Multinationals boost presence in country

Gains expected

Zhu Wei, China chairman of global consultancy Accenture, said that thanks to the unprecedented swift action taken by the nation to mitigate the impact of COVID-19, digital business models and new technologies have played a role in safeguarding people's livelihoods－and this is where Accenture's expertise kicks in.

"With China's quick recovery, Accenture also pivots rapidly from maintaining uninterrupted operation to staying relevant to clients by actively exerting our industrial capabilities and contributing our tailor-made digital solutions to address the pressing digital transformation needs of local businesses from various industries," he said.

The consultancy, which advises and supports companies on digitalization transformation, forecasts that China will see $1.9 trillion in new economic value by 2030 through breaking growth limits with new technologies and unfettered innovation.

"As a key priority in the 14th Five-Year Plan, the dual circulation strategy aims to boost technological innovation, globalize Chinese enterprises and stimulate domestic demand," Zhu said.

"Accenture is thus in a position to bring continuous innovation to help Chinese clients harness the power of digital, improve their performance and create lasting value across their enterprises."

Allan Gabor, president of Merck China, said his company also sees the potential to turn policy rhetoric into substantial business gains.

"We believe that a golden decade for China's semiconductor industry has just begun," said Gabor, whose company's life science, healthcare and performance materials businesses in China all contributed to growth last year.

"Dual circulation will certainly reinforce the economic recovery and stimulate the domestic market in areas driven by high-tech. We will be accelerating our investments in China, especially in electronics."