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Young people make their way to work in Shenzhen, Guangdong province. [Photo by Chen Yihang/for China Daily]

Additional efforts

Global consultancy Accenture has helped Chinese companies with digital technologies and accelerated their transformation.

Zhu Wei, chairman of Accenture China, said this momentum has brought vitality to the Chinese economy at a time when additional efforts are being made to stabilize foreign investment.

"China is home to many excellent enterprises, as well as being the most important market for many of our clients," Zhu said.

He added that the company, which specializes in consulting and providing solutions for the digital transformation of enterprises, is joining hands with Chinese counterparts to practice such transformations and make use of innovation.

"For instance, we are focusing on building innovation ability in China. We have set up our global research and development innovation hub in Shenzhen, Guangdong, and digital hub in Shanghai to co-create and deliver tangible value for our clients and shared success for our stakeholders," Zhu said.

Delivering the latest Government Work Report, Premier Li said China would strive to make the Regional Comprehensive Economic Partnership take effect as soon as possible, enable the signing of its investment deal with the European Union, and accelerate free trade negotiations with Japan and South Korea.

Multinational corporations are not only thriving in China, but are using their best practices to empower local partners.

Last year, L'Oreal launched its Big Bang Beauty Tech Challenge contest, with the aim of working with technology startups in China, boosting the beauty industry and bringing the world more innovative solutions from China.

Megarbane, the L'Oreal China CEO, said core technologies from the 10 winning projects, including a livestreaming ecosystem, smart supply chain and biosynthesis, are expected to be used in the group's day-to-day operations.

This year's competition would also include "certain expertise from France", he added.

Cytiva, the life science company, has partnered with Ireland's National Institute for Bioprocessing Research and Training and Guangzhou Technology Co to open a training center for biological manufacturing.

Yu, the company's general manager in China, said the center would transform Cytiva's experience and expertise into biotechnology research and development, which along with its manufacturing and management know-how would drive professional training for local talent.

Meanwhile, Honeywell is taking "created in China" products and solutions overseas.

The company is providing advanced technologies for China's largest investment project in Brunei－the Hengyi Industries integrated petrochemical complex on Pulau Muara Besar, a 95-hectare island in Brunei Bay.

Lien, the Honeywell China president, said the complex would be able to produce more than 3.8 million tons of paraxylene a year－the primary component of many plastic resins, films and fibers.

"Honeywell's innovation efforts in China and our global presence enable us to work closely with Chinese partners to deliver highly innovative projects worldwide, which aligns with China's 'dual circulation' development model," he said.

For this development model, the domestic market is the mainstay, with the domestic and international markets reinforcing each other.

Zhou Lanxu in Beijing contributed to this story.