After Ukrainian President Volodymyr Zelensky said that Ukraine wants Russia to be present at the next peace conference, analysts said on Thursday that Kiev's stance is based on pragmatic considerations, expressing hope that the longstanding conflict can be resolved through peaceful negotiations.

According to media outlet The Kiev Independent, Zelensky told French media in an interview published on Wednesday that Ukraine believes that Russia "must be present" at a second peace conference in order to end the war.

"I believe - as do most countries - that at the second peace summit in November, Russian representatives must be present, otherwise we won't achieve viable results," Zelensky reportedly said.

Zelensky had said in mid-July that he aimed to have a plan ready in November to hold a second international summit that representatives of Russia should attend, according to Reuters.

"Zelensky's remarks can be seen as a consideration based on reality, hoping to seek resolution through diplomatic means," Yang Jin, an associate research fellow with the Institute of Russian, Eastern European and Central Asian Studies at the Chinese Academy of Social Sciences, told the Global Times on Thursday.

Yang noted that since the Russia-Ukraine conflict erupted, both sides have been left drained and suffering significant losses. Currently, it appears that neither side can envision achieving their ultimate goals through the continued use of force.

Zelensky's remarks came after a peace conference on the Ukraine crisis held in Switzerland in June that was marked by Russia's absence. The conference ended without any significant progress, according to observers.

"Therefore, the current signal shows Ukraine's willingness to resolve the conflict through political and diplomatic channels, indicating the country's basic stance of hoping to engage in peaceful negotiations," Yang said.

During the interview with French media, Zelensky acknowledged that China was a key player but said he did not want mediation from Beijing and instead urged it to "pressure the Kremlin" to end the conflict, France media reported. 

Chinese experts emphasized that China has not and will not exert pressure on either side. Rather, as a responsible major power, China is willing to play a constructive role in mediating the conflict.

According to the Chinese Foreign Ministry, Special Representative of the Chinese Government on Eurasian Affairs Li Hui started a visit to Brazil, South Africa and Indonesia from Sunday to carry out the fourth round of shuttle diplomacy on the Ukraine crisis, further exchanging views with major members of the Global South on the current situation and the process of peace talks.

"On the Ukraine crisis, China always believes that to end the hostilities as soon as possible and seek a political settlement is in the interests of all parties. China is of the view that dialogue and negotiation is the only viable way out of the Ukraine crisis," Chinese Foreign Ministry spokesperson Lin Jian told a Monday routine press conference. 

China will continue to stand on the side of peace and dialogue, support the international community in building up more consensus, and jointly look for viable means toward a political way out of the crisis, Lin said.

Italian Prime Minister Giorgia Meloni will pay an official visit to China from July 27 to 31 at the invitation of Chinese Premier Li Qiang, Chinese Foreign Ministry announced Thursday. 

During Prime Minister Meloni's visit to China, President Xi Jinping will meet with her, said Chinese Foreign Ministry spokesperson Mao Ning at Thursday's routine news conference. Chinese Premier Li Qiang and top legislator Zhao Leji will also meet with Meloni to exchange views on bilateral relations and issues of common concern.

China and Italy are both countries with an ancient civilization, Mao said. The two countries are comprehensive strategic partners and have maintained close high-level exchanges and fruitful mutually beneficial cooperation in various fields. A sound and stable China-Italy relationship is in the interest of both countries and peoples, and contributes to inter-civilization exchanges and mutual learning.

The Foreign Ministry Spokesperson noted that this year marks the 20th anniversary of the China-Italy comprehensive strategic partnership. China looks to work with Italy through this visit to cement traditional friendship, promote the Silk Road spirit, strengthen mutual understanding and trust, deepen practical cooperation and people-to-people and cultural exchanges, pursue the steady and sustained growth of China-Italy and China-EU relations, and jointly contribute to a more peaceful, stable and prosperous world.

The visit will be the first since Italy's withdrawal from the China-proposed Belt and Road Initiative (BRI), and also Meloni's first visit to China after taking office. The visit is likely aimed at making up for the regret of withdrawal and personally clarifying some misunderstandings, Zhao Junjie, a research fellow at the Chinese Academy of Social Sciences' Institute of European Studies, told the Global Times on Thursday. 

