Shifting gears from manufacturing to green tech

Editor's Note: As China steps up efforts to boost domestic demand and drive consumption-led growth, foreign corporations are uniquely positioned to seize the opportunities presented by this transformative period. China Daily examines how these companies are aligning with China's new round of high-standard opening-up policies, embracing emerging tech innovation trends and expanding their presence in a market that increasingly values high-quality development and upgraded consumption.

Q1 The 15th Five-Year Plan (2026-30) draft recommendations emphasize high-quality development and the modernization of industrial systems. How do you view China's long-term economic resilience and growth potential? How will your company seize opportunities in the Chinese market to achieve shared growth with China's economy?

Lueth: China's economy has shifted gears significantly in recent years, moving from a manufacturing-heavy focus to leading in areas like new energy vehicles and green technology. Manufacturing remains important, but the real growth now lies in services and talent development. At Wellington College Education (China), we focus on helping students develop practical skills and a global mindset — not just preparing for exams. When they graduate, our bilingual pupils are ready for both China's future and the international stage. We want them to be the kind of leaders who can connect different worlds.

Chang: We believe there are ample grounds to remain confident in China's economic outlook, and the country's steadfast commitment to advancing high-quality development and innovation are two clear and sound examples. China will continue to play a significant and positive role in the global economy.

Mastercard expects these sustained efforts to further accelerate progress in China's payments industry. Through Mastercard NetsUnion, our joint venture established in China, we will operate in full-scale in the market, reinforce our position as the world's most widely accepted payment network, and, most importantly, work with partners to innovate and provide safe, smart and secured payment solutions for Chinese consumers and businesses.

Shi: We have great confidence in China's long-term growth and resilience. For over four decades, Sanofihas grown with China, becoming a true partner of choice in advancing the nation's healthcare progress. Guided by the vision of "Healthy China 2030", we continue to invest, innovate, and collaborate to bring world-class breakthroughs closer to local patient needs. The launch of our new insulin drug substance project in Beijing this October, together with the recent China approval of Cablivi (caplacizumab), the first and only FDA-approved treatment for adults with aTTP/iTTP, stands as a strong testament to this commitment.

Q2 The plan calls for advancing high-level scientific and technological self-reliance and fostering new quality productive forces. How do you view China's policy direction in innovation and emerging industries? How will your company's R&D or technological innovation in China align with and contribute to this development process?

Lueth: China's push for tech self-reliance is impressive, and it really shows how much innovation is happening here. At Wellington College Education (China), we want to match that energy. For instance, we have a STEM center in Shanghai Early Years Center, where even our youngest pupils get hands-on experience in creative problem-solving. AI is another tool in our toolkit, but we never let it replace the human side of learning. We want our pupils to leave not only with solid technical skills, but also with strong critical thinking and the ability to work across cultures.

Chang: In Mastercard's view, breakthrough innovation is set to redefine and reshape the future of business. Over the years, Mastercard has leveraged its cutting-edge technologies and global network to build a more secure, convenient and intelligent payment ecosystem for consumers, financial institutions and businesses across industries.

In particular, payment tokenization and AI — our key innovation priorities — play a pivotal role. In the realm of payment tokenization, Mastercard continues to accelerate its global deployment, with the Mastercard NetsUnion Tokenization Service launched this year in China to ensure every transaction achieves the highest levels of security. Building on our earlier initiatives in AI, we have also introduced AI agents into payments with the launch of the Agent Pay intelligent payment solution.

Through the advancement of these innovations, Mastercard is becoming the most future-oriented and future-ready global network — mirroring the forward-looking progress China is pursuing today.

Shi: The biopharmaceutical sector is central to building new quality productive forces. We highly value China's strong commitment to scientific innovation. For Sanofi, China is not only our second-largest market, but also a key hub for innovation and collaboration. Today, China participates in over 90 percent of Sanofi's global simultaneous development programs. Meanwhile, we are accelerating local innovation through strategic partnerships, such as our collaborations with CORXEL and Visirna Therapeutics, introducing cardiovascular therapies aficamten and plozasiran, which both made their global debut at the eighth CIIE.

Q3 China is committed to high-level opening-up and high-quality Belt and Road cooperation. How do you view China's role in global industrial and supply chains? How does your company position itself as a key participant in China's new pattern of openness?

Lueth: China's opening-up and the Belt and Road Initiative have really put it at the center of global trade and cultural exchange. At the Hiba Academy Nantong, our global flagship bilingual international boarding school, we welcome pupils from all over the region, including Belt and Road participating countries. With approximately 20 percent of our students coming from overseas, it's amazing to see what happens when kids from different backgrounds learn and grow together. Our international students pick up the Chinese language and culture, and our Chinese students gain a wider perspective. It's real-world preparation for working and living in a connected world.

Chang: China stands as one of Mastercard's most important markets worldwide. We are encouraged to see that, through a series of decisive measures, China is demonstrating a strong commitment to advancing its high-level opening-up.

