Multinationals boost presence in country

Opening-up the key

Business representatives also referred to other incentives－from China's carbon neutrality goal to pledges to protect intellectual property rights－as reasons to remain optimistic. However, the greatest emphasis is placed on the country's commitment to further opening-up.

Will Song, global senior vice-president and China chairman of Johnson & Johnson, said: "We are encouraged to see that the Chinese government continues to promote an open, fair, transparent and predictable investment environment. It not only boosts the confidence of foreign companies like Johnson &Johnson, but will also help economic recovery and growth."

Xu, from Airbus, said, "We always maintain an open mind for any potential cooperation, strive to establish a more stable and long-term partnership with China, and aim to be a leader in Sino-European Union economic and trade cooperation."

Covestro's Lei said: "The dual circulation system does not mean that China is closing its doors or turning inward. We believe China will continue to build an open economy with higher standards and better quality, thus providing a stronger driving force for global economic development as well as for multinational companies."