The research report Multinational Corporations in China: Sharing New Opportunities of Chinese Modernization was released during the opening ceremony of the fifth Qingdao Multinationals Summit on Aug 28. The report highlights that advancing Chinese-style modernization creates new development opportunities for multinational corporations.

It suggests that modernization in a country with a large population offers multinationals a broader market. China, now the world's second-largest consumer market, provides multinationals with an immense market for investment. Modernization aiming at prosperity for all encourages multinationals to optimize their strategic layouts.

Modernization that balances material and spiritual progress offers a high-quality business environment, while the emphasis on respecting nature boosts higher-quality development for multinational corporations. Additionally, the report states that China's commitment to peaceful development provides multinationals with a more open platform.

According to the report, multinational corporations are continuously optimizing their industry structures and regional layouts for investment in China, which deepens their engagement with the Chinese market. In 2023, China's high-tech industry attracted foreign investment totaling 423.34 billion yuan ($59.46 billion). Central and western China have become hot spots for foreign investment, with seven provinces such as Gansu, Ningxia Hui autonomous region, and Shanxi seeing actual utilized foreign investment increase by more than 10 percent in 2023.

The report also indicates that China's foreign direct investment trends are generally in sync with global and Asian trends. At $163.3 billion, China's use of foreign direct investment in 2023 reached one of the highest levels in the past decade. Multinationals are investing in China more, with 53,766 new foreign-invested enterprises established in 2023, representing a year-on-year growth of 39.7 percent.