Lujiazui Photo:VCG

In recent days, new developments of two long-established multinational corporations in the Chinese market have drawn the attention of Bloomberg, Reuters and other international media outlets. In October, German car brand Volkswagen saw its new-energy vehicle (NEV) deliveries in China surge by nearly 350 percent year-on-year, exceeding 28,000 units - a new monthly record. Meanwhile, US financial firm Citigroup views Chinese enterprises "going global" as a significant growth opportunity, with its China-related business posting double-digit growth for many consecutive years. 

For this manufacturing giant and this Wall Street bank, what they gained in China are more than just orders, but greater capabilities. While it was once common to hear that foreign firms viewed China merely as a "contract manufacturing hub," they now prefer to view the country as a vibrant "innovation workshop" - an environment where companies from diverse backgrounds engage in healthy competition and mutual learning, driving both technological iteration and the enhancement of global competitiveness.

As one of the first multinational corporations to enter the Chinese market, Volkswagen must have gained a profound understanding of the unique value this market holds. Faced with a 30-percent decline in vehicle deliveries during the first three quarters of this year, the company chose to partner with XPeng to co-develop an all-new electronic and electrical architecture, collaborated with Horizon Robotics to address gaps in its intelligent driving capabilities, and established its largest R&D hub outside of Germany in Hefei. 

The intense competitive landscape and rapidly evolving consumer demands in China are compelling a century-old automotive giant like Volkswagen to continuously recalibrate its strategy and strengthen its core competencies, ensuring it avoids the risk of "atrophy" in the face of global competition.

More importantly, the significance of the Chinese market for corporate development has long transcended the notion of a mere "fitness regimen." An increasing number of multinational corporations have completed a comprehensive evolution in China, ranging from technical adaptation and trial-and-error experimentation with business models to the complete restructuring of their operational systems. 

The new products, technologies, and business models refined here have not only enabled these firms to secure a firm foothold in China but have also been exported to global markets, granting them a distinct, competitive edge on the international stage. 

This transition from simply "benefiting in China" to "growing up in China" represents one of the most vivid new opportunities that the process of Chinese modernization offers to the global economy.

This phenomenon, where a company coexists and co-develops with the market, is an inevitable outcome of the ongoing evolution of the Chinese innovation ecosystem. Take Volkswagen's transformation as an example: through partnerships with local firms, the company has become deeply embedded in the innovation network of China's NEV industry, rapidly addressing its own capability gaps for the era of intelligent mobility. The mature, refined technical solutions developed here are now being considered to upgrade vehicle models back in Europe. 

There are many more similar stories: Adient has rolled out product plans developed in its Chongqing R&D center to its 180 manufacturing sites worldwide, while Siemens Healthineers has exported over 150 products manufactured locally in China to more than 150 countries and regions. 

"What is learned in China is being monetized globally" - this has become a shared consensus among multinational corporate executives in their private discussions.
Even more noteworthy is that a number of service-oriented multinational corporations are upgrading their own operational capabilities as they follow the global expansion of Chinese industries. Citigroup's strategic shift serves as a prime example: While foreign banks previously entered China primarily to serve multinational firms expanding into the Chinese market, they must now grasp the global strategic logic of Chinese new-energy enterprises, navigate the financial flow regulations of cross-border e-commerce, and tailor their services to the localized operational needs of Chinese companies in emerging markets. 

These capabilities, honed within the Chinese market, have, in turn, become unique advantages that allow these institutions to broaden their service reach on a global scale. This two-way empowerment has moved beyond the traditional, one-way flow of expertise from foreign firms to China, fostering a new landscape where Chinese and foreign enterprises learn from and support one another as they jointly explore global markets.

Viewed through the lens of the 2026 APEC meeting in Shenzhen, the symbiotic practices currently unfolding in the Chinese market serve as a compelling illustration of the three key priorities championed by this year's APEC: openness, innovation, and cooperation. Industrial interaction within the Chinese market has transcended traditional frameworks; market participants from diverse backgrounds no longer function merely as isolated links in a supply chain. Instead, they engage in deep collaboration within an open innovation ecosystem - learning from one another through robust competition, jointly refining new technologies and business models, and ultimately cultivating fresh, globally-oriented competitiveness. 

This pragmatic experience, forged within the Chinese market, offers a tangible, actionable model for the Asia-Pacific region as it seeks to dismantle technical barriers, strengthen industrial chain resilience, and achieve more inclusive, shared prosperity.

Today's global economy remains overshadowed by geopolitical conflicts, rising protectionism, and lackluster growth momentum. Many are anxious about the rhetoric surrounding "decoupling" and "severing supply chains" and concerned about the fragmentation of global markets. As a pivotal pole in the global economic landscape characterized by both substantial scale and a dynamic capacity for innovation, China neither forms exclusive, closed-off circles nor seeks a "winner-takes-all" unipolar advantage. 

Instead, through the continuous opening of its market and its commitment to innovation-driven development, China provides a platform for enterprises from all nations to grow together. 

As successive waves of multinational corporations return to the global marketplace, armed with new capabilities honed in China, they bring with them not only more efficient technologies and business models, but also a fundamental development philosophy that openness fosters progress, and cooperation catalyzes innovation. This represents the long-term value that the Chinese market contributes to the global economy - a value that transcends short-term gains.