Industrial upgrading to offer better prospects for foreign firms

China's efforts to advance new industrialization and accelerate the establishment of a modern industrial system will not only provide broad space for deeper international cooperation in industrial and supply chains, but also create enormous opportunities for multinational corporations to invest in the country, said government officials and business executives.

They added that scientific and technological innovation will inject strong momentum into China's economic recovery, while foreign companies can play a bigger role in bolstering the high-quality development of the world's second-largest economy.

Jin Zhuanglong, minister of industry and information technology, said that China will continue to expand high-level opening-up, implement the measures regarding the complete removal of restrictions on foreign investment in the manufacturing sector and deepen mutually beneficial cooperation with companies across the globe, in order to bolster the optimization and upgrade of industrial and supply chains.