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China's accelerated transition toward innovation-driven growth and a stronger focus on chronic disease management is opening up new opportunities for global med-tech companies, Siemens Healthineers CEO Bernd Montag said, as the company deepens investment in this key market.
In an exclusive interview with China Daily on the sidelines of the recent China Development Forum 2026, Montag said China is moving beyond a catch-up phase to become a driver of global healthcare innovation.
"China's innovation system is now fully up to date with the global frontier, and in some areas it is setting the pace," he said.
Montag identified artificial intelligence in healthcare, medical robotics and brain-computer interfaces as areas where China is emerging as a global forerunner.
Still, he said the next phase will depend on whether technological breakthroughs can be translated into globally competitive, scalable businesses.
"There is a difference between innovation and building companies that can scale and finance their own growth," he said, noting many startups still face challenges in commercialization and integration.
He added that the long-term value of AI in healthcare will depend on deep integration into clinical workflows, rather than fragmented stand-alone applications.
China's healthcare transformation is being shaped by long-term policy priorities. The outline of the 15th Five-Year Plan (2026-30) targets raising average life expectancy to 80 years, building on current levels of about 79.25 years.
That direction aligns with the Healthy China 2030 initiative, which emphasizes disease prevention, full-cycle health services and stronger primary care.
Montag said this marks a structural transition from acute, hospital-centered treatment toward the continuous management of chronic and age-related diseases, including cardiovascular conditions, cancer and neurodegenerative disorders.
"Better healthcare is not only about affordable products, but about changing how patient care is delivered," he said, pointing to earlier diagnosis, coordinated treatment pathways and long-term patient monitoring.
China's tiered hospital system and policy coordination could enable large-scale deployment of screening and chronic disease management programs efficiently, he added.
For Siemens Healthineers, the shift toward chronic disease management aligns directly with its portfolio, Montag said.
The company is focusing on expanding early detection, advancing precision treatment and using AI to scale healthcare delivery.
Applications such as faster imaging, minimally invasive interventions and AI-assisted diagnostics could improve outcomes while addressing workforce constraints, particularly as demand rises with an aging population.
"We need to use AI and digitalization in order to scale the delivery of healthcare," he said.
At the same time, the company has expanded its local footprint in China as part of a dual strategy of supply chain resilience and market proximity.
It employs about 8,000 people in China and is investing 1 billion yuan ($139 million) in a new research and manufacturing facility in Shenzhen, South China's Guangdong province, which is expected to be operational by the end of 2027.
The facility will focus on the research and production of angiography equipment and core components for magnetic resonance imaging (MRI) systems, serving both domestic and overseas markets.
Montag said China plays a dual role as both a major market and an increasingly important innovation and manufacturing hub within the company's global network.
Chinese companies have made rapid progress, particularly in imaging and AI-enabled diagnostics, intensifying competition in the domestic market, he said.
He described the sector as entering a phase of "innovation on a level playing field", reflecting the maturity of China's industrial and research ecosystem.
He also noted that the regulatory process has become more transparent and predictable, showing improved communication with authorities, though further efficiency could still be gained in approval timelines.
Montag said China's healthcare transition could have implications beyond its borders, particularly as countries grapple with aging populations and rising chronic disease burdens.
He described China as a potential test case for large-scale healthcare system reform, combining policy coordination, technological adoption and system-wide implementation.
For multinational companies, he said, the shift requires a reassessment of China's role.
"China is not just a market," Montag said. "It is a source of collaboration and inspiration."
Contact the writers at lijing2009@chinadaily.com.cn
China serves not only as a rewarding market for multinational companies, but also increasingly as a reliable and vital production base and innovation hub amid the fast-evolving global economic landscape, a senior executive from Merck, one of the world's leading research-intensive biopharmaceutical companies, told China Daily.
"Speed does matter when talking about global supply chains these days," said Rogier Janssens, president of Merck China. "You see what's happening in the world today, not everything is predictable, so we need to be agile when we go forward."
China's integrated advantages — manufacturing depth, innovation capacity, infrastructure and market scale — have helped support global businesses like Merck in enhancing production and supply resilience, according to Janssens.
"We look at China not just as a market; we see China as a production base and, in particular, a base for innovation," said Janssens while speaking to China Daily during the China Development Forum 2026 in Beijing.
China's innovation ranking has broken into the global top 10 for the first time, according to the Global Innovation Index 2025 released by the World Intellectual Property Organization last September.
"We need Chinese talent to drive innovation, enhance supply chain efficiency, optimize production systems and find market opportunities," Janssens added.
In the medical field, Merck's partnership efforts with local firms are currently concentrated on fertility, oncology and rare diseases, according to Janssens.
Meanwhile, in its push to integrate with the digital environment, Janssens noted that Merck is working with Tencent to manage healthcare data and is collaborating with JD to enhance product availability and delivery speed for patients.
Dilma Rousseff, president of the New Development Bank, said at a symposium during the forum that China serves as a core engine for global stability, growth, trade and technological transformation — a role rooted in a structural shift from scale-driven growth to one powered by productivity, innovation, sustainability and resilience.
"We at Merck are helped by stability," Janssens said, noting that this year's annual growth target is a "realistic" goal supported by policies focused on resilience and innovation.
China is targeting an economic growth of 4.5 percent to 5 percent this year and will strive for better in practice, according to a Government Work Report released earlier this month.
Meanwhile, China's continuous commitment to opening-up in the Government Work Report also provides multinational companies with a predictable business environment to drive their long-term strategy forward, Janssens said.
