(CIIE) Economic Watch: China's high-quality development pursuit shores up confidence of multinationals

SHANGHAI, Nov. 9 (Xinhua) -- At the ongoing international import expo in Shanghai, Panasonic is wowing visitors with a smart washing machine that automatically identifies fabrics, analyzes stains, optimizes washing settings and can be commanded via voice.

"This machine embodies our vision of smart living. Many of our advanced products are conceived, produced and first launched in China," said Tetsuro Homma, executive vice president of Panasonic Holdings Corporation and group chief executive for China and Northeast Asia, at the 8th China International Import Expo (CIIE) that runs from Nov. 5 to 10.

This year, the expo has attracted 290 Fortune Global 500 companies and other leading industry players, which are showcasing their latest innovations. As the world's second-largest import market, China's sustained openness and pursuit of high-quality development are combining to fuel global demand and bolster the confidence of multinationals.

Homma noted that their products are developed oriented toward the appetites of China's massive consumer base.

"Leveraging China's rapid advances in AI, we have adopted DeepSeek and our locally developed AI models to create appliances that support smarter, healthier lifestyles," he said.

In a testament to this two-way partnership, Panasonic has 50,000 employees in China -- with 10,000 of them working as engineers. The company's 60 Chinese entities contribute 30 percent of its global profits.

On Nov. 4, U.S. materials science giant Dow inaugurated a cooling science studio in Shanghai, aimed at serving the growing needs of emerging industries in the Chinese market -- such as AI, the Internet of Things and automation.

Dow, making its eighth appearance at the CIIE, has brought a range of new-to-the-world products to the 2025 edition of this expo, including an immersion cooling liquid designed to enable high-performance and energy-efficient operation in data centers.

"As China pursues high-quality development, the country requires more innovative and higher-performing materials, and these are what we are showcasing here," said Brendy Lange, president of Dow Performance Materials & Coatings.

Last month, China made public the recommendations for formulating the 15th Five-Year Plan (2026-2030) for national economic and social development, outlining further measures to expand voluntary and unilateral opening up.

Executives from foreign companies, including Danish pharmaceutical firm Novo Nordisk, told Xinhua that they are studying the development blueprint closely.

"The document's emphasis on chronic disease prevention and control will benefit Chinese people, and it aligns with our commitment to safeguarding public health," said Christine Zhou, Novo Nordisk senior vice president and president of Novo Nordisk China.

"At earlier editions of CIIE, many of our drugs were exhibited in the form of research documents or exhibition items. Now the expo has become a launchpad for new products in China," she said. Since entering the Chinese market 31 years ago, Novo Nordisk has introduced 22 innovative drugs and 11 innovative injection devices to China -- for the treatment of diabetes, obesity and rare diseases.

Over its past seven editions, the CIIE has cumulatively generated more than 500 billion U.S. dollars in intended transactions and facilitated over 1,100 foreign-funded enterprises and investment promotion agencies in conducting targeted matchmaking activities across China, connecting new products, technologies and services with the evolving consumption demands of China's 1.4 billion consumers.

Wang Xuekun, director of the Research Center for the Hongqiao International Economic Forum, said the interaction between global enterprises and China embodies the principle of win-win cooperation.

"China's high-quality development offers new opportunities to the world by stimulating market demand and attracting investment, allowing multinationals to reap considerable returns by engaging in the nation's modernization," he said.

Over the past five years, the return rate of foreign direct investment in China has remained at approximately 9 percent -- ranking among the highest in the world. ■