Today, as Mastercard expands our domestic operations in China, we are proud to upgrade our "pay like a local" payment facilitation program; enable inbound tourists to make QR code payments in China through Alipay and WeChat Pay; expand the acceptance of overseas-issued bank cards; and allow riders to use Mastercard directly for seamless "Tap & Go" urban rail transit — thereby ensuring improved consumption experiences for international visitors.

Moreover, Mastercard is committed to empowering Chinese enterprises to expand globally. Last year, we collaborated with Ant Group to launch the World-First Business VCN Card; partnered with Alibaba.com to introduce Mastercard Finicity services and co-branded business credit card in the United States; forged a strategic partnership with fintech OPay to support the launch of innovative banking services in Egypt; and helped Shein and fintech Stori debut their first co-branded credit card in Mexico.

Shi: As one of the first multinational corporations to support China's opening-up and reform, Sanofihas established an end-to-end value chain from R&D, manufacturing to commercial operations in China.

With a major investment in a new insulin drug substance manufacturing site, Sanofiwill leverage our four sites located in Beijing, Hangzhou and Shenzhen to build a world-class supply network across China, further enhancing supply chain reliability and resilience.

Q4 The plan underscores green development and shared prosperity. How does your company pursue sustainable operations in China while contributing to the Chinese society, local partnerships, and inclusive growth?

Lueth: For us, sustainability isn't just a buzzword. It's part of everything we do. We teach our pupils about environmental responsibility, and we practice it ourselves, like using solar energy and switching to electric vehicles. It's also about making sure everyone's included.

That's why we run bilingual programs, so pupils from all backgrounds feel at home. By bringing together sustainability and education, we want our pupils to feel ready — and responsible — to shape a better future.

Chang: Since our inception, Mastercard has been committed to promoting inclusion and sustainability — giving everyone, everywhere, the opportunity to reach their full potential. We are proud to work with China in ushering in a new era of green development and shared prosperity.

As a flagship example, our Priceless Planet Coalition — an initiative that has united nearly 200 partners to launch close to 20 tree-restoration projects across six continents — has recently established a new site in Yuxi, Yunnan province. Beyond that, we have collaborated with financial institutions to issue green cards made with eco-friendly materials and developed a carbon footprint calculator integrated with credit cards, enabling consumers to clearly track their environmental impact.

Shi: China's economy is now at a pivotal stage of shifting from high-speed growth to high-quality development. While driving robust business growth, Sanofimaintains a strategic focus on sustainability through our "AIR" approach to expand access to healthcare and protect the health of vulnerable populations, to reduce emissions across our value chain and contribute to ecological restoration and to reduce healthcare system's environmental footprint, aiming to foster a healthier future and well-being for patients, employees, communities and partners in China.

Sanofiwill continuously expand our presence in China, supporting the transition from "Made in China" to "Innovated in China", to drive high-quality pharmaceutical growth and contribute to "Healthy China".

Q5 China's new "Shopping in China" initiative is part of a broader drive to deepen opening-up and boost inbound consumption. From your perspective, how does this program reshape opportunities for companies operating in China's consumer market, and what would you recommend travelers visiting the country have on their "must-buy" list?

Lueth: The "Shopping in China" initiative spotlights China's growing appeal as a destination for high-quality services and experiences, not just goods. Wellington College Education (China) isn't in the retail sector, but we support this shift by welcoming overseas pupils to study and live in China. Our international boarding programs give students a chance to experience Chinese education and culture firsthand, and it goes far beyond the classroom. We aim to show families and students the value of choosing China for personal and academic growth.

One notable trend is Chinese consumers increasingly valuing experiences over material goods. Personally, if I visited now, I'd much rather join a local tea ceremony than buy a souvenir. It's all about the journey — and learning things that stay with you forever. Brands that focus on these experiences, like eco-tourism or immersive learning, are really standing out.

Chang: The latest Mastercard data show that as of September this year, China's inbound consumption rebounded to nearly 1.5 times its 2019 level and is more than 50 percent higher than during the same period last year. Looking ahead, we firmly believe that the demand for cross-border mobility of both people and capital will continue to thrive, globally and within China. In response to this trend, we recently introduced a suite of strategic initiatives, notably the relaunch of "Priceless Beijing", to actively drive inbound consumption. We are confident that "Shopping in China" will create new opportunities, enabling us to further strengthen the card-based ecosystem, diversify payment options, and deliver truly seamless cross-border payment experiences for Chinese consumers.

The latest Mastercard insight report shows that across the Asia Pacific, travelers are prioritizing dining, nature and wellness as key motivators for travel — seeking meaningful moments over traditional itineraries. I strongly agree with this observation. If I were a traveler visiting China today, and more specifically Beijing, a "must-buy" offering could be found on the "Priceless Beijing" platform — whether it's sipping tea atop the Great Wall, cycling through the city's historic treasures or immersing in the artistry of Peking Opera. I look forward to being inspired by these once-in-a-lifetime experiences.