Officials elaborate on new development opportunities in China for foreign businesses

BEIJING -- Senior Chinese officials on Tuesday elaborated on new opportunities for foreign businesses in China's new development pattern and high-quality development.

Speaking to over 200 representatives from foreign businesses attending a meeting, online or in person, Zhao Chenxin, deputy director of the National Development and Reform Commission, stressed the openness of the new pattern of development that features positive interplay between domestic and international economic flows.

While fully stimulating and unleashing the potential of its domestic demand, China will in the meantime deepen international economic and trade cooperation and deeply involve itself in the global industrial division of labor and cooperation, Zhao said.

In the face of global volatility, China's new development will offer new opportunities to the world, Zhao said.

The meeting was organized by the China Public Relations Association and the China Association of Enterprises with Foreign Investment to brief foreign businesses on the spirit of the 20th National Congress of the Communist Party of China (CPC) held last month.

As a report to the CPC national congress emphasized the real economy and new industrialization, Xin Guobin, vice minister of Industry and Information Technology, told attendees that "China's new industrialization will bring new opportunities and broad prospects for the development of China and the world."

Xin envisioned a larger and more vibrant Chinese market, a new industrial technology route and development paradigm, global industrial and supply chains that are more closely connected and resilient, and an environment of higher-standard opening-up.

While one of China's objectives and tasks for the next five years is to make new strides in reform and opening-up, Vice Minister of Commerce Sheng Qiuping called on foreign firms to actively seize three opportunities in the period.

Sheng cited opportunities in the building of a unified national market, in the institutional opening-up and improved business environment, and in deepened international cooperation.

Business representatives agreed that the briefing deepened their understanding of China's development path in the future, further strengthened their confidence in the country, and will help them better grasp the opportunities in the market.