China and Switzerland mark anniversary

Joint focus on technology, cultural exchange and investment drives mutual growth

China and Switzerland are commemorating 75 years of diplomatic relations this year through a series of high-level visits, business forums and strategic initiatives that highlight the enduring strength and resilience of their partnership. Despite the headwinds in global trade, officials and business leaders from both countries have emphasized the importance of deepening collaboration across trade, finance, innovation and education, while exploring new opportunities in sustainable development and high-tech industries.

Qian Minjian, China's new ambassador to Switzerland, highlighted the trajectory of bilateral relations during meetings in Bern shortly after assuming office in July. "Over the past 75 years, our ties have developed steadily, with close high-level exchanges and fruitful cooperation in trade and finance," he said. "China is ready to work with Switzerland to create more 'firsts', deepen cooperation across sectors and take our innovative strategic partnership to new heights."

Swiss officials welcomed his arrival. Daniela Stoffel, Switzerland's state secretary for international finance, described bilateral relations as advancing on a solid footing. She said that Switzerland attaches great importance to its relations with China, noting that cooperation in finance and beyond continues to deepen and Switzerland looks forward to further progress.

Building on this momentum, a major development occurred on Sept 7-8, when Pan Gongsheng, governor of the People's Bank of China, attended the Bank for International Settlements governors' meeting in Basel, Switzerland. During the meeting, he signed a bilateral local currency swap agreement with Martin Schlegel, governor of the Swiss National Bank, valued at 17 billion Swiss francs ($18.7 billion) over a five-year term.

The renewed swap agreement is designed to deepen monetary cooperation, facilitate bilateral trade and investment and maintain financial market stability. Analysts noted that this move will provide smoother cross-border settlements, promote investment and further solidify China-Switzerland financial ties in an era of heightened global uncertainty.

Switzerland is China's sixth-largest trading partner in Europe, while China ranks as Switzerland's largest trading partner in Asia. According to Chinese customs data, bilateral trade reached $62.78 billion in 2024, despite the global trade slowdown. China's imports from Switzerland primarily consist of mechanical and electrical products, chemical and pharmaceutical products, optical instruments, medical devices and watches. Chinese exports to Switzerland include textiles, chemicals, toys, sporting goods and leather products.

The China-Switzerland Free Trade Agreement, which came into effect on July 1, 2014, was the first FTA that China concluded with a top-20 global economy. Covering goods, services, finance and intellectual property, the agreement provides zero or low tariffs on the vast majority of products and commits to advancing the liberalization and facilitation of trade in services. Negotiations to upgrade the FTA began in September 2024, with subsequent rounds held in Beijing in March and Geneva in July, resulting in positive progress on goods and services trade, investment, rules of origin, trade facilitation, competition and economic-technical cooperation.

Zhang Zhiqiang, chairman of the Swiss Chinese Chamber of Commerce, noted that Switzerland's excellence in manufacturing, sustainability and innovation, when paired with China's scale, digitalization and supply chain integration, opens substantial opportunities for shared growth and industrial advancement.

Business collaboration

The spirit of collaboration was prominently displayed at the recent Sino-Swiss Business Awards 2025, hosted by the Swiss Chinese Chamber of Commerce in Beijing on Aug 27. Over 400 political and business leaders attended, including Andrea Caroni, president of the Council of States of Switzerland, and Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission.

Caroni underlined decades of progress in bilateral ties: "Fifty years ago, Swiss exports to China accounted for less than 0.5 percent of our total trade. Today, China is Switzerland's third-largest trading partner, with over 1,000 Swiss companies active here. Since the FTA entered into force in 2014, Swiss exports to China have nearly doubled, while Chinese exports to Switzerland have grown by about 60 percent."

Guo emphasized China's commitment to an open business environment. "China's economy remains resilient, with great potential and vitality. We will continue to improve the legal and business environment to support bilateral trade and encourage Swiss companies to expand cooperation in trade and technology."

Award winners included Bühler Group, Bien-Air, Nestlé, Cellcosmet, SGS and ABB. SGS, which provides testing and certification services to hundreds of thousands of domestic enterprises, helps ensure compliance with international standards across multiple industries.

ABB, one of the earliest Swiss industrial groups to enter China following economic reforms, has transitioned from merely importing products to localizing production and establishing R&D centers in the country.

Today, China is ABB's second-largest global market, home to around 30 local entities, 14,000 employees and 2,000 research and development specialists. With deep industry expertise and innovative capabilities in digitalization and artificial intelligence, ABB is committed to supporting China's energy transition and industrial transformation while continuing to serve local customers.

Swiss companies are increasingly seeking opportunities in China's green technology and clean energy sectors, while Chinese enterprises look to Switzerland for expertise in precision manufacturing, quality management and sustainability. "Swiss businesses in China, through innovation and long-term commitment, remain vital bridges for shared prosperity," Caroni said.

Zhang highlighted the mutual learning opportunities. "Swiss firms are renowned for quality, technological innovation and lean manufacturing, while Chinese companies excel in market responsiveness, digital transformation and supply chain management. By leveraging each other's strengths through joint research, talent exchanges and technological collaboration, both sides can drive industrial upgrading and long-term growth."

He added that China's continuous improvements in market access, intellectual property protection and foreign investment transparency have boosted confidence among foreign enterprises. For Swiss companies, new opportunities continue to emerge in life sciences, green technology, advanced manufacturing, precision medical equipment and new materials. In particular, Swiss technological expertise aligns closely with China's policy priorities in sustainable development and clean energy.