Nation's innovation strength, speed hailed

China's accelerated efforts to foster new quality productive forces are injecting fresh momentum into innovation-driven growth and creating broader opportunities for multinational companies seeking to deepen their presence in the world's second-largest economy, business executives and economists have said.

Xi'an, Shaanxi province, known as the starting point of the ancient Silk Road, is emerging as a key inland innovation-driven hub, they added, as its strengths in technological research, advanced manufacturing and international connectivity play a growing role in China's pursuit of high-quality development and high-level opening-up.

The remarks were made in Xi'an on Tuesday, during the "CEO: Grow with China" roundtable, hosted by China Daily under the guidance of the Xi'an Municipal Government.

"What is now shaping China's development is the shift toward new quality productive forces," said Raquel Ramirez Alexander, vice-president of the European Union Chamber of Commerce in China, and chair of its Southwest China Chapter.

It reflects the country's transition from growth driven mainly by scale and investment to growth increasingly powered by technology, productivity gains, digitalization, sustainability and advanced manufacturing, she said.

China offers increasingly diverse opportunities, she added, citing a survey jointly released recently by the chamber and consultancy Roland Berger, which showed "signs of an uptick" in confidence among European businesses operating in China, while also pointing to expectations for further improvements in the business environment.

Zhu Guangyao, former vice-minister of finance, said in a video address that China's continued push for high-level opening-up and a better business environment will provide a stronger foundation for multinational companies to grow in the country, adding that their long-term engagement in the Chinese market has also helped advance China's industrial upgrading and economic development, while benefiting themselves.

"China is not just an important market. It is also a place where the future is taking shape very quickly," said Rogier Janssens, president of the China unit of Germany-headquartered Merck, in a video address.

"You can feel it here. The pace is fast. The ambition is high. More and more, we see innovation being turned into real impact," Janssens said.