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The Lujiazui area of Shanghai has developed into a financial hub during the past three decades. [Photo by Wang Gang/for China Daily]

The law also provides foreign capital with easier market access and reduces restrictions for investors. Last year, nearly 9,000 joint ventures were set up between foreign investors and Chinese nationals.

United States industrial conglomerate Honeywell is one such beneficiary.

The company found that it was a perfect fit for the Chinese government's parallel agendas to welcome foreign investment in advanced manufacturing, while attracting advanced industries to central and western areas of the country.

Steven Lien, president of Honeywell China, said, "To ride the smart manufacturing trend, we entered into strategic cooperation last year with Shang Gong Group Co (SGSB Group), a leader in China's sewing machine industry.

"Honeywell's technologies in the internet of things and automation solutions can empower SGSB Group to achieve smart manufacturing and smart logistics warehousing management."

Another eye-catching investment by Honeywell was the establishment of a wholly-owned subsidiary, Huosheng Industrial Technology Co, in Wuhan, capital of Hubei province, where the pandemic hit China hard at the start of last year.

Lien said the launch was possible due to the close cooperation and support received from the Wuhan government.

"With this investment, Honeywell continues to promote technological innovation to meet the demands of the mass-and mid-markets in China's central and western areas," he said.

Standard Chartered Bank China also invested in Wuhan, where it opened a sub-branch after the 76-day lockdown was lifted last year.

In addition, the bank is looking at opportunities arising from the Guangdong-Hong Kong-Macao Greater Bay Area, internationalization of the renminbi, green finance and the Belt and the Road Initiative, among others.

Jerry Zhang, executive vice-chairman and CEO of Standard Chartered Bank China, which invested $40 million last year in setting up a Greater Bay Area center in Guangzhou, capital of Guangdong province, said, "We will make continuous investment in China to deliver on opportunities presented by the country's opening-up."

She referred to a measure that allows international institutions to take part in interest rate derivatives trading on the China Interbank Bond Market, or CIBM, after they sign the International Swaps and Derivatives Association master agreement.

"From a legal perspective, this measure effectively cleared the hurdle for international institutions to make derivatives deals on the CIBM," Zhang said.

Standard Chartered China has helped several international investors complete interest rate swap deals on the CIBM, "making our bank one of the most active settlement agency banks for the CIBM in this part of the world", she added.