Global investors shift their focus inland

Key hub

"We're building China into one of the key innovation and operation hubs of Philips Global for value creation, a hub with both global reach and influence," Kong said.

Philips China announced its "Go West" strategy in 2011, in line with the Chinese government's Western Region Development strategy. The company's move was intended to improve service to customers in the broader area of Central and West China, Kong said.

In June 2011, Philips announced that it would set up a second Chinese headquarters in Chengdu. The purpose was to leverage its strength in innovation and its advantages in the fields of health, lighting and consumer lifestyle while creating a business model fitting the local market.

"We are developing a '2017 strategy' that establishes a new blueprint for the next five years to ensure the sustainable development of Philips China. 'Go West' will assume a more important strategic position.

"We are accelerating innovation in China and for China, aiming to deliver more meaningful innovations to Chinese customers not only in the western region but across the country," Kong said.

DuPont Greater China President Tony Su said: "We see great growth potential in Chengdu because it is one of the fastest-growing cities in southwest China. Also it has great advantages in infrastructure, business environment and talent."

He noted that Sichuan is a large province in West China in terms of population, resources and economic development.

Its advantages in the high-end materials industry, resources, industrial bases, R&D capabilities and manpower support made it an important economic and industrial base in the "Go West" initiative.