China's continued pursuit of high-quality economic development will foster sustainable growth of the Chinese economy, making biopharmaceutical giant AstraZeneca more confident in investing more in China, according to a senior executive of the company.

"As we look at China's role on the global stage, and in particular through this year's China International Import Expo and its opening ceremony, we have gained strong confidence in the Chinese economy," said Michael Lai, general manager of AstraZeneca China, in a recent exclusive interview with China Daily.

COVID-19 has had a worldwide impact, creating short term fluctuations. But when looking at the longer-term economic outlook of China, it's very important for AstraZeneca to continue to take China as an increasingly important global supply base, according to him.

The company has announced earlier this year its intentions to further invest in its manufacturing facilities in China, including Wuxi and Taizhou supply bases in Jiangsu province. The company is also establishing a new supply base in Qingdao, Shandong province.

According to Lai, the Qingdao investment program is part of one of the core strategies of AstraZeneca in the respiratory disease sector over the next 10 or more years, as the Qingdao supply facility will be an important base for global manufacturing, serving not just the Chinese market, but also the rest of the world.

Lai said as China pushes for high-level opening-up, the company sees a strong environment of collaboration and cooperation between global companies working in China, as well as an environment that allows Chinese companies to be able to reach out to the world.

He is also impressed by Chinese innovation.

"We are partnering with innovative Chinese companies, like Wuxi Biologics, to further expand our partnership in COVID-19 vaccines, as well neutralizing anti-bodies," he said.

"The Chinese pharmaceutical industry is at a growth phase in terms of world-class innovation. We are very excited to see a new generation of innovative biotech companies in China," he added. 

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