A robot prepares a meal at the 2026 World Artificial Intelligence Conference and High-Level Meeting on Global AI Governance in Shanghai, on July 16. [Photo/VCG]
Editor's note: After the release of China's first-half 2026 economic data, China Daily invited chief executives and senior leaders from key multinational companies to share their perspectives on the world's second-largest economy. Their insights go beyond short-term growth, offering a closer look at the evolving "China Opportunity 2.0" narrative amid ongoing debate over the so-called "China Shock 2.0".
Q1 Many multinational companies in recent years continue to expand their investment and operations in China, suggesting that "China Opportunity 2.0" is increasingly offsetting the "China Shock 2.0" narrative. What developments or evidence best demonstrate that China is creating new opportunities for global businesses rather than posing a "shock"?
Samantha Zhu Chairperson of Accenture Greater China
ZHU: China is not only emerging as an innovation hub, but has also become a source of stability for the global economy over the years. Among major economies, China has demonstrated one of the highest levels of strategic continuity. Its industrial and technology policies evolve through predictable, multi-year planning cycles. Beyond policy, China's real-economy backbone has proven remarkably reliable, supported by a sustainable energy supply, world-class infrastructure, a deep talent pool and full-spectrum industrial capabilities. For global enterprises operating in China, the key is to convert these advantages into scale, speed and resilience, and further into reinvention. Companies that pull ahead and capture new growth are likely to be those that invest where China is setting the pace: industrial ecosystems, digital adoption, and speed of execution.
CHEN: We see "China opportunity" in very practical ways: in the size of the market, the speed of industrial upgrading, and the depth of the talent and innovation ecosystem. Just as important, the continued improvement of the overall ecosystem — stronger supply chains, better industrial capabilities and faster development of entire value chains — creates new opportunities by itself. For Syensqo, China is one of our key growth markets, and we have built our presence here for more than 40 years. Today, we have five industrial sites and a major research and innovation center in Shanghai, which is Syensqo's third largest globally. These are long-term commitments, and they reflect our confidence in the China market.
MA: China continues to create exciting opportunities for global businesses through its scale, consumer sophistication, innovation capabilities and commitment to opening-up. For VF, these strengths have reinforced our confidence in China after more than 30 years in the market. The rapid growth of China's outdoor economy illustrates this opportunity. As more consumers embrace active and outdoor lifestyles, demand for innovative products and elevated brand experiences continues to grow, creating new opportunities for companies like VF. Reflecting our long-term commitment, we have continued to invest in the market, including opening Smartwool's first store in China this year and The North Face's first member center in Asia-Pacific in Shanghai last year, and investing in automation at our China distribution center. These milestones underscore our confidence in China's long-term growth potential and its importance to our business.
JIANG: For Logitech, China represents an opportunity that continues to evolve. For many years, China was seen by global companies as an important market and a strong manufacturing base. Today, its role has expanded. China is also a source of innovation, a place where consumer expectations move quickly, and a market that can inspire products and experiences for users in China and, where relevant, other parts of the world. For more than three decades, Logitech has continued to build its presence in China, with our Suzhou manufacturing base established in 1994 as an important part of our global operations. Today, China plays an important role across our manufacturing, engineering, supply chain partnerships, local marketing and product innovation. Our Suzhou factory stands as our flagship manufacturing site, which produces more than 160 million mice, keyboards, cameras, headsets and other products per year.
Chen Pu Chief Asia officer of Syensqo
Q2 China's economy has demonstrated strong resilience so far this year, supported by resilient exports, solid industrial production and continued strength in high-tech manufacturing. How would you assess China's overall economic performance so far this year? Looking ahead, what do you see as the key drivers supporting China's growth in the second half?
ZHU: China has established a solid and resilient foundation for high-quality development and is off to a strong start in the current 15th Five-Year (2026-30) period. We believe China is on the right trajectory, supported by coordinated capital allocation, regulatory alignment and industrial mobilization. Progress has been made in priority areas including advanced manufacturing, artificial intelligence, green energy and productivity. In an environment marked by constant change, focusing on technology, innovation and new growth models is the path forward. In technology, for example, we see policy intent, full-stack industrial capability and mass user adoption converging to drive AI into production at scale. Meanwhile, China is prioritizing the build-out of social infrastructure, including pensions, healthcare and eldercare, to support household spending. This will also help propel sustainable growth over time.
CHEN: From what we see on the ground, China's economy has shown strong resilience this year. Exports have stayed steady, industrial production remains solid and high-tech manufacturing continues to be a bright spot. For Syensqo, what matters most is not only the headline numbers, but also the clear direction: China is moving toward higher-quality growth driven by innovation, advanced manufacturing and greener development. Looking to the second half, I see several key drivers. First is continued industrial upgrading — especially in high-end manufacturing and tech-driven sectors. Second is the acceleration of energy transition, including electrification and more efficient use of energy and resources, which will drive demand for advanced materials. Third is ongoing digitalization and the adoption of AI across industries, which can lift productivity and speed up innovation.
