The government has set a 2013 economic growth target of 7.5 percent.

Chinese Premier Li Keqiang said in March that China is likely to import as much as $10 trillion in commodities and services in the next five years to boost domestic consumption.

In an e-mailed statement to China Daily, Japanese multinational industrial conglomerate Omron said China is a market on which the company will focus most in the coming decade thanks to the fast growth in consumption. Consequently it will strengthen its R&D efforts to develop more technologies and products tailored to the increasing local demand.

In addition to consolidating its current R&D strength, Omron plans to encourage its various units to increase its own R&D capabilities, it said.

"The Chinese market is rather large, with vast land and diversified demands. Even for some of our mature and key products, the needs are different in different areas so it's difficult for us to choose where to set up our R&D facilities," said Koji Doi, chairman and president of Omron (China) Co Ltd.

The multinationals are placing high expectations on China. "We expect annual growth in China to exceed 35 percent in the coming three years and we will have 100 more (R&D) partners in the next two years," said Merieux.

In 2012, BioMerieux China sales increased by more than 40 percent year-on-year to hit 100 million euros ($133 million).

China is currently the third-largest market for BioMerieux, after the United States and France. It is expected to be the second-largest within two years.

Merieux said he had previously never thought China would be one of the top three markets worldwide.

We have reasons to believe it will grow bigger, he said.