This visit once again demonstrates that Italy's withdrawal from the BRI was not due to a reluctance to cooperate with China or Meloni's own political beliefs, but rather due to the huge pressure from the US and other major Western powers at the time, Zhao Junjie said, noting that the withdrawal does not mean a decoupling from China, as economic and trade cooperation between China and Italy has since remained close.

Observers noted that Italy has been experiencing a technical recession in recent years, with high levels of national debt and deficits, while Meloni has also seen that the US and the West have pressured Italy to distance itself from China, but have not provided any real support in its place.

"Although far-right political figures like Meloni may resort to extreme rhetoric to attract votes during elections, they often return to rationality and seek the greatest benefit once in power," Zhao Junjie said. "Currently, Italy is beginning to return to rationality and trying to seek a balance between China, the US, and the EU in diplomacy."

Now that Meloni's position has been further consolidated, she also needs more cooperation and support from China, especially after her previous visit to the US clearly did not bring her any real benefits, he said.

With this visit, Italy can also set an example in Europe, showing more European countries that the benefits of enhancing friendship and promoting cooperation with China far outweigh the disadvantages of decoupling from it, said Zhao Junjie.

Practical cooperation and communication with China are expected during her visit, analysts said.

Italian Minister of Enterprises and Made in Italy Adolfo Urso visited China earlier in July, laying the groundwork for Meloni's visit. During the visit, Urso said that China is an indispensable market for Italian companies and a key partner. The cooperation between China and Italy in the fields of green technology, electric vehicles, and public buses is becoming increasingly important, marking a new stage in the strategic partnership between the two countries. 

He also stated on social media that his visit demonstrates the Italian government's emphasis on restarting bilateral economic and trade relations, and Italy has a strong interest in investing in China, especially in the renewable energy sector.

Chinese fans expressed mixed reactions to the Paris Olympics opening ceremony on Saturday. The celebrations of French culture and history was warmly cheered but also criticized in some parts.

The Chinese delegation, led by flagbearers Ma Long, a five-time Olympic gold medalist in table tennis, and eight-time artistic swimming world champion Feng Yu, joined the athletes' fleet of barges on a six-kilometer ride on the River Seine before arriving at Trocadero square.

"Considering the pouring rain, what if our athletes catch a cold during this four-hour opening ceremony?" a Chinese fan Li Jianqiu posted on Weibo. "The Olympics is supposed to showcase the athletes' best performance, but the opening ceremony is risking their health."

As the fleet passed through Paris landmarks, the fire-damaged Notre Dame caught attention. A large troupe of dancers, accompanied by music composed using sounds from the cathedral's reconstruction, received wide praise as a salute to firefighters and construction workers who saved the iconic building.

One of the most debated parts of the ceremony was the appearance of headless Marie Antoinette. Some argued it demonstrated the revolutionary history of France, while others felt showing beheaded figures to young audiences was "extremely dreadful."

The 10 new statues of historic French women lining the river were well-received by Chinese fans, providing a fresh angle on the country's rich history.

The ceremony concluded at Trocadero, where the Eiffel Tower lit up. The flame, which had been on an elaborate journey with a masked torchbearer and a mechanical horse, was passed on to French football legend Zinedine Zidane. Assassin's Creed video game enthusiasts widely celebrated the torchbearer's masked appearance.

Though some fans noted the Olympic flag was upside down at the ceremony, they saw it as a "mistake" rather than a sign of the organizers' relaxed attitude.

France's three-time Olympic gold medalist Marie-Jose Perec and Teddy Riner then lit the Olympic cauldron, a seven-meter diameter ring suspended on a 30-meter hot-air balloon. Canada's Celine Dion sang Edith Piaf's "Hymn to Love" in her first public performance in years, drawing huge cheers from the crowd and fans from afar.

