Business leaders back China's innovation drive, market depth at Development Forum

Business leaders at the China Development Forum 2026 in Beijing voiced optimism about China's economic prospects, pointing to strengths in innovation, a broad industrial base and long-term strategic vision.

The two-day forum, themed "China in Its 15th Five-Year Plan Period: Advancing High‑Quality Development and Creating New Opportunities Together," opened Sunday with global executives, scholars and policymakers highlighting China's stability amid rising global uncertainty.

Siemens CEO Roland Busch said China's industrial depth makes it a hub for innovation.

"China is covering the broadest industrial base in the world. So if you really want to drive innovation and you want to be ahead of the innovation curve, China is the place to be," said Busch.

Roche Chairman Severin Schwan praised China's long-term planning as a key advantage for investors.

"I think one of the strengths of China is to take a really long-term perspective. And for us in business, it's important to know where the journey is going to have stability, and this is something which China provides, and this is a big strength," said Severin Schwan, chairman of the board of directors of Swiss pharmaceutical giant Roche.

As the 15th Five-Year Plan charts new tracks in future industries, from pilot zones to globally influential science and technology enterprises, the forum underscores how China’s modernization drive is positioned to deliver both domestic resilience and fresh opportunities for international cooperation.

Business leaders back China's innovation drive, market depth at Development Forum

U.S. stocks ended lower on Tuesday as climbing U.S. Treasury yields continued to weigh on investor sentiment.

The Dow Jones Industrial Average dropped 322.24 points, or 0.65 percent, to 49,363.88. The The Standard and Poor's 500 sank 49.44 points, or 0.67 percent, to 7,353.61, and the tech-heavy Nasdaq Composite Index shed 220.03 points, or 0.84 percent, to close at 25,870.71.

A primary source of downward pressure came from the fixed-income market. The yield on the benchmark 10-year U.S. Treasury note climbed back above 4.6 percent, while the 30-year Treasury yield nearly touched 5.2 percent, marking its highest level in nearly 19 years.

The high-yield environment acted as a drag on high-valuation growth sectors, which are particularly sensitive to elevated interest rates. Six of the 11 primary The Standard and Poor's 500 sectors closed in negative territory, with materials and communication services leading the declines by dropping 2.27 percent and 1.58 percent, respectively. In contrast, the healthcare sector gained 1.09 percent and the energy sector advanced 1.03 percent.

Market participants are also focusing on Wednesday's upcoming after-hours earnings release from Nvidia.

U.S. stocks close lower amid rising yields