"China has already moved to the 2.0 version of its opening-up policy, as it's not just about enabling multinational companies to access the Chinese market, it's about empowering them to collaborate in innovation," he added.
During the forum, Vice-Minister of Commerce Yan Dong said that China in recent years has become a testing ground, application field and profit center for global innovation, and that the country will support international joint research and application, and promote the construction of an open innovation ecosystem.
Beverage giant PepsiCo said it is betting on China's evolving consumer landscape and rapid adoption of advanced technologies to drive its next phase of growth, as the country promotes domestic consumption as a strategic priority.
Chairman and CEO Ramon Laguarta said the US-based company's long-term strategy aligns closely with the country's 15th Five-Year Plan (2026-30), which prioritizes high-quality consumption, innovation-led growth and the expansion of domestic demand.
PepsiCo plans to deepen cooperation in areas including raising industry standards, advancing artificial intelligence-driven innovation and accelerating sustainable transformation, Laguarta said on the sidelines of the China Development Forum 2026 in Beijing.
Referring to the government's "Shopping in China" initiative aimed at boosting spending and modernizing consumption patterns, Stephen Kehoe, PepsiCo's executive vice-president and chief corporate affairs officer, said the company sees the initiative as an opportunity to meet the needs of the evolving Chinese economy, and to provide high-quality, healthier and more sustainable products.
Kehoe said China's stable business environment, steady growth and increasingly clear regulatory framework have supported long-term investment by multinational companies, even as the economy continues to modernize rapidly.
China is the company's third-largest market globally and a key engine for innovation, Kehoe said. Last year, the company refreshed its logo and updated the brand image of its core food and beverage businesses.
Investments in local research and development have enabled the company to tailor products specifically for Chinese consumers, with some innovations now being exported to other markets.
PepsiCo's operations in China have evolved through three stages, Kehoe said, beginning with early market entry, followed by a localization phase that established domestic production and agricultural partnerships.
The company now operates 10 food plants, more than 50 bottling facilities and over 70 farms in the country, alongside a major R&D center in Shanghai.
The current phase is shifting toward a "China for the world" model, in which locally developed products are scaled up internationally.
Kehoe gave the example of Quaker Oats products developed in China that are now being introduced to overseas markets, particularly targeting aging populations.
At the same time, PepsiCo is adapting to more fragmented and occasion-based consumption patterns, focusing on delivering products tailored to different usage scenarios throughout the day while building stronger emotional connections with consumers.
Technology is playing an increasingly central role in that transition. The company is deploying artificial intelligence and other advanced tools to improve production efficiency, optimize product development and support agricultural productivity. Technologies such as drones and data-driven farming systems are being used to help farmers boost yields and reduce crop risks.
China also serves as a testing ground for PepsiCo's sustainability initiatives, with innovations in areas such as energy and water efficiency being scaled up globally. A food plant in Wuhan, Hubei province, for example, implemented a biogas-to-biomethane project to convert waste into energy, a solution that the company is expanding across the Asia-Pacific region.
In marketing, the company is shifting from traditional mass marketing toward more targeted, algorithm-driven engagement, reflecting the rise of digital platforms and AI-assisted purchasing decisions.
"We must remain exceptionally relevant within a digital ecosystem that will demand that brands and products are top-of-mind for consumers at all times of the day," Kehoe said, adding that ensuring product visibility across digital channels will be critical as consumers increasingly rely on AI tools and personalized recommendations.
Swiss pharmaceutical company Novartis will expand its research and development, manufacturing capacity and operations footprint in China with a planned investment of more than 3.3 billion yuan ($460 million), the company said.
The announcement came during the China Development Forum 2026 annual meeting that opened in Beijing last week, and which Vas Narasimhan, CEO of Novartis, attended for the eighth time.
"China is critical to Novartis' long-term development and innovation," Narasimhan said.
The company, he added, aims to be a trusted healthcare partner in the country and will continue to bring innovative medicines to Chinese patients.
Novartis, which is based in Basel, Switzerland, said China has become its second-largest market globally.
The company plans to launch a large-scale investment and expansion program this year to strengthen innovation and manufacturing capacity in the country.
Its Changping plant in Beijing, established in 1987, is a major production site in the company's global manufacturing network. The facility has begun a new round of expansion and upgrade projects, with planned investment of about 1.5 billion yuan to build new facilities and introduce new sterile preparation, liquid filling and packaging technologies.
Meanwhile, the company's Shanghai campus, which serves as Novartis' China headquarters, will mark its 10th anniversary of operations this year. Novartis plans to jointly invest 1.8 billion yuan with partners to launch the second phase of the Shanghai campus project.
Novartis is a global pioneer in radioligand therapy, which treats certain cancers, and its targeted PSMA radioligand therapy received approval in China for two indications in November last year.
The main construction of the company's radioligand manufacturing facility in Haiyan county, Zhejiang province — the first of its kind in China — has been completed.
Once the site — which involves an investment of 600 million yuan — reaches full production capacity, it will help Novartis quickly meet demand from Chinese patients for the innovative radioligand therapy.
Novartis' move comes as multinational pharmaceutical companies step up investments in China this year.
In March, US pharmaceutical company Eli Lilly and Company announced plans to invest $3 billion over the next decade to expand its supply chain capacity in China, building a localized production and supply system for oral solid dosage drugs and supporting manufacturing of its next-generation oral GLP-1 drug orforglipron. The investment is part of the company's largest global manufacturing expansion plan in its history.
In January, UK-based pharmaceutical company AstraZeneca also announced plans to invest more than 100 billion yuan in China by 2030 to expand its footprint in drug manufacturing and research and development.
