The fifth Qingdao Multinationals Summit was held recently in Qingdao, East China's Shandong Province, drawing more than 500 attendees from more than 450 multinational enterprises. In a complex international environment, the summit was, to some extent, an epitome of the true interaction between China and the global economy.

China is ramping up efforts to attract foreign investment, underscoring its commitment to further opening up its vast market to global enterprises. The Qingdao Multinationals Summit, coming at a time when a series of high-level meetings reaffirmed China will remain committed to the basic state policy of opening to the outside world, highlighted the latest stage of a concrete effort by the Chinese government to attract foreign investors and provide them with a more favorable, convenient and business-friendly environment.

Recently, some Western politicians and media outlets have hyped a narrative that the investment environment in China is "deteriorating." Their purpose is to create a sense of insecurity among foreign investors, in line with their efforts to artificially push economic "decoupling" from China, and to stymie China's ability to develop high-tech industries. However, facts have proven that China's business environment has continued to improve, as the country further expands high-level opening-up.

Earlier this month, an executive meeting of the State Council reviewed and approved four documents including the 2024 edition of a set of special administrative measures - a negative list - for foreign investment access.

According to the negative list, China will relax restrictions on foreign investment further by completely abolishing entry barriers in the manufacturing sector, while accelerating the opening up of sectors such as telecommunication, education and healthcare services, the Xinhua News Agency reported.

Such efforts showcase China's high-quality development and high-level opening-up and help foreign companies better grab China's opportunities. Any rumors or smears against China's business environment are easily debunked in the face of such a big move in attracting foreign investment. China holds a consistent attitude on welcoming foreign enterprises. Foreign companies that operate in accordance with the law absolutely have nothing to be concerned about.

From another perspective, the Qingdao Multinationals Summit not only served as the latest effort by China to attract foreign investment, but also demonstrated foreign investors' confidence in the Chinese economy, constituting a model of positive interaction.

More than 500 delegates from multinational enterprises attended this year's summit, including 99 multinational companies participating in the summit for the first time. Many delegates said that they believe the resilience of China's economy and its high-quality development are creating new opportunities for multinational companies, according to media reports.

China's commitment to high-standard opening-up and an improved business environment has boosted the confidence of foreign investors. It is believed the country will remain one of the world's most attractive destinations for foreign direct investment (FDI), despite a complex international environment, geopolitical tensions and some countries' attempts to exclude China from the global supply chain.

Multinational companies are not only interested in China's consumer market, but also many other factors such as its complete industrial chain and technological innovation. 

In recent years, China's high-tech industries became a bright spot in attracting foreign investment. The high-tech industries attracted 423.34 billion yuan ($59.6 billion) of FDI in 2023, accounting for 37.3 percent of the country's total utilized FDI. China has provided fertile soil for the development of new technologies and business forms. 

China's attraction to foreign investment is continuing to expand. Moreover, this attraction is not just the growth of China's consumption, but a comprehensive economic advantage. As some participants said on the sidelines of the Qingdao Multinationals Summit, they see the long-term growth potential of China, which is why they continue to increase investment in the country.

The 2024 Forbes China Youth Art and Innovation Forum took place in Shenzhen's Futian District on Saturday, bringing together international art masters, enthusiasts, and emerging young artists.

The forum featured discussions on the value of art education and the development of the art industry in both the East and West. During the event, the results of the 2024 Forbes Top 100 Youth Artists competition were revealed.

Organized by Forbes China, the event aimed to ignite young people's passion for artistic creation and promote innovation and development in China's art scene.

Among the winners, students from the Shenzhen College of International Education and the SZMS Nanshan Innovation School took home the gold prize and special award for their outstanding creative works.
One of the special award winners, Li Bingchen from the SZMS Nanshan Innovation School, presented his piece, "Lucky Elephant."

He said, "Using the Forbes platform, I want to harness the power of art to inspire more people and contribute to animal protection and environmental care through artistic expression."

A tour bus filled with travelers passed by a bustling construction site in a suburb of Tanzania's Zanzibar, adorned with posters of Chinese companies and where Chinese engineers were busy at work. One American tourist couldn't help but wonder: why are there so many Chinese in the local area?

That is the question that is also befuddling officials in Washington. As China and Africa have fostered closer partnership in many fields and China's engagement in this continent becomes deeper and wider, some Western countries have started to not only smear their cooperation, but also called for competition to be stepped up with China in Africa. Such hyping and calling for competition have intensified just ahead of the 2024 Summit of Forum on China-Africa Cooperation (FOCAC).

The key distinction between China and the US in their engagement with Africa is that Beijing has taken a reciprocal and more empathetic approach, allowing it to better understand the needs of the continent and tailor its collaboration accordingly. This stands in contrast to the traditional carrot-and-stick approach used by some Western countries to coerce African nations into serving their own interests, according to experts.

