confidence that China's economy is getting better amid the country's stepped-up policy measures.