As global supply chains undergo transformation and investment patterns shift, China has taken on a dual role in the world economy — as both a magnet for foreign enterprises and an increasingly influential outbound investor, said experts and executives.

专家与企业高管表示，在全球供应链深度调整、投资格局加速演变的背景下，中国在世界经济中扮演着双重角色——既是吸引外资企业的“磁石”，也是影响力持续提升的对外投资主体。

This signals not only continuity in the country's opening-up policy, but also a deeper transformation — that China is no longer just a participant in global growth, but is becoming a co-architect of it, they said.

他们指出，这不仅体现中国对外开放政策的连续性，更标志着深层次转型：中国已不再是全球经济增长的单纯参与者，正逐步成为全球经济发展的共同构建者。

What draws foreign companies today is not the promise of low costs, but the chance to innovate, to test ideas in a vast and demanding market, and to use China as a springboard into global competition.

如今吸引外资企业的，不再是低成本优势，而是创新机遇、在庞大且高要求市场中验证理念的可能，以及以中国为跳板参与全球竞争的广阔空间。

"China remains the top target market for enterprises expanding their global trade layout, with 44 percent of global enterprises selecting China as their first choice for expansion," said David Liao, co-chief executive for Asia and the Middle East at HSBC.

汇丰银行亚洲及中东联席首席执行官廖宜建表示：“中国仍是企业拓展全球贸易布局的首要目标市场，44%的全球企业将中国选为海外扩张的首选地。”

Citing survey data, he added that 40 percent of global firms are either already increasing or planning to increase their manufacturing footprint in China over the next two years. "These findings highlight that China remains a hot spot for international investment and occupies a central position in the global trade landscape."

他援引调研数据补充道，未来两年，40%的全球企业已在增加或计划增加在华制造业布局。“这些数据充分说明，中国仍是国际投资的热点地区，在全球贸易格局中占据核心地位。”

That reality is reflected in the way executives describe the market. Many call it a touchstone for development.

企业高管对中国市场的评价，也印证了这一现实——许多人将中国视为发展的“试金石”。

ABB CEO Morten Wierod said China is the cornerstone of ABB's business, with Xiamen, Fujian province becoming its largest global manufacturing base and innovation center.

ABB集团首席执行官史毕福称，中国是ABB业务发展的基石，其中福建省厦门市已成为ABB全球最大的制造基地与创新中心。

The same pattern plays out in life sciences and healthcare. Anita Wei, vice-president of External Affairs at Danaher China, said her company's "Double Innovation Engine" strategy is built on deep localization.

在生命科学与医疗健康领域，这一趋势同样显著。丹纳赫中国政府事务副总裁韦春艳表示，丹纳赫的“双创新引擎”战略根植于深度本土化。

"We aim to achieve 80 percent of sales revenue from localized production and 80 percent of raw material sourcing from the Chinese market," she explained. "This allows our research and development teams to respond directly to clinical needs in China and then promote those solutions globally."

“我们目标实现80%的销售收入来自本土化生产，80%的原材料采购源自中国市场，”她解释道，“这让我们的研发团队能够直接响应中国临床需求，并将这些解决方案推向全球市场。”

Wei emphasized that the company's commitment is also about long-term trust. "China's continuous opening-up and improving business environment give us the confidence to keep investing. We are committed to building long-term, trusted partnerships that address global challenges together."

韦春艳强调，企业的投入也源于对中国市场的长期信任。“中国持续扩大开放、不断优化营商环境，给了我们持续投资的信心。我们致力于构建长期互信的合作伙伴关系，共同应对全球挑战。”

Other foreign companies have adopted similar strategies.

其他外资企业也采取了类似策略。

Zhao Bingdi, president of Panasonic China, described the shift by saying that China is not only a manufacturing center for Panasonic, but also an innovation hub, and that the Japanese firm is transitioning from "in China, for China" to "in China, for global" with the aim of leveraging the competitive edge honed in China for Southeast Asia and beyond.

松下电器（中国）总裁赵炳弟这样描述战略转变：中国对松下而言，不仅是制造中心，更是创新枢纽。这家日本企业正从“在中国，为中国”向“在中国，为全球”转型，旨在将在中国市场打磨的竞争优势延伸至东南亚及更广泛地区。

These strategies have been underpinned by policy.

这些战略的落地，离不开政策的有力支撑。

China has steadily opened doors wider, reducing national and free trade zone negative lists for foreign investment to 29 and 27 items, respectively. Restrictions on manufacturing investment have been removed, while pilot programs in cloud computing, biotechnology and wholly foreign-owned hospitals are underway. Procurement, IP protection, data flows and tax incentives are all being fine-tuned to create a more predictable business climate.

中国持续扩大对外开放：全国和自由贸易试验区外资准入负面清单分别缩减至29项、27项；制造业领域外资限制全面取消；云计算、生物技术、外资独资医院等领域试点有序推进。与此同时，中国还在采购管理、知识产权保护、数据流动、税收优惠等方面不断优化，为市场营造更可预期的发展环境。

If inbound investment illustrates how China strengthens multinationals, outbound investment shows how Chinese firms are reshaping international markets. In 2024, outward direct investment reached $192.2 billion, bringing cumulative stock above $3.14 trillion. For the 13th year in a row, China ranked among the world's top three investors, according to the 2024 statistical bulletin of outward foreign direct investment.

如果说吸引外资体现了中国如何助力跨国企业发展壮大，那么对外投资则展现了中国企业如何重塑国际市场格局。《2024年中国对外直接投资统计公报》显示，2024年中国对外直接投资规模达1922亿美元，累计对外直接投资存量突破3.14万亿美元，连续13年位居全球对外投资前三行列。

In total, by the end of 2024, 34,000 Chinese investors had established 52,000 overseas enterprises in 190 countries and regions, including 19,000 in Belt and Road Initiative partner countries.

截至2024年底，中国3.4万家投资者在全球190个国家和地区设立了5.2万家境外企业，其中在“一带一路”合作伙伴国家设立企业1.9万家。

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