China's high-standard opening-up initiatives are paving the way for expanded growth opportunities for international businesses, said EY China Chairman Jack Chan recently.

The remarks came after this year's Government Work Report, released during the ongoing two sessions, said that China will further expand high-standard opening-up and actively stabilize foreign trade and investment.

Chan underscored the immense potential that foreign enterprises continue to see in the Chinese market, attributing it to China's comprehensive industrial advantages, efficient supply chain systems, and ongoing innovation in sectors like new energy, digital economy, and high-end manufacturing.

"This presents abundant collaboration prospects for international companies," he said.

Reflecting on the past year, Chan said the government has made proactive efforts to stabilize foreign investment and improve the ecosystem for multinational corporations.

"Favorable policies include broadening the range of industries open to foreign investment — supporting ventures in advanced manufacturing, modern services, and sustainable sectors, as well as enhancing the complaint handling measures specialized for foreign-invested enterprises.

"Such policies not only elevated the appeal of the Chinese market for foreign enterprises but also strengthened the confidence of international firms conducting business in China," Chan said.

Data from the Ministry of Commerce showed that in 2024, newly set-up foreign-invested companies reached 59,080, up 9.9 percent year-on-year.