BEIJING, Oct. 27 (Xinhua) -- As China moves forward with new plans for the next five years, its status as a major investment destination stays strong. For global companies that prioritize long-term, high-quality development, the Chinese market will remain not just relevant, but crucial for seizing fresh growth opportunities.

In a key political meeting held last week, China said it will share opportunities and achieve common development with the rest of the world during the 15th five-year-plan period (2026-2030). Detailed recommendations for the plan outlining the development priorities of various sectors during the period will be released later, serving as a "treasure map" for global businesses to explore the potential "gold" in a market of 1.4 billion people.

As the Chinese economy marches toward a new period in its high-quality growth, the message for foreign boardrooms is clear: China is still a land of opportunity welcoming global businesses.

The new "gold" is anchored in a market of extraordinary scale. China's pledge to meet the aspirations of its people for a better life underpins a mega-market that has held its position as the world's second-largest importer for 16 consecutive years. From 2021 to 2025, China's imports of goods and services are expected to exceed 15 trillion U.S. dollars, and the country has vowed to step up efforts in expanding imports from 2026 to 2030.

A core value-creator is China's middle-income group of over 400 million people with immense purchasing power, which is set to grow to over 800 million in the next decade or so. In 2024, more than 21.6 million new consumer product varieties were registered in China, a 14-percent year-on-year increase and the highest figure in half a decade. This explosion of options is not coincidental; it is a direct response to a middle-income demographic whose priorities are evolving from mere acquisition to a focus on quality, sophistication, and personalized experiences.

From a global perspective, China still has vast structural potential to tap in boosting consumption, which has become a policy priority in recent years.

For instance, authorities have rolled out measures to boost spending on services, and the government explicitly encourages foreign investment in sectors such as telecoms and healthcare.

Such pro-consumption policies mean more businesses for global firms. In the country's consumer goods trade-in program for automotive, foreign brands such as Tesla account for one-third of vehicle trade-in sales.

Crucially, China is building formal, high-profile channels to connect this demand with global supply. Events like the China International Import Expo, China International Fair for Trade in Services, and the China International Consumer Products Expo go beyond being mere trade shows; they serve as platforms that prioritize high-quality imports and foreign expertise, and facilitate direct marketplaces where global companies can build connections with Chinese buyers and distributors.

The country's thriving e-commerce ecosystem is also connecting international brands with a growing community of online consumers. A brand influence ranking by Peking University, based on an online shopping research reflecting the consumption preferences of millions of Chinese consumers, found 156 international brands from 17 countries among the top 500 performers in e-commerce.

"The ability to operate in China's fiercely competitive market remains non-negotiable for American companies, allowing them to access a burgeoning middle class while honing new technologies and practices essential for maintaining global competitiveness," the U.S.-China Business Council's president Sean Stein noted after the body's recent survey.

Executives at the consulting firm Bain & Company have echoed this view, arguing that China remains a massive, potentially lucrative market and that "abandoning it would leave that value on the table."

In this shifting market, however, value may no longer stem from broad, one-size-fits-all strategies; instead, it lies in specificity and localization. Winning foreign firms are embedding themselves in China's ecosystem rather than merely exporting goods. This involves investing in local R&D, forging strategic partnerships, and competing on value and brand heritage rather than solely relying on logo recognition.

Many foreign brands have embraced China's changing market scenario and secured initial success. Walmart has leaned into China's digital ecosystem, striking local partnerships to reach consumers where they shop. Adidas has granted its Chinese team autonomy over local design and manufacturing, tailoring products to domestic tastes. Global pharmaceutical firms like Pfizer have established new R&D or innovation institutions in China. For these companies, China is not a mere sales outlet, but a critical strategic hub.

For those prepared to embrace China's new gold rush for emerging opportunities with a deeper dig, the Chinese market still offers one of the world's most substantial rewards. To walk away from China is to cede the future.  ■