MA: China's economy has shown strong resilience in the first half, supported by robust industrial capabilities, continued innovation, resilient exports and measures to stimulate consumption. These factors have helped sustain growth despite global uncertainties. Looking ahead, we believe consumption upgrading, digital innovation and the continued development of sectors such as sports, outdoor recreation and cultural tourism will be important drivers of growth. These trends are creating new opportunities for businesses while supporting China's transition toward high-quality development. For VF, the growing popularity of active and outdoor lifestyles presents significant opportunities to engage consumers through innovative products and experiences. Together with advances in digitalization and consumer engagement, these developments reinforce our confidence in China's long-term growth potential.
JIANG: China's economy has continued to demonstrate resilience despite a complex global environment. While external uncertainties remain, the country continues to benefit from its strengths in manufacturing, technology adoption, digital infrastructure and a highly dynamic consumer market. From Logitech's perspective, what stands out is not only the pace of growth, but the quality of growth. We continue to see strong momentum in areas closely connected to our business, including AI applications, smart devices, hybrid work, gaming and digital content creation. These are not short-term trends. They reflect fundamental changes in how people work, create, learn, play and connect.
Winnie Ma President for APAC region at VF Corp
Q3 China's innovation ecosystem has become an increasingly important engine of growth. How do you assess the contribution of artificial intelligence and other frontier technologies to China's productivity growth, industrial upgrading and long-term economic resilience? More broadly, what significance does China's innovation have for global technological progress and the opportunities available to multinational companies?
ZHU: China is a key player in the global innovation economy and one of the world's leading innovation markets. Rising total factor productivity, the proliferation of applications across industries and functions, and the integration of advanced technologies with user demand in key sectors will help the country deliver broad-based growth. AI, in particular, is at the center of business investment this year, as enterprises mobilize to deploy the technology to create value, respond to change and build resilience. Our research shows that AI adoption is advancing quickly, with 88 percent of Chinese enterprises having moved beyond the pilot stage. These enterprises have also made significant progress in using AI to transform customer experience, digital twins, research and development and data governance.
CHEN: China's innovation ecosystem is becoming a real engine for productivity and industrial upgrading. AI and other frontier technologies are now being applied at scale across manufacturing and R&D. They help companies improve efficiency, strengthen quality control, shorten development cycles, and make operations safer and more reliable. Over time, this also supports long-term economic resilience because it helps firms move up the value chain. At Syensqo, we see AI as a partner for our people. We launched Syensqo.ai early after the establishment of the company, and AI plays an important part of the company's strategic plans. At our China Research & Innovation Center in Shanghai, AI is helping teams with analysis, testing and product solution optimization. It is not a replacement for researchers, but a tool that helps them solve more complex problems and identify new ideas faster.
MA: China's innovation ecosystem is playing an increasingly important role in driving productivity, industrial upgrading and long-term economic resilience. The rapid advancement of AI and digital technologies, combined with strong adoption across industries, is helping companies innovate faster, operate more efficiently and better serve consumers. Beyond its domestic impact, China's innovation ecosystem is also contributing to global technological progress. Its unique combination of innovation capabilities, advanced manufacturing capabilities, digital infrastructure and market scale creates valuable opportunities for multinational companies to develop, test and scale new solutions.
JIANG: AI is one of the most important technology shifts of our time, but its real impact comes when it moves beyond a technological breakthrough and becomes part of everyday life. China is one of the world's fastest-moving innovation ecosystems in making that happen. Across work, learning, entertainment, gaming and content creation, we are seeing AI being adopted at remarkable speed, creating new opportunities for both businesses and consumers. We are already embedding AI across our portfolio to create more intuitive and productive user experiences — from AI-powered video collaboration that enhances meeting quality and supports meeting equity, to software-enabled mice and keyboards that help users work more efficiently. In hybrid meetings, AI can help participants be seen and heard more clearly, whether they are joining from a meeting room or remotely. In China, we are also adapting our software experiences to local AI platforms, ensuring our products fit naturally into the way Chinese users work and create.
Wolf Jiang Vice-president of Logitech and president of Logitech GCN
Q4 China has placed greater emphasis on expanding domestic demand while pursuing high-standard opening-up. How do you assess these efforts? What new opportunities do they create for multinational companies and global investors?