Executives from multinational pharmaceutical companies said China has become one of the key sources of pharmaceutical innovation in the world. Increasing investment in China and partnering with local biotech firms can help enhance their own innovation capabilities, while expanding production capacity in the nation can also speed up the supply of innovative drugs that have been approved and included in the national insurance system.
China now accounts for about 30 percent of global novel drug development, ranking next only to the United States, according to official estimates. In 2025, the National Medical Products Administration approved 76 innovative drugs, a record high, up from 48 in 2024.
During a recent meeting with executives from the Pharmaceutical Research and Manufacturers of America and five major multinational drugmakers, Commerce Minister Wang Wentao said that foreign firms have deepened their presence in China over the years, ramping up investment in innovation and turning the country into a key hub for global R&D.
He noted that the outline of China's 15th Five-Year Plan (2026-30) implements a health-first strategy, identifying biopharmaceuticals as an emerging pillar industry.
The plan also pledges stronger intellectual property protection, greater policy transparency and improved regulatory efficiency, which he said would create fresh opportunities for multinational firms to participate in the Healthy China 2030 initiative.
Surging demand from high-growth sectors such as data centers and smart microgrids will accelerate Danfoss Group's expansion in China, as the country pushes ahead with its green transition and high-quality growth agenda, said the company's top executive.
Kim Fausing, president and CEO of the Danish industrial conglomerate, said the company aims to deploy more resources in China's data center sector, drawing on its global expertise and technologies to support scalable, energy-efficient infrastructure for artificial intelligence-led digital expansion.
"China has become a key player in global digital and energy transitions, as data centers play a growing role in the energy system, driven by rising electricity demand from AI and cloud computing," said Fausing during his trip to Beijing to attend the recent China Development Forum 2026.
As its sales in China more than doubled over the past decade to exceed 10 billion yuan ($1.45 billion), Danfoss, operating 12 manufacturing bases and four innovation facilities across the country, posted 13 percent year-on-year sales growth in 2025, driven by strong momentum in sectors such as data centers and marine industries, where demand for energy-efficient solutions is rising.
However, the rapid expansion of data centers is also raising concerns over energy use and resource constraints. Fausing said the power usage of data centers is expected to grow significantly by 2030 in many parts of the world, alongside rising water demand, which could put pressure on energy supply, water resources and electricity costs if not properly managed.
He said China is well-positioned to lead the transition, supported by strong power generation capacity and expanding renewable energy, with the "East Data, West Computing" initiative — a mega data project launched in 2022 to accelerate the development of an integrated national computing network — reflecting this advantage.
This approach is also in line with broader national priorities under the 15th Five-Year Plan (2026-30), which emphasizes green and low-carbon growth, industrial upgrading and the development of emerging industries.
"When properly integrated into local energy ecosystems, aligned with renewable generation, and enabled to support grid flexibility, data centers can transform from sources of strain into stabilizing assets," said Fausing. "If done right, data centers can reduce grid investment needs, strengthen energy resilience, and protect consumers from surging electricity prices."
The Danish executive said that China's policy focus on expanding domestic demand is creating new opportunities for multinational companies.
As global economic uncertainty persists and discussions around "de-risking" continue, Fausing said his group remains committed to deepening its investment in China.
"In an era of uncertainty, building resilience requires stronger local engagement," he said. "China's policy continuity, particularly in green transition and high-quality development, combined with strong demand in key sectors, makes it a strategic priority for us."
Mei Xinyu, a researcher at the Chinese Academy of International Trade and Economic Cooperation in Beijing, said that China's efforts to sustain long-term growth and support global economic stability, through broader institutional opening-up and more rules-based trade, will help attract higher-quality foreign investment and reinforce confidence in its development trajectory.
As China accelerates the development of new quality productive forces and advances high-level opening-up, the country continues to create a favorable environment for innovation and international cooperation.
In an exclusive interview with China Daily on the sidelines of the China Development Forum 2026, Jér?me Bouyer, senior vice-president of US pharmaceutical company AbbVie and president of International Therapeutics, talked about China's innovation ecosystem and the company's growing presence in the country.
Bouyer said China's open and inclusive collaboration environment, along with its strong innovation-driven growth momentum, has left a deep impression on the company.
Supported by China's dynamic life sciences innovation ecosystem, AbbVie has been deepening partnerships with local biotech companies. Since mid-2024, the company has signed research and development cooperation agreements worth nearly $10 billion with Chinese biotech firms, highlighting China's increasingly important role in global pharmaceutical innovation.
Amid mounting strains on the US dollar-dominated global monetary system, renminbi internationalization is emerging as an increasingly important trend — one expected to underpin China's high-quality development while contributing to global financial stability and development, experts and business executives said on Monday.
Zhu Min, former deputy managing director of the International Monetary Fund, said promoting renminbi — or yuan — internationalization has become not only an intrinsic requirement of China's economic development, but also a broader necessity for global financial development and stability.
"As China's high-quality development gathers pace, a stronger renminbi is becoming increasingly vital to supporting innovation-driven growth, industrial upgrading, green transformation and companies' expansion into global markets," Zhu said at the China Development Forum 2026 in Beijing.
He added that the US share of global economic output has fallen from 45 percent to around 25 percent, while its share of world trade has dropped from 25 percent to about 13 percent, suggesting that "the US economy is no longer strong enough to underpin a single dominant currency system in a globalized world".
Moreover, the weaponization of the US dollar, along with trade wars and other policy moves, further eroded the currency's global standing and raised fresh concerns over the independence of the US Federal Reserve, Zhu said.
