(CIIE) Economic Watch: Global companies leverage opportunities from China's new quality productive forces

SHANGHAI, Nov. 9 (Xinhua) -- At the ongoing seventh China International Import Expo (CIIE), Toyota's exhibit features a rare 1964 Toyota Crown model, symbolizing the brand's initial entry into the market of Chinese mainland. Alongside it, the company is showcasing its latest energy storage system featuring cutting-edge technologies.

The new large-capacity Sweep energy storage system allows the use of reclaimed vehicle batteries to their full capacity. Whether it is lithium iron phosphate batteries or nickel-hydrogen batteries, this system can work to utilize the remaining power of batteries through Toyota's unique power conversion technology.

"The current focus of new quality productive forces in the automotive industry is on green and sustainable energy storage technologies, as well as advancements in intelligent driving systems," said Xu Yiming, brand communication department director of Toyota Motor (China) Investment Co., Ltd.

This edition of CIIE, the world's first national-level import-focused expo, launched in 2018, has gathered some 3,500 exhibitors from 129 countries and regions. Among them, 297 are Fortune Global 500 companies and industry leaders, a record high.

Over 400 new products, technologies and services from around the world are being showcased, spanning sectors including artificial intelligence, new materials, autonomous systems and energy transition technologies. From startups to world renowned companies, global companies are showing interest in aligning with China's vision of developing new quality productive forces.

New quality productive forces is a term proposed by the Chinese leadership last year, and it has become a part of China's modernization strategy. It focuses on artificial intelligence, nanotechnology, quantum computing and communication, space exploration, life sciences, clean energy and other fields, with an aim to promote the industrial upgrading and economic transformation of the world's second largest economy.

The exhibit of Toyota's newest energy storage system at the CIIE marks its first introduction to markets beyond Japan. This innovative technology has been empirically tested at a thermal power plant in Japan and has achieved grid-connected power generation. By participating in the CIIE, Toyota aims to identify potential partners to facilitate the expansion of this business.

Xu Yiming said the CIIE is not only an event to showcase the latest technologies, but also a platform to exchange ideas.

"When we first showcased our hydrogen-powered vehicles at the first two editions of the expo, it was still a very strange concept to many visitors," Xu said, adding that now Toyota's hydrogen logistics network has covered more than 10 major cities in the Chinese mainland.

This year, the CIIE has launched a special area dedicated to new materials, the first such initiative at the expo. Large companies from countries such as the United States, Germany, Japan and Singapore are demonstrating their latest technological achievements in areas such as electronics and biotechnology.

At the booth of German glass company SCHOTT AG, many glass products featuring cutting-edge technologies are on display. Frank Heinricht, CEO of SCHOTT AG, said China's emphasis on new quality productive forces has played a key role in the company's global supply chain, and the company is looking forward to participating in China's industrial upgrade and supply-side reform.

"In the past, low cost was an important factor in attracting foreign investment in China, but now we place more value in new industries that are based on technological innovation and professional talent," he said, adding that the company's research team is undergoing close communication with leading semiconductor companies in China and around the world.

Michael Bi, managing partner of EY Greater China Markets, said the CIIE can further encourage Chinese and foreign enterprises to engage in technological cooperation, joint research and development, and collaborative problem-solving.

In areas such as efficient energy storage technology in the new energy sector, China can also enhance its own technological capabilities through exchanges at the expo, while better benefiting the global supply and industrial chains, he added.

The urge to cooperate in new quality productive forces goes both ways. At the Chinese national pavilion of the expo, a range of scientific and technological achievements have been displayed, including models of the quantum satellite Micius and the Chang'e 6 lunar probe.

The expo has also attracted many Chinese exhibitors to demonstrate their latest technological achievements. Hebei Jixiang Technology Co., Ltd., a newly established company based in Xingtai City of Hebei Province, is promoting its drone products at the expo, with the aim of attracting potential buyers both domestically and internationally.

"The company focuses on producing tailor-made drones, used in areas such as emergency rescue and pesticide spraying," Ma Zhenxin, an official with Xingtai Xuyang Economic Development Zone, said, adding that it looks to enter the international market through this expo.

"The CIIE is designed to explore how humanity can collaboratively tackle various challenges," said Li Jian, a researcher at the Shanghai Academy of Social Sciences.

The expo acts as a platform for showcasing future technologies and lifestyles, he said, adding that by fostering cooperation and mutual benefit, the CIIE aims to enhance and develop new drivers of global growth. ■