Allegation of the so-called "overcapacity" relating to China-made electric vehicles (EVs) is a pseudo-proposition, and the narrative is falsified and runs counter to the law of market economy, China's General Administration of Customs (GAC) told a press conference on Tuesday, noting that manufactured green products have contributed to mitigating global climate change. 

GAC cited EVs as an example. The International Energy Agency estimates that, by 2030, worldwide sales of EVs will reach 45 million units, about three times the global EV sales in 2023 and five times China's EV production expected in 2030.  

China doesn't have an "overcapacity" issue when it comes to new-energy products, and the products enriched the global green supply and marked China's contributions to the global response to climate change, the GAC said. 

"Green" has become a distinctive color for the high-quality development of China's foreign trade. Four out of every 10 cars exported from China currently are EVs, seven out of every 10 railroad locomotives are electric locomotives, and nearly 90 percent of the storage batteries exported from the country are lithium-ion batteries, making the green color even brighter, the GAC stated.

In addition to green products, innovation and coordinated regional development also featured the country's high-quality development of foreign trade in the new era.

In 2023, the country's exports of manufactured high-tech products increased by 6 percent year-on-year, accounting for 18.7 percent of the total value of exports.

Independent and innovative brands have enabled Chinese products to gain rising popularity overseas, ranging from horse-faced skirts rooted in traditional culture to multifunctional electronic products. Exports of independently-branded products growing by 9.3 percent in 2023, accounting for 21 percent of overall exports of China, the Chinese Customs noted.

Moreover, coordinated regional development has stabilized the foundation of the country's foreign trade. The eastern coast of the country is the ballast of China's foreign trade, with imports and exports exceeding 30 trillion yuan ($4.13 trillion) for three consecutive years. The central and western regions have effectively undertaken the country's industrial transfer, with the share of foreign trade increasing by nearly 7 percentage points. The import and export of the three northeastern provinces has been expanding too, and the growth rate in 2023 was 1.6 percentage points faster than that of the whole country. 

Major city clusters such as Beijing-Tianjin-Hebei region, the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area, have become powerhouses for foreign trade, contributing nearly 60 percent of China's foreign trade growth since the 18th Communist Party of China (CPC) National Congress in 2012.

China's high-quality development has allowed global trade partners to share in the opportunities of its mega market. 

China's total trade in goods has ranked first in the world for seven consecutive years, while the country has become a major trading partner of more than 150 countries and regions, and the number of foreign trade enterprises has now nearly doubled compared with 2012, according to the GAC.

And, the scale of China's imports has ranked second in the world for many years, growing from 11.49 trillion yuan in 2012 to 17.99 trillion yuan in 2023. Since the 18th CPC National Congress, China's cumulative imports have exceeded 150 trillion yuan, with an average annual growth rate of 4.2 percent.

In 2023, the sources of China's imports covered more than 200 countries and regions in the world, and imports of agricultural products and electronic and machinery products from the least developed countries jumped exponentially from 2012, the GAC said.

The development of foreign trade is held back to some extent by rising protectionism, and opening up to win development and cooperation for win-win partnership will help advance the global economy. The "small yard high fence" mindset is isolationist in itself, while openness and sharing is the only way to prosperity and development, the GAC said.

The US, which bombed Japan with nuclear weapons, is reportedly about to protect Japan with nuclear weapons. Reports show that Japan and the US will draft their first joint document on expanded deterrence policy, which will include a clause affirming nuclear weapons will be included in US methods to defend Japan. However, it might be premature if Japan feels moved by this.

Japanese newspaper Yomiuri Shimbun, citing sources, reported that the document will specify measures that the US could take in peacetime and emergencies; as well as conditions under which the US could take retaliatory actions against third countries, and what those measures could be, under the backdrop of so-called threats from China and Russia. The foreign and defense ministers of Japan and the US will discuss the details at a meeting in Tokyo later this month, according to the report. 

Although discussions on the matter started in 2010, when Washington and Tokyo established the Extended Deterrence Dialogue to explore ways to sustain and strengthen extended deterrence, the timing of the news this time is quite intriguing. 