That trend has also been reflected in international markets, he said, with rising gold reserves and increasing holdings of non-major reserve currencies, including the RMB and other alternatives to the greenback, the euro, the yen and the pound, pointing to a clear move away from the dollar.
"This is a clear sign of dollar avoidance and a visible decline in confidence in the US currency," he added.
Against this backdrop, renminbi internationalization has gained strong momentum in recent years, Zhu said, noting that the RMB's share in cross-border financial activities had risen from 20 percent to 63 percent, while its share in China's trade payments had increased from 10 percent to 35.4 percent over the past decade. "The progress has been quite fast," he said.
Still, the RMB's global standing remains far below what China's economic and trade weight would suggest, Zhu said, adding that the currency accounts for just 2.1 percent of global reserves and 1.6 percent of global trade payments, far below the country's 16.6 percent share of the world economy and 14.4 percent share of global trade.
"As the world's second-largest economy, China still has a currency whose global standing does not yet match the country's economic strength," he said.
Policy support is also moving in the same direction. The outline of the 15th Five-Year Plan (2026-30) for national economic and social development calls for advancing renminbi internationalization, with efforts focused on broadening the currency's use in international trade, investment and financing, and building an independent and controllable cross-border yuan payment system.
Business executives at the forum also underscored the importance of a bigger global role for the RMB. Bill Winters, group chief executive of Standard Chartered, said financial innovation is crucial to China's high-quality development and is closely linked to the global standing of the yuan.
"China plays a pivotal role in global trade and finance. Financial innovation, therefore, is expected to be both sound and secure," Winters said.
Tan Su Shan, CEO of DBS Group, said broader use of the RMB would help diversify capital sources, improve liquidity and facilitate cross-border flows between Chinese and foreign businesses.
"We are operating in a world marked by divergent trade and capital flows, as well as different rules. It is therefore important to encourage broader investor participation, allow more overseas investors to access China's financial market and advance renminbi internationalization so the currency can play a bigger role in global markets," she said.
Executives of multinational corporations struck a bullish note late on Sunday at the China Development Forum 2026's Beijing Night, expressing renewed confidence in investing in the Chinese capital following a keynote speech by Beijing's top official.
In his speech, Yin Li, Party secretary of Beijing, highlighted the city's role as a global innovation hub, citing the strengths of the Beijing-Tianjin-Hebei region, its burgeoning digital economy, and the synergistic effects brought on by its educational, technological and human resources.
He anticipated that the city would continue to collaborate with multinational companies to "build Beijing into a global investment destination" during the 15th Five-Year Plan period (2026-30).
Apple CEO Tim Cook took the opportunity to express gratitude for the relationships Apple has cultivated in Beijing, as well as optimism.
He said that China and Apple share "a future where technology can be a force for good, uplifting people, enriching their lives, and unlocking a wellspring of human potential".
Saravoot Yoovidhya, CEO of TC Pharmaceutical Industries from Thailand, said, "Our company enjoys strong support, and it's quite easy to communicate with the government in Beijing to find the solutions we need."
Statistics show that Beijing's GDP has grown at an average annual rate of 5.2 percent in the past five years. Its GDP reached a total of 5.2 trillion yuan ($754.4 billion) in 2025, an increase of 5.4 percent year-on-year.
The city has taken the lead in both per capita GDP and overall labor productivity in the nation.
"The deep integration of technological and industrial innovation has fostered the rapid development of new quality productive forces, creating a vibrant market in Beijing," Yin said.
"Looking forward, the city continues to deepen its partnership with MNCs, and optimize its environment to be more livable, tourist-friendly and business-friendly. Social harmony and stability, along with effective urban governance, have made Beijing one of the safest cities in the world," he said.
During the event, attendees enjoyed ice cream made by locally produced robots, observed rehabilitation exoskeletons, and tried on translator glasses and some AI-powered novel products, in a city that is an AI pioneer in the world.
Beijing is also expected to release its AI open source achievements during the Zhongguancun Forum, a top science and technology forum, which is due to open on Wednesday.
It will inaugurate a global AI open source alliance during the event, vying for global investors of an AI corridor in Haidian district, where the country's AI giants are located.
Prior to the forum, Beijing announced its ambitious strategy to enter into high-value niche areas of high-temperature superconductors, synthetic bio-manufacturing, gene editing tools, chips, two-dimensional semiconductors and brain-computer interfaces.
In the quantum domain, Beijing plans to strengthen a multitechnology strategy to build a comprehensive quantum computing hardware and software technology system, according to the plan.
China could strengthen its social safety net and innovate service offerings to further unlock the potential of its vast consumer base, as the world's second-largest economy accelerates its transition toward a consumption-led growth model, a senior executive told China Daily.
"Improving the social security system is paramount. People still have a prudent mentality that they need to prepare for any kind of life accident or opportunities and have a lot of savings," said Denis Depoux, global managing director at German management consultancy Roland Berger.
At the end of last year, deposits held by Chinese households reached 166 trillion yuan ($24 trillion), a twofold increase from a decade ago and a historic peak, according to data from the People's Bank of China, the country's central bank.
Based on the nation's population of 1.4 billion, this translates into an average of about 118,000 yuan in savings per person.
Depoux noted that releasing just 1 percent to 2 percent of this huge sum for consumption would have an "enormous" positive impact on the Chinese economy.
"A very strong upholding of the education and healthcare system" will help make income available for consumption, he said.
Finance Minister Lan Fo'an said at the China Development Forum on Sunday that the government will increase the share of public investment directed toward people's livelihoods, over the next five years.
