China's recovery, along with more encouraging signals and prudent policies introduced during the two sessions, is injecting greater confidence into multinationals operating in China, said a senior executive from Bayer.

Ulrich Stefer, chief financial officer of Bayer Group Greater China, said: "China, without any doubt, plays a crucial role in impacting global growth in 2023 as the world's second-largest economy. We noticed that various international financial institutions and investment banks increased their predictions for China's economic growth in 2023."

He said that with the massive market size, sophisticated industrial system, strong supply chain competitiveness and the improving business environment, the Chinese market remains extremely attractive on a far-reaching level for multinational companies, including Bayer, to join and expand their investment.

"The multi-million euros expansion project of Bayer's Beijing Pharmaceuticals plant will be completed this year and it is expected to boost our prescription drug production capacities by 40 percent and largely enhance our capability to meet Chinese patients' medical needs," he said.

Speaking of China's business environment, Stefer said: "Over the years, Bayer has witnessed China's substantial efforts to firmly improve the business environment for all kinds of enterprises."

"Particularly, the Foreign Investment Law and China's free trade zones have optimized China's law-based and open business environment for foreign companies, providing a solid basis for our in-depth participation and investment in this market," he said.

In 2022, China increased the number of items in the Catalogue of Encouraged Industries for Foreign Investment to 1,474 from 987 in 2017. The number is expected to further increase with the publication of the 2023 catalogue.

"It opens up new areas and industry fields for foreign investment, such as advanced manufacturing, further unleashing the market potential and offering greater opportunities for foreign companies," Stefer said.

Data from the Ministry of Commerce showed that, ever since the Foreign Investment Law took effect in Jan 1 2020, 90 percent of the surveyed foreign enterprises held that the law was implemented well, and China's business environment was optimized.