If seems that Japan wishes to secure a written commitment over nuclear protection before the US election, to prevent Washington from reneging on its promises after the Oval Office sees a change in its occupant, Da Zhigang, director of the Institute of Northeast Asian Studies at Heilongjiang Provincial Academy of Social Sciences, told the Global Times.

Both the US and Japan have their own calculations behind the push for this joint document. Japan wants to boost its deterrent capabilities through military alliance with the US. Washington hopes to make Tokyo a thornier pawn in its "Indo-Pacific Strategy." Claims of "threats" from China and Russia are merely far-fetched excuse - the US simply wishes Japan to be more proactive toward China and Russia under the nuclear umbrella, so as to alleviate US pressure in countering both countries.

The essence of today's US nuclear umbrella in the Asia-Pacific region is not about protection. Rather, it serves as a platform for the US to disrupt regional stability among major powers through providing excuses to enhance strategic offensive capabilities of US allies.

Japan, a non-nuclear weapon state, would hardly become a primary target for nuclear strikes, if there will be one. Still, the US is now pulling Japan in its "nuclear protection circle" while mulling to deploy nuclear weapons to Japan. In that scenario, Japan could be viewed as a nuclear-weapon state. The US is pushing Japan to be the next battleground. And by promoting the joint document, Japan demonstrates its readiness to be considered a potential nuclear target due to its alliance with the US.

This is hardly protection. Tokyo seems to have a fundamental misunderstanding about what truly threatens Japan: Someone who claims to be an ally and a protector.

The US has been adeptly disrupting regional security dynamics, amplifying regional security threats and heightening concerns among its allies. It then offers so-called security protection to these allies through military measures like the nuclear umbrella, fostering increased dependence on American security. Leveraging this dependence, the US can assert control over these countries, utilizing them to further American global and regional hegemonic ambitions, Da told the Global Times. 

How will the US deploy nuclear power to protect Japan? Reports indicate that the details may not be disclosed to the public. However, when Japan truly requests nuclear protection from the US, it suggests Japan faces significant nuclear threats. At such a critical juncture, will the US deploy its nuclear arsenal without hesitation?

In American logic, US' homeland security takes precedence. Its hegemonic interests follow, and the interests of American citizens abroad come next. The interests of US allies rank fourth. That says, if defending Japan with nuclear weapons poses any risk to US homeland security, Washington will think twice, an anonymous military expert told the Global Times. The US' nuclear umbrella only protects itself.

Now, Japan must decide what it wants - peaceful development or being pushed to frontline conflicts.

Italy can be the perfect gateway for third-country markets for Chinese companies, Mario Boselli, president of the Italy China Council Foundation (ICCF), told the Global Times in an interview ahead of the visit to China of Italian Prime Minister Giorgia Meloni.

Meloni will visit China from July 27 to 31, China's Foreign Ministry announced on Thursday. This is Meloni's first trip to China since taking office, according to media reports.

Her visit to China represents a further step toward the thawing of relations between our two countries, according to the council head.

Meloni's visit was preceded by visits to China by a number of Italian officials, and Meloni's China visit is in pursuit of a goal: Italy is among the best strategic players for Beijing in Europe, and "having an active engagement with us also means holding the key to a better relationship with the EU," Boselli said.
The key points of the visit are the reassessment of the need for more balanced bilateral trade, offering more opportunities to export Italian products to China, and the promotion of Italy as an ideal location for Chinese investment, especially in areas such as new-energy products and vehicles, among others, Boselli said.

"Italy can be the perfect gateway for third-country markets [for Chinese companies], not only European but also Mediterranean markets. This is why our peninsula is also the perfect location for greenfield investments by Chinese companies," Boselli noted.

In the first half of this year, bilateral trade stood at $35.94 billion, down 1.3 percent year-on-year, data from the General Administration of Customs of China showed. Italian exports to China reached $13.03 billion, down 3.6 percent.

A survey conducted by the ICCF found that 34 percent of the Italian companies in China that were interviewed perceived an improvement in the business environment. Also, 47 percent had a positive outlook and 68 percent said that they planned further expansion in China in the next two years.