"The country will continue to refine policies that invest in people, including issuing consumption subsidies for eldercare services, exercising childcare subsidies and improving policies for free preschool education," Lan said.
Meanwhile, the government will support the expansion of affordable childcare and eldercare service providers, to reduce the costs of family care for both the elderly and children, Lan added.
In addition to demand-side policy support, Depoux pointed to diversified supply catering to people's evolving needs as of equal significance.
"There are a lot of new services that still remain to be 'invented'," said Depoux. "The minute those services that can better fulfill people's emotional needs start to exist, we will see people going there, and generating a services contribution to GDP."
China has been opening service sectors to foreign investment, Depoux said, calling the nation "a fitness club" where foreign companies become competitive, move quickly and bring in the most cutting-edge innovations.
Pan Gongsheng, governor of the PBOC, said: "We will vigorously develop the service sector and promote reform, innovation, opening-up, and cooperation in the service industry."
"On the basis of being a global manufacturing powerhouse, China will accelerate its transformation into a core global demand market,"Pan said at the forum on Sunday.
Nestle is committed to long-term investment in China, said the CEO of the Swiss food and beverage giant, Philipp Navratil, highlighting the country's agile consumer market and the opportunities it offers in technology, sustainability and local brand development.
"We are optimistic about being here in China and to keep growing alongside China," Navratil said at the China Development Forum 2026 in Beijing on Monday. "This is a place where we can get inspired and then bring some innovation out to the world."
China's consumer market, Navratil said, is transitioning from a phase of incremental expansion to one of leadership in innovation, particularly in food, beverages and technology.
"Consumers move very fast here, and there is a lot of focus on technology and artificial intelligence, which is another area where we want to lead," he said.
The CEO said the company's strategies are aligned with the country's broad economic goals, including boosting domestic consumption and driving the green transition.
"We work together with local farmers in coffee and dairy here in China," he said. "This is very much aligned with what the company wants to do in sourcing regenerative agriculture and supporting decarbonization."
Nestle has been present in China for almost 40 years and currently operates 23 production factories. More than 90 percent of its products sold in the country are produced locally, and a similar share of ingredients is sourced domestically. "That is the best way to be long-term relevant, anchored, and invested in China," he said.
Globally, Navratil said the company is focusing on five priorities: strengthening its portfolio in coffee, pet food, nutrition and health, and food and snacks; driving volume growth and brand building; improving efficiency; generating cash; and cultivating a performance-driven culture.
He said that local brands such as Totole, a chicken bouillon product, and candy brand Hsu Fu Chi are increasingly important in China and are gaining traction abroad.
Innovation is central to its strategy. Navratil said that China is a testbed for trends that can be scaled up globally. "You don't always need to be the first one, but it's good to be a fast second," he said.
AI is another area of investment. Navratil described three applications: enhancing factory and supply chain efficiency, accelerating product innovation and improving targeted marketing. "We use AI for insight generation, testing concepts, and producing better innovations that are more relevant for consumers," he said.
"We see opportunity," Navratil said of the Chinese market. "By continuing to invest in innovation, research and development and our people, we can support the transition to upgraded local consumption."
China's push to commercialize and scale up the application of rapidly evolving artificial intelligence across a broad range of industries is expected to inject fresh momentum into high-quality economic growth, senior officials and business executives said at the China Development Forum 2026 in Beijing.
In particular, China's abundant industrial application scenarios, growing supply of high-quality data and continued efforts to advance high-standard opening-up are creating broad opportunities for both domestic and foreign businesses, they said at the two-day event.
Liu Liehong, head of the National Data Administration, said China's AI sector has continued to expand on the back of technological innovation and commercial applications. "By the end of the 15th Five-Year Plan (2026-30) period, the scale of China's AI-related industries is expected to exceed 10 trillion yuan ($1.45 trillion)," he said.
AI agents are becoming an important force driving the rapid expansion of large-model applications in China, Liu said, adding that they enable autonomous task planning and sustained execution, marking a new form of large-model application in real-world scenarios.
"Broad-based AI adoption across industries is key to translating high-tech advances into momentum for development."
He also said high-quality data is essential to the large-scale application of AI. As AI advances from foundation models to industry-specific models and gains deeper traction in the real economy, high-quality sectoral datasets are becoming critical to effective model deployment.
Xu Bin, head of research at UBS Securities, said the year 2026 could be a pivotal year for the scaled adoption of AI agents in China, as the technology shifts from conversational interaction toward task execution across a widening range of business scenarios.
UBS remains positive about the outlook for faster adoption and expects continued evolution across the industry value chain, he added.
Huang Zhiming, vice-president of Cisco, highlighted China's strengths in AI, citing its advantages in computing power, talent and energy resources, as well as its vast market. "From healthcare and logistics to manufacturing and finance, China offers a wide range of application scenarios for AI," Huang said.
Such a rich and diverse market environment provides broad scope for AI applications to expand further in China, he added.
Zhang Chenxu contributed to this story.
China will remain a strategic anchor for ABB Group, evolving from a key market into a major hub for advanced manufacturing and innovation, as the country accelerates its shift toward green and technology-driven growth, said the company's top executive.
Morten Wierod, CEO of the Swiss tech company, said ABB sees strong alignment between its strategic priorities and China's development goals under the 15th Five-Year Plan (2026–30), particularly in areas such as electrification, automation, artificial intelligence and smart manufacturing.
"China's long-term development plans resonate well with what we do at ABB. Electrification and automation are global trends, and the nation is at the forefront of these transformations," Wierod said in an interview on the sidelines of the China Development Forum 2026 in Beijing.
