Multinational chemical manufacturers are looking at further opportunities to invest in China, business executives and experts said, as the country's commitment to build a modern industrial system and accelerate the development of new quality productive forces inject fresh impetus into its high-quality economic development.

"China has emphasized the significance of expanding high-standard opening up, which provides a boost of confidence for foreign businesses such as AkzoNobel to further grow and expand our presence in China," said Mark Kwok, president of AkzoNobel China.

China's dual carbon goals provide great opportunities to a company like AkzoNobel, as well to diverse segments that it plays vital roles in, such as architecture, transportation, industry and consumer electronics, he said.

"We firmly believe that China's consistent economic progress will not only highlight its unwavering commitment to high-quality development, but also be one of the key forces to drive the global economic recovery," he added.

The comments came after China set its economic growth target for 2024 at around 5 percent.

Jens Cuntze, president of Clariant Catalysts & Asia-Pacific, shared a similar view. Considering global GDP is expected to slow to around 2.4 percent, with Europe remaining weak at around 0.5 percent and the US likely to soften to around 2 percent, China's GDP growth is well above other regions, he said.

Clariant has made significant investments in the last few years in expanding capacities in China.

"We are now beginning to see the benefits and expect accretive impacts of these investments to be one of the levers that will allow us to reach our medium-term financial targets," he said.

With China shifting to high-quality development focusing on sustainability, innovation and digitalization, the sustainability-focused specialty chemical company sees a lot of opportunities to contribute, Clariant said.

While these targets will have an impact on all industries, Cuntze believes the biggest growth potential comes from the fast-growing electrical and electronic equipment industries, particularly e-mobility, 5G communications technology and transportation.

"We are now very well positioned to utilize China's huge economic potential in the coming years with high-quality products tailored to our customers in the Chinese market at competitive prices," he said.

Clariant has invested more than $300 million in the past four years in China, including its facilities in Daya Bay for care chemicals and the e-mobility industry.

With China seeking high-quality growth in the coming years, Belgium-headquartered chemical firm Syensqo said it has shifted its market focus to high-tech new material research and development, to fuel the industry's robust and ecologically sustainable growth in China. "The Chinese market is strategically important in Syensqo's global strategy. We are looking to supply sustainable solutions to go beyond our previous businesses to enter new fields," said Liu Yang, Syensqo China's country manager.

Luo Zuoxian, head of intelligence and research at the Sinopec Economics and Development Research Institute, said many multinational chemical corporations are committed to deepening their presence in the country, motivated by China's resilience and aspiration levels.

The scale of the industrial footprint and China's demand growth present significant opportunities for multinational chemical companies, and the country's stable economic recovery, sound long-term economic prospects and improving business environment will make it attractive for foreign direct investment while making it a key growth engine for the global economy, he said.

Restrictions have been removed on foreign investment access to the manufacturing sector in the negative list for China's pilot free trade zones, in order to create more favorable conditions for multinational enterprises, according to Ministry of Commerce Spokesman He Yadong.

Ren Xinting, managing director of KraussMaffei China, said the company foresees new growth drivers emerging in the country's economy, particularly in areas such as innovation, technology and sustainability, as China will strive to modernize the industrial system and develop new quality productive forces quickly.

These drivers present exciting new investment opportunities for KraussMaffei, particularly in advancing its technological capabilities and expanding sustainability initiatives, he said.