Responding to the European Commission's imposition of provisional tariffs on Chinese-made electric vehicles (EVs) and the ongoing probe, Boselli noted that the improvement and efficiency of high-tech products achieved by China is a fact that no one can dispute, and that China is investing in research and development (R&D) of new products and solutions, and that its products are being exported to Europe in greater numbers.

"China must be identified by the EU as one of the most important innovators in the world, and innovation is the key that will change the way the whole world looks at China," said Boselli, the ICCF president.

Building R&D centers and factories in Europe together could be a solution to address the EU's concerns, he said.

"There is also a need for a more positive attitude on the part of the EU to recognize China's achievements and its role as a major player in the international political and economic environment," Boselli said.

China's economy grew 5 percent year-on-year in the first half of 2024.

Boselli said that while the situation in the first six months was not particularly bright, "we all know that China is used to achieving its results and except for 2020, annus horribilis for the whole world, it has always done so."

"We are convinced that it is a matter of time: China will soon recover and the 5 percent growth target will be reached in 2024. We must have confidence, because the results will come," Boselli said.

High-end luxury brand Louis Vuitton (LV) opened its first chocolate boutique in Shanghai on Monday, a positive sign for the international luxury brand to capture more of the consumer market in the world's second-largest economy.

The outlet, Le Chocolat Louis Vuitton, is the third such store in the world after Paris and Singapore.

The Global Times found the chocolates are priced between 240 yuan ($34) for a bar of chocolate up to 3,200 yuan for Red Vivienne. Eager customers said they had to line up for about an hour to make their purchases on Monday.

"The spherical chocolate I tried was delicious and beautifully packaged, meeting my quality expectations," Peggy Wu, a customer in Shanghai told the Global Times on Tuesday. "I think for a high-end brand, compared to other chocolate brands I've bought, it's reasonably priced," Wu added.

LV's expansion shows confidence in China's luxury market and hints at more LV chocolate boutiques after the positive response, Bai Ming, a research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Tuesday.

"The first-day sales reflect consumer interest, but this may be influenced by its novelty and the 'first-store effects,'" Bai said.

"The store was filled with consumers from China, and they seemed like they were really excited," Zhong Ting, a Chinese customer at LV's chocolate boutique in Singapore told the Global Times on Tuesday.

Zhong said that the chocolates are beautifully packaged, ideal for gifts, and meet high standards for quality and appearance, making them an excellent choice compared with the same price level among youth.

This year, high-end international brands have repeatedly increased their investments in China, showing growing confidence in China's market and consumption power.

Bain & Company, a US-based international management consulting company said in a report that China is expected to become one of the world's leading luxury markets by 2030.

The report showed that Chinese mainland consumers are expected to account for 35-40 percent of global luxury goods consumption by 2030, from about 22-24 percent in 2023. The Chinese mainland's market share is expected to rise to 24-26 percent by 2030 from about 16 percent in 2023.

China imported 1,346 tons of pork products from Russia in June, quadrupling May's figure, data from the General Administration of Customs (GAC) showed over the weekend.

China imported 870.27 tons of frozen pork and 475.83 tons of frozen pork offal in June, GAC data showed on Saturday. In comparison, the nation imported 269.56 tons of Russian frozen pork and 80.76 tons of frozen pork offal in May.

In terms of value, the June imports of Russian frozen pork and frozen pork offal reached 27.34 million yuan ($3.76 million), nearly quadrupling the 6.79 million yuan registered during May.

After a long hiatus of 15 years, China lifted a ban over African swine fever on imports of Russia pork and by-products in September 2023 with the first shipment of Russian pork arriving in China in April, according to Sputniknews.cn.

Russian pork exports to China could reach 15,000 tons in 2024, or even up to 100,000 tons, the Russian news portal reported, quoting head of the Russian agriculture regulator Sergey Dankvert.

The increase in pork products from Russia came at a time when China is conducting an anti-dumping probe into pork from the EU.

On July 18, China's Ministry of Commerce issued a notice saying that investigating authorities will use a sampling method in anti-dumping probe into EU pork, while providing further details on the sampling plan and the preliminary sampling results for anti-dumping case involving pork and pig by-products from Europe.