ZHU: Domestic demand and opening-up have long been, and will continue to be, key pillars of China's high-quality development. Adapting to the pace of change in the domestic market will become an anchor point for both international and Chinese companies in a period of rapid technological and business evolution. On the one hand, domestic demand, especially in the consumer sector, is undergoing a profound shift with the spread of artificial intelligence. For example, more than half of Chinese consumers rank generative AI among their top three sources of purchase advice, much higher than their global peers. On the other hand, efforts to meet these evolving demands, together with continued encouragement for foreign participation, are bringing new products, services and solutions across a wide range of fields, from high-end manufacturing to consumer goods, and from green technologies to healthcare.
CHEN: We see these efforts as mutually reinforcing. Expanding domestic demand supports stable, long-term growth, while high-standard opening-up helps create a more predictable and efficient business environment. Together, they send a clear signal that China remains committed to high-quality development and deeper integration with the global economy. For multinational companies and global investors, the opportunity is not only to serve a large market, but also to participate in the next stage of upgrading — where customers are looking for higher-performance, safer and more sustainable products. This creates strong demand in areas such as advanced manufacturing, electrification, lightweighting, advanced connectivity and resource efficiency. It also encourages deeper local partnerships and faster innovation close to customers.
MA: We are encouraged by China's continued efforts to expand domestic demand and advance high-standard opening-up. These measures strengthen consumer confidence, improve the investment environment and create new opportunities for multinational companies to innovate and grow in one of the world's most dynamic consumer markets. One of the biggest opportunities lies in the ongoing evolution of consumer demand. As consumers increasingly seek health, wellness, outdoor and lifestyle experiences, companies have greater opportunities to develop innovative products and deepen consumer engagement. At VF, we are responding by strengthening our local capabilities and translating consumer insights into products, retail concepts and brand experiences tailored to the Chinese market.
JIANG: From our perspective, a dynamic domestic market encourages companies to innovate, while an open business environment enables companies to bring together global capabilities and local insights to better serve customers. In China, we continue to see consumers becoming more discerning. They are looking beyond price and placing greater value on quality, performance, design and user experience. This creates opportunities for companies that can innovate continuously and respond quickly to evolving needs. This is why "China for China" is important for Logitech. Our strategy is not just about selling in China; it is about innovating from China, for the Chinese market. We have established research and development centers in China, and have been increasing our focus on local innovation and R&D capabilities, product design, marketing and local teams, so that we can develop solutions that better reflect the needs, preferences and usage habits of Chinese users.
Q5 Looking ahead to the second half of the year, what will you be watching most closely as indicators of China's economic resilience, reform progress and long-term growth potential?
ZHU: From scaling artificial intelligence to hyper-automation in a factory, from fast-moving consumer dynamics to expansion in global markets, the real opportunity and benefit come from transformative, end-to-end approaches for a company, and for a country as well. By combining the power of technology, people, organization and ecosystem, the nation will be better positioned to become more people-led and innovation-driven, building resilience as well as embracing new growth. We observe that, when being gauged from key dimensions from commercial, operations and technology to people, Chinese companies have already prioritized and put more efforts into being more adaptive, agile and intelligent. At the same time, China is at a critical stage of translating the early impact of short-term efficiencies to sustained value, and we should also be mindful of some barriers like the gaps in perceptions and visions along the technology-led transformation, lack of organizational readiness, localization pressure in overseas markets, and how to harness people's experiences in work and in life.
CHEN: In the second half, I will watch a few practical indicators. First, I will look at the pace of industrial upgrading — especially in high-end manufacturing and technology-driven sectors — because that is a strong signal of long-term competitiveness and productivity growth. Second, I will watch how domestic demand evolves, including whether consumption continues to recover and whether companies see stable confidence to invest and expand. Third, I will pay close attention to progress on innovation policies and talent development, because "new quality productive forces" depend on strong research and development capabilities and effective industry-academia collaboration. Finally, I will watch how the green transition progresses — such as energy efficiency, renewable energy adoption and clearer carbon management practices — because sustainability is increasingly a core requirement across global value chains.
MA: Looking ahead to the second half, we will be watching indicators that reflect consumer confidence, consumption growth and the continued expansion of experience-led sectors such as sports, outdoor recreation, tourism and culture. These trends provide important signals of China's economic resilience and long-term growth potential. We will also pay close attention to how continued reform, innovation and opening-up create new opportunities for businesses and consumers. In particular, the growth of the event economy, sports participation and cultural tourism will be important indicators of evolving consumer preferences and demand for active, experience-led lifestyles.
JIANG: Looking ahead to the second half, I will be watching more for the underlying signals that reflect the quality and sustainability of growth.
First is consumer confidence and how it translates into demand. For Logitech, it's not simply about whether people are buying more products, but whether they continue to invest in products that improve productivity, creativity and everyday experiences. Second, I will also pay attention to the continued development of digital culture, gaming and esports in China. Third is the pace at which new technologies — particularly AI — are being adopted in everyday life. China's strength has always been its ability to quickly turn innovation into real-world applications. Continued progress in this area will be an important indicator of future productivity and competitiveness.