As China accelerates its transition toward green development, he said ABB will continue to invest and deepen cooperation with local partners, as well as leverage its technological capabilities to support industries in improving both efficiency and sustainability.
According to the outline of the 15th Five-Year Plan for national economic and social development, China will promote green and low-carbon growth, upgrade traditional sectors to the mid-to-high end of the value chain, nurture emerging industries and make forward-looking plans for industries of the future.
Wierod said electrification would be central to decarbonization, driven by expanding renewable energy and more efficient electricity use through automation and digital technologies, stressing that a reliable power supply is essential for advanced manufacturing.
In terms of industrial opportunities, ABB sees significant potential in sectors undergoing structural transformation, such as steel, where production processes are shifting from coal-based methods to electric arc furnaces and the use of green hydrogen.
For example, ABB has provided Qingdao Special Iron and Steel Co Ltd in Qingdao, Shandong province, with an intelligent manufacturing solution integrating digital technologies, data analytics and safety systems, enabling real-time data monitoring and centralized control, while AI helps predict failures, optimize energy use and reduce costs.
The project is part of ABB's broader push in China, its second-largest market globally, employing more than 14,000 people and increasingly developing solutions for both domestic and global markets.
"We see China not only as a strong market for our products, but also as an innovation hub where we develop new solutions that can be applied both domestically and internationally," said Wierod, adding that he plans to return to China in May with the company's board members to visit key operations and engage with customers and policymakers.
More than 85 percent of ABB's products sold in China today are manufactured locally, supported by a strong domestic supply chain and an R&D team of over 2,000 engineers, while about a quarter of its China-based output is exported to overseas markets, including Southeast Asia, Europe and South America.
Chen Jianwei, a researcher at the University of International Business and Economics in Beijing, said China's drive to advance reform and development through higher-level opening-up will unlock fresh momentum for multinational companies and trading partners.
According to the Ministry of Commerce, foreign investment from Canada, Switzerland and France in China rose by 210 percent, 41.3 percent and 3 percent year-on-year, respectively, in the first two months of 2026.
Tapestry Inc, a United States-based fashion group, will sharpen its focus on China's young consumers as it expands its store network and deepens local innovation, said its top executive.
With more than 350 stores across 90 cities, Tapestry, the parent company of brands including Coach and Kate Spade, plans to move further into China's smaller urban markets, betting on rising incomes and changing consumption patterns to unlock the next growth phase.
Speaking on the sidelines of the China Development Forum 2026, held in Beijing on Sunday and Monday, Joanne Crevoiserat, CEO of the New York-based fashion firm, said Tapestry is prioritizing Generation Z consumers, typically born between the mid-1990s and early 2010s, aiming to position its brands as a "first luxury purchase" for young shoppers, particularly in handbags.
"Specifically, we are building emotional connections with consumers at key life moments — from graduation to first jobs — by offering products that reflect personal style and support self-expression," said Crevoiserat.
Younger consumers are increasingly seeking a sense of identity, with Tapestry aiming to grow alongside them as their purchasing power rises, she said.
According to the outline of the 15th Five-Year Plan (2026-30) for national economic and social development, China aims to achieve a notable increase in household consumption as a share of GDP, making domestic demand a more prominent economic driver.
The government also launched the "Shopping in China" initiative in April 2025 to foster a more international-friendly consumption ecosystem while stimulating domestic demand through a richer supply of higher-quality goods and services.
To secure more market share, Tapestry is doubling down on localization, tailoring its products, marketing and retail experience to resonate more deeply with Chinese consumers, after reporting revenue growth of 34 percent year-on-year in China in the second quarter of its 2026 fiscal year.
While maintaining a consistent global brand identity, Crevoiserat said the firm will continue to collaborate with local artists, incorporate elements tied to Chinese festivals such as Chinese New Year and Qixi Festival — also known as Chinese Valentine's Day — and adapt storytelling to reflect local culture and preferences.
"Store designs will also reflect the distinct character of different cities, from Beijing and Shanghai to emerging city markets," said the CEO, who recently visited Tsinghua University in Beijing and Wuhan University in Hubei province, to better understand young consumers' spending habits and evolving preferences.
Alongside its consumer strategies, Tapestry's China workshop in Dongguan, Guangdong province, has been upgraded with new facilities and updated technologies, enabling the company to drive product development and innovation in China for the world.
Despite uncertainties in the global luxury market, Crevoiserat said Tapestry remains confident about China's long-term prospects, citing the country's large and evolving consumer base, strong policy support and rapid pace of innovation.
"We see significant potential ahead," she said. "China will remain a key driver of our growth for years to come."
Guan Lixin, a researcher specializing in marketing and consumption at the Chinese Academy of International Trade and Economic Cooperation in Beijing, said China's consumption upgrading and pro-consumption policies will create stronger growth momentum, offering foreign companies broader market opportunities and a more supportive environment for long-term development.
For foreign brands, a raft of supportive measures can lower barriers to market entry and streamline access to China's sizable and increasingly sophisticated consumer base, Guan said.
Amid global economic uncertainty, China's combination of continuing openness, massive market scale and innovation capacity is offering multinational companies a predictable and rewarding business climate — one that is increasingly shaping their long-term commitment to the world's second-largest economy, senior officials and business leaders said.
Vice-Minister of Commerce Yan Dong said that regardless of how the international landscape evolves, "the historical trend of economic globalization, the principle that openness fuels innovation, and the common aspiration for mutually beneficial cooperation remain unchanged".