The anti-dumping probe was initiated at the request of the China Animal Agriculture Association on June 6 on behalf of the Chinese pork and pig by-products industry. 

https://www.globaltimes.cn/page/202406/1314358.shtml

Chinese analysts said on Sunday that the rapid increase in Russian pork products is positive news as the country chooses to diversify its imports sources amid the country's efforts in enhancing its food security.

"China's pork market, where imports are of a supplementary nature to the cyclic fluctuations of domestic demands, is driven by market forces and importers play a vital role in diversifying China's import sources," Li Guoxiang, a researcher from the Rural Development Institute, Chinese Academy of Social Sciences, told the Global Times on Sunday.

"As China continues to open its agriculture market, and shares its growth dividends with trading partners on a mutually beneficial, reciprocal basis, the Russian pork industry faces an opportunity. The vast China market is big enough even for the 100,000-ton-level exports mentioned by the Russian official, provided that these exports possess a competitive price footing," Li said.

High-level political ties also meant the Russian and Chinese authorities are in a better position to iron out non-market issues associated with the processing of imported goods should they occur, Li noted.

China currently has 21 imports source countries, with Russia and Belgium becoming the latest exporters in 2024, according to media reports.

In 2023, China imported roughly $3.5 billion worth of pork products, and about half came from the EU. Spain exported $865.3 million worth of pork to China, accounting for about 25 percent of China's total pork imports in 2023, GAC data showed.

China's Ministry of Commerce (MOFCOM) on Wednesday launched a trade and investment barrier investigation into EU's related practices in its investigations of Chinese enterprises based on the Foreign Subsidies Regulation (FSR).

Chinese experts said the move is aimed at protecting the legitimate interests of Chinese enterprises as well as upholding a form of true multilateralism for trade rules. They also urged the EU to stop its shortsighted behavior, as only a close cooperative relationship with China is the most beneficial long-term solution for the bloc's industrial development.

According to the MOFCOM, it received on June 17 an application filed by the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME), in which the applicant requested to conduct a trade and investment barrier investigation into the EU's investigations of Chinese enterprises.

Measures investigated involve relevant practices adopted by the EU in investigations such as preliminary examinations, in-depth investigations and surprise inspections carried out targeting Chinese enterprises in accordance with the EU's FSR and the implementing rules.

The application mainly involved products such as rolling stock, photovoltaics, wind power and security inspection equipment, the Chinese ministry said.

According to related laws, the MOFCOM may use questionnaires, hearings, field investigations and other means to obtain information from stakeholders and conduct investigations.

The probe shall be completed by January 10, 2025, and may be extended to April 10, 2025 under special circumstances, said the ministry.

"Launching the investigation is a move by Chinese authorities to protect the legitimate rights and interests of Chinese enterprises, as in some of the EU's so-called investigation and evidence collection process, we also see that Europe is now reflecting a stronger unilateralism, which violates the rules of the WTO," Cui Hongjian, a professor at Beijing Foreign Studies University's Academy of Regional and Global Governance, told the Global Times on Wednesday.

Cui noted that currently, the EU has a series of practices that are constantly trying to break the international rules, whereas the MOFCOM action is truly upholding the rules of multilateralism in trade.

The China Chamber of Commerce to the EU (CCCEU) in June said in a statement it shared with the Global Times that Chinese companies reported that the European side exceeded the scope of the FSR investigation. 

"Despite the opposition of Chinese enterprises, the EU side copied documents containing information about the companies' key technology components, which are classified as commercial secrets. We express strong dissatisfaction and opposition to the European side's improper practice of using investigations to gather intelligence on the advanced technologies of Chinese enterprises," the CCCEU said in the statement.

On July 1, the European Commission spokesperson for competition, Lea Zuber, denied the commission had abused its FSR to steal business secrets, adding that the EU will continue to make "full use" of its legal and investigative mechanisms to ensure that non-European companies don't "unfairly benefit" from state subsidies.

