China's rise as a premier global innovation hub, driven by its distinctive market strengths and new quality productive forces, is fundamentally reshaping multinational corporations' worldwide strategies, according to senior business executives gathered at the 7th Qingdao Multinationals Summit.
The summit opened on Tuesday in Qingdao, east China's Shandong Province, drawing a record 357 multinational corporations from 44 countries and regions on its opening day, including 105 Fortune Global 500 companies and 252 industry leaders.
Discussions at the summit's main forums pointed to a profound structural shift in global firms' approach to the Chinese market. Rather than merely shipping products to China or exporting Chinese-made goods, industry giants are deeply embedding their operations locally and positioning the country as a core base for top-tier innovation.
Senior executives at the opening events shared firsthand insights into how China's distinctive market advantages are redefining their global business layouts in areas such as green industrial transformation or next-generation mobility.
"China is not just one of our many markets, it is a home market for us. Having been in China for 31 years with two manufacturing sites and our largest overseas R and D center, we remain committed. What attracts us is the unique combination of skill, speed and ambition under China's dual carbon goals. China offers the real market complexity we need to prove and refine innovations like our high energy efficiency pumps and digital water solutions," said Eric Lai, vice president and senior regional managing director of Grundfos China and APAC.
China's rising prowess in the automotive sector and standard essential patent development has also won wide recognition from global industry players.
"China is one of the most important markets for Avanci. It is the world's largest automotive producer and a leader in electric and connected vehicles. Moreover, China is a powerhouse of standard essential patent innovation. Many Chinese companies are becoming significant patent holders, and the level of R and D investment from Chinese enterprises over the past decade has been extraordinary. And it is now reflected in their patent portfolios. Chinese companies are not just participants in the global standards ecosystem, they are among its most important contributors," said Uta Schneider, vice president of Global Government Affairs at Avanci.
As China advances new quality productive forces across a raft of emerging sectors, demand for professional testing, inspection and certification services is growing rapidly, creating new growth avenues for international service providers.
"The development of new quality productive forces is creating significant opportunities for the testing, inspection and certification industry. Rapid innovation in areas such as the low-altitude economy, new energy, intelligent manufacturing and artificial intelligence is generating growing demand for high-level testing, certification and global compliance services. TÜV Rheinland is committed to helping Chinese companies bring their innovative technologies and products to global markets more smoothly and efficiently," said Mai Miao, Managing Director of TÜV Rheinland (China) Ltd.
Centered on the theme "Multinationals and China: Advancing with the 15th Five-Year Plan for Innovation and Future", the summit features an opening ceremony, a forum on the high-quality development of multinationals and a series of parallel sessions.
Global executives spotlight China's innovation ecosystem at Qingdao summit
