Multinational corporations in the technology space have pledged they will deepen relations with local entities in China as the nation is sharpening focus on science and technological innovation for a modern industrial system.

Tech MNCs also said China holds great appeal given the big opportunities arising in advanced manufacturing, digital transformation, artificial intelligence and green technologies, among others.

Their observations and resolve emerged after last week's Central Economic Work Conference set the tone for economic work next year, urging efforts to promote industrial innovation through sci-tech innovation. The conference also listed the expansion of high-standard opening-up as one of the priorities for economic work next year.

Chen Xudong, chairman of IBM Greater China, said, "As China continues to accelerate industrial upgrading and promote high-standard opening-up, I believe the nation has ample policy space to counter economic downturn pressures and explore new growth opportunities in sectors like new energy, artificial intelligence and low-carbon industries."

Chen further said China has sent a clear signal that high-standard opening-up and a continuously improving business environment are here to stay. "Sustaining such openness is a win-win for homegrown companies as well as multinational enterprises."

According to Xinhua News Agency, an official from the Office of the Central Commission for Financial and Economic Affairs dismissed concerns about the flight of foreign capital from China, saying the country has multiple favorable conditions to attract foreign investment.

The official, Xinhua reported, said there are enormous opportunities for global businesses in the country's super large market, complete industrial system and new development pattern.

Chen Zhichao, an assistant researcher at the Xi Jinping Thought on Economy Study Center, which is part of the National Development and Reform Commission, the country's top economic regulator, told China Daily the Central Economic Work Conference has called for efforts to develop new productivity boosters, which will inject strong impetus into the country's high-quality economic development.

Compared with traditional productivity tools that are driven by elements like labor, land and capital, new productivity boosters, Chen said, are led by technological innovation, which will promote the transformation of the economic growth mode.

Such emphasis is also aimed to optimize the industrial structure, cultivate new industrial pillars, enhance the level of industrial structure and boost core competitiveness in industrial chains, Chen said.

"More efforts, including higher fiscal investment and stimulation of social capital, will be made to increase investment in fundamental and applied research, and cultivate high-end innovation-oriented talent."

Hong Qunlian, a researcher at the Academy of Macroeconomic Research, said such efforts will also bring opportunities to MNCs, which are an important force in promoting innovation-driven growth.

Hideki Ozawa, president and CEO of Canon China, said: "China continuously strives to strengthen its scope of opening-up to the outside world while promoting high-quality economic development and formulating policies to attract investment.

"These efforts ensure that both foreign and domestic enterprises benefit from a fair, just, open and convenient business environment in the country."

Fang Ying, president of Ericsson China, said, "We have always considered China pivotal in 5G. This is not only due to the country's commercial potential, but also because many of the 5G technologies and applications developed here serve as a model for the rest of the world."

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