From sales to co‑creation: multinationals redefine China as a global innovation hub
357 companies from 44 countries, the 15th Five‑Year Plan and "co‑creation" as the central theme. Alstom: "We innovate together." Baker Hughes: "China is no longer just a market, but a manufacturing hub for global markets." Roland Berger: "China needs to modernise the old economy and grow new sectors — healthcare, AI, EVs."
As reported by CCTV+, multinational companies are strengthening their positions in China, aiming to become partners in co‑creation and innovation with Chinese industry amid new development opportunities. The recently concluded 7th Qingdao Multinationals Summit brought together more than 300 executives from around the world to discuss closer cooperation and future plans in line with China's 15th Five‑Year Plan (2026–2030), with "co‑creation" emerging as a key theme.
Geng Ming, President of Alstom China, said: "We are not just introducing technology for application in China. In today's context, we need to innovate together with local partners, ensuring that innovation remains in China while also seeking ways to go international." Initially seen as a sales market, that perspective is rapidly changing, noted Cao Yan, Global Vice President of Baker Hughes and President of Baker Hughes China. "When we first talked about developing Shandong Province, or China as a whole, we saw it as an end market. However, we realised that the manufacturing capabilities of Chinese partners are growing fast. Both sides must jointly bring Chinese‑made products and technologies to overseas markets."
Companies stressed how R&D in China is now driving the growth of their global portfolios. Yang Lan, Senior Director of Public Affairs at Herbalife China, said: "When we first came, we saw huge potential in the Chinese market. Over time, we witnessed the industrial ecosystem maturing. Products developed in China are now being exported to Southeast Asia and other markets. We are very optimistic about China and see it as a global innovation hub." The evolution of multinationals' role in China has moved from "entering China" to "rooting in China" and now to "co‑creating with China."
Denis Depoux, Global Managing Director of German consultancy Roland Berger, said: "I believe the 15th Five‑Year Plan is very important. China needs to continue modernising the old economy while making the most of new sectors — whether healthcare, artificial intelligence, electric mobility and so on." "We have moved from participating in the development of China's railway transport to participating in its growth and progress," Geng said. Liu Jiang, Vice President and Managing Director of Revvity for Greater China, added: "The 15th Five‑Year Plan provides very clear policy and industry support for the development and innovation of biomedicine. Building on this foundation, Revvity has a strong position in China, and we are committed to being a partner in Chinese innovation."
The three‑day Qingdao Multinationals Summit, which brought together 357 companies from 44 countries and regions, concluded on Wednesday in eastern China's Shandong Province.
The Qingdao Multinationals Summit has been held since 2019 and has become a key platform for discussing China's investment climate. In 2026, it set a record with 357 companies from 44 countries. The 15th Five‑Year Plan (2026–2030) focuses on innovation, green development and institutional openness. The shift from "selling in China" to "co‑creating with China" reflects a new reality: Western companies no longer see China merely as a huge sales market, but as a full partner in global innovation.
When 357 companies from 44 countries gather in Qingdao, and their executives speak not of sales but of "co‑creation," it signals that the world has changed. China is no longer just the "world's factory" — it has become the "world's lab" and "engineering office." Baker Hughes exports Chinese‑developed products to Southeast Asia, Alstom innovates with local partners, and Revvity sees China not just as a market but as a base for biomedical breakthroughs. In the 15th Five‑Year Plan, Western companies seek not profit alone, but partnership. And that, perhaps, is the most important signal for the global economy: the future is not built alone, but together.