China will continue to advance reform and development through openness, and strive to provide broader opportunities for countries around the globe, Yan said on Monday during the China Development Forum 2026 in Beijing.
To this end, China has launched the "Shopping in China" initiative to attract international tourists to spend in China, while enabling domestic consumers to buy quality products from around the world, Yan said.
He added that the country will host more than 100 "Export to China" events throughout the year, leveraging online and offline channels to create more matchmaking platforms for imported goods. "We welcome businesses from all countries to seize the opportunity to export to China, and position China as their premier export destination," the vice-minister said.
Boosting imports is not a short-term policy measure for China, but rather a long-term strategic priority that has already been incorporated into the 15th Five-Year Plan (2026-30).
Georges Elhedery, group CEO of HSBC Holdings, said that what happens in China's next phase of development will matter far beyond its borders. "It will shape the global economy," he said.
For multinational executives navigating an increasingly volatile global landscape marked by slowing growth and rising protectionism, the predictability of China's market demand has emerged as a highly valued asset.
Philipp Navratil, CEO of Nestle, said the world is changing, and Nestle needs to change even faster. "Nowhere is that imperative more vivid, more urgent or more exciting than here in China. China's pace of digital adoption and consumer innovation pushes us to be even better in the region," he said.
In addition to acting as an anchor of global demand, China has increasingly emerged as an innovation hub for global businesses.
"In recent years, China has become a testing ground, application field and profit center for global innovation," said Yan, the vice-minister, adding that China will support international joint research and application and promote the construction of an open innovation ecosystem.
The transformation is already underway. Ola Kallenius, chairman of the Board of Management of Mercedes-Benz Group, said: "China is a crucial innovation hub, especially in fields of electrification and intelligence. We are accelerating the next level of localization in China, tapping even more into the potential of its unique local ecosystem."
Siemens CEO Roland Busch said that China plays a dual and critical role for the German industrial giant — serving as both a core market and a source of innovation. On Monday, the company unveiled 26 new products developed and manufactured in China that are destined for global markets.
For foreign investors, China is like a "fitness club", said Denis Depoux, global managing director at German management consultancy Roland Berger. "Foreign companies have to be competitive, have to move quickly, and have to bring the most cutting-edge innovations to China," he added.
The number of newly established foreign-invested enterprises stood at 8,631 in the first two months of this year, a year-on-year increase of 14 percent, according to the latest data released by the Ministry of Commerce.
"More than four decades of reform and opening-up have demonstrated that China offers a long-term, stable and secure development environment, making it the most reliable safe haven for international capital," said Han Wenxiu, executive deputy director of the Office of the Central Commission for Financial and Economic Affairs, during the forum on Sunday.
Multinational CEOs at the China Development Forum's Beijing Night struck a bullish tone on Sunday night, expressing renewed confidence in investing in the Chinese capital after a keynote speech by Beijing's top official.
In a speech, Yin Li, Party chief of Beijing, highlighted the city's role as a global innovation hub, citing the strengths of the Beijing-Tianjin-Hebei region, its burgeoning digital economy, and the synergistic effects brought by its educational, technological, and human resources. He anticipated that Beijing would continue to collaborate with multinational companies to "build Beijing into a global investment destination" during the 15th Five-Year Plan period (2026-30).
Apple CEO Tim Cook took the opportunity to express gratitude for the relationships Apple has cultivated in Beijing, as well as optimism. He said that China and Apple share "a future where technology can be a force for good, uplifting people, enriching their lives, and unlocking a wellspring of human potential".
Saravoot Yoovidhya, CEO of T.C. Pharmaceutical Industries from Thailand, said, "Our company enjoys strong support, and it's quite easy to communicate with the government in Beijing to find the solutions we need."
During the event, attendees enjoyed ice cream made by locally produced robots, observed rehabilitation exoskeletons, and tried on translator glasses.
Swiss pharmaceutical company Novartis is to expand its research and development, manufacturing capacity and operations footprint in China, with planned investment of more than 3.3 billion yuan ($460 million), a gathering in Beijing has heard.
The announcement came as the China Development Forum annual meeting opened in Beijing on Sunday, with Vas Narasimhan, the chief executive officer of Novartis, attending for the eighth time.
"China is critical to Novartis' long-term development and innovation," Narasimhan said, adding that the Basel-based company will continue to bring innovative medicines to Chinese patients and aims to be a trusted healthcare partner in the country.
Novartis said China has become its second-largest market globally, and the company plans to launch a large-scale investment and expansion program this year to strengthen innovation and manufacturing capacity in the country.
Its Changping plant in Beijing, established in 1987, is a major production site in the company's global manufacturing network. The facility has started a new round of expansion and upgrade projects, with planned investment of about 1.5 billion yuan to build new facilities and introduce new sterile preparation, liquid filling and packaging technologies.
The company's Shanghai campus, which serves as Novartis' China headquarters, will mark its 10th year of operations this year. Novartis plans to jointly invest 1.8 billion yuan with partners to launch the second phase of the project.
Novartis pioneers radioligand therapy, which treats certain cancers, with its targeted PSMA radioligand therapy receiving approval in China for two indications in November last year.
Major construction is complete on the company's radioligand manufacturing facility in Haiyan county, Zhejiang province - the first of its kind in China. Once the site, which has seen an investment of 600 million yuan, reaches full production capacity, it will help reduce waiting time for Chinese patients seeking radioligand therapy.
