China pivotal to MNCs' global biz strategy

Three or four decades ago, multinational corporations used to take a simple approach while conducting their businesses in China.

They would bring in products that had already succeeded internationally and instruct local factories to produce them for Chinese consumers.

This strategy, backed by the scale and profitability of the Chinese market, proved effective.

As a result, they could gradually expand their presence by establishing additional plants, branches and regional offices within China to maintain a competitive edge.

However, this model no longer fits today's complex business landscape.

A large number of global companies have leaned heavily on the China International Import Expo platform, held annually in Shanghai for seven years now, to showcase their latest products, solutions and services, as well as build connections with new clients in China as well as other countries.

Numerous products and technological solutions making their debuts at the CIIE were developed in their research and development centers in China, showing a clear trend in their investment focus within the country in recent years.

The seventh edition of the CIIE, which was held from Nov 5 to 10, covered an area of over 420,000 square meters and attracted 3,496 exhibitors from 129 countries and regions.

Up to 297 Fortune 500 companies and industry leaders were present at this year's expo, a record high, according to information released by the Ministry of Commerce.