"Europe is now facing a series of economic and social crises, including inflation, energy shortages and rising prices for raw materials, so it's abusing trade protection measures, including setting tariff barriers to protect its increasingly hollowed-out manufacturing industries," Zhao Junjie, a research fellow at the Chinese Academy of Social Sciences' Institute of European Studies, told the Global Times on Wednesday.

Zhao noted that neoliberalism "has failed," and now the bloc is turning to "neoconservatism," which may be even more damaging to its economy. 

"Europe is showing a great deal of shortsightedness with recent moves targeting China. In the long run, only a close cooperative relationship with China, while dealing with healthy competition, is the most favorable long-term policy for the development of Europe's industry," Cui noted.

In some of the practices against China, the EU is constantly undermining some of the basic principles that were supposed to help the bloc realize its wealth creation and technological innovation. But now if it breaks the rules, Europe is expected to be retaliated by the market, as the world will enter a state of disorderly competition, Cui warned.

Foreign companies are not hiding their continuing interest in the Chinese market, as they remain "very bullish" on Chinese opportunities, with some planning more investment, in sharp contrast to the so-called claims of "foreign capital leaving China."

The latest example is Ralph Lauren CEO Patrice Louvet, who said in an interview with Bloomberg television on Thursday that the company is very bullish on long-term opportunities within China.

"We've got nice momentum, but when you look at our luxury peers, the penetration of the China business is much higher than that, so I think we have significant runway," Louvet said.

Louvet is aiming to leverage China's vast consumer market, which has been on display globally as the country continues to grow.

Data from the National Bureau of Statistics revealed that Chinese retail sales of consumer goods, a major indicator of the country's consumption strength, climbed 4.7 percent year on year in the first quarter of 2024, a clear sign that consumption has become an important driving force for economic growth.

In addition to luxury brands, Shanghai Disney Resort is set to expand with a new attraction backed by an investment of 2.459 billion yuan ($338.15 million), according to bidding information on the website of the Shanghai construction engineering trading platform on Thursday.

The new project will include six amusement facilities on an area of 21,306 square meters. In March this year, Shanghai Disney Resort announced it had begun preparations to open a new attraction next to its Zootopia-themed land.

"China's huge market size cannot be ignored by foreign companies," Chen Fengying, an economist and former director of the Institute of World Economic Studies at the China Institutes of Contemporary International Relations, told the Global Times.

China has a very large market with a population of more than 1.4 billion and a middle-class of more than 400 million people. The journey toward modernization will create huge market opportunities, Chinese experts said.

As of December 20, 2023, Shanghai Disneyland had welcomed over 13 million visitors in less than a year, setting another record for attendance since its grand opening in 2016, the company said.

In addition, foreign companies are still eyeing China as an important research and development (R&D) base. On Monday, ZEISS opened its new R&D and manufacturing site in Suzhou Industrial Park in Suzhou, East China's Jiangsu Province.

Covering an area of over 13,000 square meters, the new site marks the group's first land purchase for its self-built project in China.

It aims to become a key R&D and manufacturing center in the country for industrial quality solutions, research microscopes, surgical microscopes, and ophthalmic equipment, the company said.

Chen said the Chinese market is aided by lower operating costs, enhanced local R&D capabilities, and industrial cluster effects, and could see more foreign companies placing core functions from design and R&D, investment and production to operation and sales in China.

Data from the Ministry of Commerce (MOFCOM) showed that foreign direct investment (FDI) into China from January to May 2024 reached 412.51 billion yuan, with the number of newly established foreign-backed companies reaching 21,764, up 17.4 percent year-on-year.

FDI in the manufacturing sector stood at 117.11 billion yuan, accounting for 28.4 percent of the national total, 2.8 percentage points higher than last year's level, said MOFCOM.

China has continuously stepped up its efforts to attract foreign investment with concrete measures. China's State Council, the country's cabinet, announced on Thursday further opening-up measures in six trial cities across various fields, including tourism, culture and telecoms.

These continued moves demonstrate China's commitment to increasing its pace of opening-up and will further boost foreign investment sentiment in the country, experts said.