Chris Kempczinski, McDonald's chairman and CEO, said in an exclusive interview with China Daily that "We're growing a lot in China. We believe in the country and we believe in the business. If China delivers the around 4.5 percent GDP growth target, that would certainly be a really healthy number. And 5 percent GDP growth would be fantastic if you can get it. The more you can drive domestic consumption, the more we're gonna be able to invest."
BEIJING -- China's fiscal policy will place greater emphasis on openness and shared benefits over the next five years, allowing countries worldwide to share in its development opportunities, Minister of Finance Lan Fo'an said on Sunday.
Against a backdrop of subdued global economic momentum, China will pursue a proactive fiscal policy at home while strengthening international financial cooperation to inject greater stability and positive energy into the global economy, Lan said at the China Development Forum 2026, which opened in Beijing on Sunday.
China will deepen bilateral and multilateral financial cooperation and help improve global economic governance, he added, noting that the country will work with others through financial and economic channels to address global challenges and deliver more tangible outcomes.
The country will foster a more fair, transparent and non-discriminatory business environment, enabling all market players, including foreign enterprises, to compete on a level playing field, the minister said.
The China Development Forum 2026 is scheduled for March 22-23, with the theme "China in Its 15th Five-Year Plan Period: Advancing High-Quality Development and Creating New Opportunities Together."
The two-day China Development Forum 2026 that began in Beijing on Sunday offers the global business community a chance to better understand China's proposed economic trajectory over the next five years as outlined in the 15th Five-Year Plan (2026-30) and to assess what that means for the world.
The forum, often dubbed "China's Davos", is a platform for dialogue among Chinese government officials, international executives and scholars, helping businesses explore opportunities for cooperation in technology, green development and innovation-driven growth.
The theme of the forum this year — "China in its 15th Five-Year Plan Period: Advancing High-Quality Development and Creating New Opportunities Together" — underscores the importance of collaboration between Chinese and foreign businesses in navigating the complexities of the global economy.
Premier Li Qiang, in his keynote speech at the opening of the forum, emphasized China's commitment to high-quality development and stable economic growth. He assured the participants that China will persist in creating a favorable business environment and implement national treatment for foreign enterprises. This will allow global companies to continue to thrive and achieve success in China.
The global economy is undergoing a transition: while traditional growth avenues struggle, new sectors such as green technology and artificial intelligence are burgeoning. Amid this duality, China's strategic focus on openness and innovation stands out as a signal for cooperation.
When meeting with representatives of multinational corporations prior to the forum on Saturday, Vice-Premier He Lifeng stressed this as he invited the global giants to increase their investment in China. He highlighted China's steady progress in innovation-led development, which offers vast opportunities.
The latest measures of China to boost travel service exports and expand inbound consumption highlight the country's resolve to continue to invigorate growth. These policies aim to enhance the international appeal of China's tourism and service sectors, crucial components of the nation's foreign trade. By expanding visa-free policy, facilitating international payment systems and raising service standards, China aims to attract more foreign visitors and investors.
In 2025, China's economy grew by 5 percent, surpassing 140 trillion yuan ($20.4 trillion) for the first time. By setting a GDP target between 4.5 and 5 percent this year, China intends to continue that growth trajectory.
In the first two months, the industrial added value of major enterprises grew by 6.3 percent year-on-year; the total value of imports and exports of goods increased by 18.3 percent; and fixed-asset investment grew by 1.8 percent year-on-year, marking a shift to growth. All this indicates that China's economy is moving in a positive direction and progressing steadily.
China's development path is a source of global opportunities. And China's openness to foreign investment, and its initiatives such as the China International Import Expo have been welcomed as they create channels for international cooperation.
Moreover, China is committed to helping build an open world economy. Apple CEO Tim Cook, who is in Beijing to attend the forum, said China is Apple's most important production base and the primary source of its supply chain. He said that Apple is continuously deepening its innovation cooperation, green development and industry chain collaboration in China, which is highly aligned with the country's 15th Five-Year Plan.
The new five-year plan is not only a blueprint for the country's domestic development, but also an answer to how it will contribute to building a stable foundation for global economic growth and provide a platform for foreign companies to thrive.
The plan's focus on innovation, sustainability and openness highlights a path toward inclusive growth and shared prosperity.
The China Development Forum is thus a testament to China's role as an economic powerhouse, offering vast opportunities for international cooperation and growth. As the world navigates an era of uncertainty, China's vision and commitment to high-quality development provide a road map for an interconnected and prosperous future.
Future industries such as quantum technology and embodied intelligence should be a global "concerto" of collaboration rather than a "solo" performance by any single nation, China's Minister of Industry and Information Technology Li Lecheng said on Sunday at the China Development Forum in Beijing.
Li emphasized that China is committed to sharing technological innovations with the world and working jointly to advance future industries for the benefit of all humanity.
He noted that multinational corporations are increasingly integrating into the landscape of these emerging sectors.
The minister outlined a multi-pronged strategy to accelerate the development of future industries. This includes strengthening top-level planning and establishing technology foresight mechanisms, as well as promoting the coordinated development of pilot zones tailored to local advantages.
To boost technological supply, China will intensify efforts in original and groundbreaking research, with a focus on fields such as quantum technology, bio-manufacturing, hydrogen and nuclear fusion energy, brain-computer interfaces, embodied intelligence, and 6G.
He also stressed the importance of leveraging enterprises as key drivers by nurturing leading tech firms with core competencies. The ministry will work to integrate innovation, industry, capital, and talent chains, while refining governance systems to balance development with security.
Li called for deeper international cooperation, greater engagement in global innovation networks, and active participation in setting international standards to foster an open, inclusive, and secure environment for future industrial growth.
