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Visitors take photos with a key sculpture during the 25th China International Fair for Investment & Trade in Xiamen, Fujian province, on Sept 8. ZHANG BIN/CHINA NEWS SERVICE

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.

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.

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.

"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.

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."

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

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.

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.

"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."

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."

An aerocar attracts people's attention during the 25th China International Fair for Investment & Trade on Sept 8. WANG DONGMING/CHINA NEWS SERVICE

Other foreign companies have adopted similar strategies.

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.

These strategies have been underpinned by policy.

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.

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.

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.

Hungary illustrates China's new depth of global cooperation, particularly with countries participating in the BRI. From 2014 to 2024, Chinese enterprises invested close to $20 billion in Hungary, creating more than 30,000 local jobs in sectors such as automotive batteries and intelligent logistics. These projects have not only delivered advanced technologies, but also strengthened Hungary's position in Europe's industrial chain.

In Egypt's TEDA Suez Economic and Trade Cooperation Zone, Chinese enterprises have built integrated clusters centered on high-end manufacturing and logistics — a "localized production+global sales" model that has spurred industrial upgrading and job creation, earning praise from the Egyptian government.

A photo is captured at the exhibition stand of HSBC during the 7th China International Import Expo in Shanghai on Nov 7. HU XUEBO/FOR CHINA DAILY

The energy sector tells a similar story.

Wang Pengcheng, president of Hithium Energy Storage Technology Co, said, "The global energy storage market is experiencing rapid growth, and Hithium Energy is building a global full-chain capability from materials and product systems to system integration and full-station services, providing customized integrated solutions for global customers." The company's shipments have grown at a compound annual rate of 167 percent over the past three years, with demand rising fast in the United States, Europe, and the Middle East.

Smooth two-way capital flows depend on a robust financial system that can provide not only funding, but also risk protection and efficiency for cross-border activities.

"Outbound investment always involves the movement of capital across borders, and financial institutions are now participating in more diverse ways," said Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation.

Zhou outlined three avenues of support. "First, banks can provide direct financing — loans that help enterprises participate in overseas projects or place large orders. Second, risk-protection products such as investment insurance reduce uncertainty for firms abroad. Last, trade-related financing tools, like buyer's credit, can lower the costs of running international operations."

Zhou believes that services will only grow more localized and innovative. "Many Chinese and international banks are expanding their global presence, which allows them to provide on-the-ground services. At the same time, new tools — such as stablecoins and faster cross-border payment systems — are emerging to make capital flows more efficient," he said. "Of course, cross-market risks remain, and the key will be ensuring that financial capital and real-economy capital complement each other to drive innovation. That balance requires constant adjustments."

The trend was clear at this year's China International Fair for Investment and Trade last month, where banks introduced instant transaction platforms and insurers offered tailored risk products for projects in politically complex regions.

Liao of HSBC added that the Panda Bond market has become a vital channel for foreign companies raising capital in China. "Since 2005, the Panda Bond market had recorded an accumulated issuance size of over 1 trillion yuan ($140 billion) as of July. The ready availability of domestic fundraising tools reduces financing costs and accelerates the expansion of the footprint of multinational companies in China," Liao said. "It also helps optimize their asset-liability structures and improve overall capital allocation efficiency."

Finance is the bloodstream of two-way investment, but innovation is the heartbeat. Both inbound and outbound flows increasingly target high-tech fields, from artificial intelligence and robotics to green energy. That matches China's strategy of high-quality growth and the world's demand for greener, smarter solutions.

That perspective is increasingly shared by foreign executives, who point to China's blend of policy support, market demand and industrial supply chains as a foundation for technological progress.

Events such as CIFIT showcase two-way investment results. More than 1,100 cooperation projects, with a combined value of 644 billion yuan, were signed at the fair this year.

While China's dual role in global capital flows has already delivered results, challenges remain. Geopolitical frictions, divergent regulatory system, and rising protectionism all weigh on the investment outlook.

Even so, with its vast market, comprehensive supply chains, and growing financial and innovation ecosystems, China is well placed to deepen two-way cooperation.