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2025-03-24 | subscribe | homepage

Welcome back to this week’s edition of the China Insights Weekly Newsletter!

Key highlights shaping the week:

• China–South Africa set up 12,900 km quantum satellite link, longest ever

• China approves 48 new drugs in 2024

• Shanghai signs 40 multinationals, adds financial hubs, now 1,782 licensed firms

• 72% of Chinese CEOs optimistic on 3-year growth, vs. 53% global

Dive deeper into these stories and more by clicking the headlines below. We value your feedback. Let us know your thoughts or suggestions on LinkedIn, X or Facebook.

🚀 Headlines

72% of Chinese CEOs are optimistic about business growth in the next three years (link)

According to PwC's 28th Annual Global CEO Survey China Report, 72% of Chinese CEOs express optimism about business growth over the next three years, significantly higher than the global average of 53%. Despite shared concerns about economic fluctuations, inflation, geopolitical tensions, and supply chain disruptions, Chinese CEOs remain confident due to the resilience of China's economy, effective macroeconomic policies, and global business advancements. The report shows that 46% of Chinese mainland CEOs consider the US as their top offshore investment destination, followed by Hong Kong, the UK, Singapore, Australia, and Germany. Chinese CEOs also show strong trust in AI integration, with 49% expressing confidence in incorporating AI into core processes compared to 33% globally. This optimism aligns with China's shift toward high-quality development, marked by breakthroughs in strategic sectors like electric vehicles, AI modeling, and advanced manufacturing.

Major international financial institutions open in Shanghai, while other multinationals expand their presence (link, link)

France’s BNP Paribas, a wholly foreign-owned securities company, and three reinsurance institutions — AXA Global Reinsurance, Hannover Re, and the Shanghai International Reinsurance Registration and Trading Center — officially opened in Shanghai last Wednesday. BNP Paribas Securities China, approved by the China Securities Regulatory Commission in April last year, becomes the fourth wholly foreign-owned securities company in China. AXA and Hannover Re located their operations in the Lingang Free Trade Zone. Shanghai now hosts 1,782 licensed financial institutions, over 30% of which are foreign.

Forty multinationals, including GOAT and DeLonghi, signed agreements with Shanghai to establish regional headquarters or R&D centers. GOAT upgraded its Shanghai branch to its Asia-Pacific regional headquarters, while DeLonghi established its China headquarters in the city. GOAT's China represents 25% of its global volume. China represents 20% of DeLonghi’s sales. As of February, Shanghai hosted 1,027 regional headquarters and 597 foreign-funded R&D institutions, with 60 headquarters and 30 R&D hubs added last year.