This year's FOCAC will be held in Beijing from September 4 to 6, Chinese Foreign Ministry Spokesperson Hua Chunying announced last month.

The theme of the summit is "Joining Hands to Advance Modernization and Build a High-Level China-Africa Community with a Shared Future," Hua said, adding that leaders of FOCAC's African members will attend the summit at the invitation of the forum.

The upcoming FOCAC summit marks another grand reunion of the China-Africa big family post-COVID pandemic, and has been hailed by Chinese and African experts as a milestone opportunity to chart the course for enhanced cooperation in the future.

Ahead of the highly-anticipated gathering, some foreign media have launched another wave of campaign hyping China's cooperation with Africa, with reports on issues ranging from sensationalizing Chinese loans to China's green product exports to the continent.

The National Interest, an American magazine, published an article saying that China is winning the Global South as a provider of a large amount of public goods for developing countries, including African ones.

In recent years, US officials have also called for Washington to prioritize efforts to match China's influence among the Global South. Speaking at a Senate Foreign Relations Committee hearing last month, Ben Cardin, a Democratic senator and chair of the Senate Foreign Relations Committee, said the US needs to offer the Global South an alternative to China.

Closer cooperation

A new Gallup report released in April this year shows median approval ratings for the US in Africa slipped from 59 percent in 2022 to 56 percent in 2023. Of the four global powers surveyed, the US was the only one not to see its image improve across Africa in 2023. Meanwhile, China's approval in the region rose six percentage points, from 52 percent in 2022 to 58 percent in 2023, two points ahead of the US.

There are vast differences in the quality of the engagement with the West, spearheaded by the US and the engagement with China, Mwangi Wachira, a former economist with the World Bank and an advisor for the Kenyan government, told the Global Times.

The Chinese engagement shows thoughtfulness. It gives us say in what we are doing, in contrast to the Western institutions, Wachira noted.

"You [China] can put yourself in my shoes…You can look at things from my perspective. Not always true from the Western side," said Wachira.

China's cooperation with Africa differs from the US' in its essence. While China offers equal and mutually beneficial partnerships that contribute to the development of these nations, the US often employs a carrot-and-stick approach to coerce for support in its own interests, and treats these countries as tools in a geopolitical competition, said Song Wei, a professor from the School of International Relations and Diplomacy at Beijing Foreign Studies University.

Experts said geopolitical struggles are not what African countries want, and if the US really cares, it can find vast potential for cooperating with China on this continent, not competition, said Song.

Apart from trade, African scholars also praised China for its assistance in building infrastructure in Africa, Chinese companies' contribution to local development and how China's development model can present valuable insights that can guide African countries and other Global South economies in shaping a more prosperous and inclusive future.

The cooperation between Africa and China and that of Africa and the West differ mainly in how African preferences are addressed, Endalkachew Sime, PhD student at Peking University, ex-state minister of planning and development of Ethiopia and ex-secretary general of the Ethiopian Chamber of Commerce and Sectoral Associations, told the Global Times.

"For specific projects, particularly in infrastructure, African countries find that their needs and priorities are better met through Chinese cooperation. It's not just about financing; it's also about training and capacity building," said Sime.

Take the companies as an example. Once Chinese companies establish operations in Africa, they hire local people, offer training skills and raise local people to the management level, said Wachira.

In Shanghai, a new ice cream shop has recently made headlines with its unique offerings: a range of ice creams containing traditional Chinese medicine (TCM). With a total of 16 flavors, including mint and watermelon frost, wild chrysanthemum and pistachio, smoked plum, bamboo and jasmine, hawthorn and bergamot, and loquat syrup, the new summer treats are conquering customers.
Priced at 38 yuan ($5.3) for 120 grams and 45 yuan for 150 grams, customers can also ask for toppings made from premium ingredients like ginseng (12 yuan) and caterpillar fungus (known in China as "winter-worm summer-grass," which is said to be effective in boosting the immune system, for 18 yuan). Additionally, the shop sells herbal teas at an average price of around 20 yuan.

According to the staff, these products use ice cream as a primary base, with a small amount of herbal ingredients added to enhance the flavor. The concept is centered around the idea of "new Chinese-style herbs" and the traditional TCM principle that "food and medicine share the same origin."

The TCM ice cream has gone viral online, with the related hashtag on China's X-like platform Sina Weibo garnering over 50 million views and 10,000 comments about it.

While some Weibo users question the compatibility of these ice creams with traditional Chinese medicine principles - citing concerns over the consumption of cold foods, others showed their interest. "My last bit of guilt from eating ice cream has now disappeared," read a Weibo comment.

The rise of TCM-infused ice cream is part of a larger trend where traditional Chinese medicine is being integrated into modern food products. With wellness and health being increasingly valued by younger generations, along with a growing sense of cultural confidence, this fusion of TCM with contemporary cuisine is gaining popularity among young consumers in China. From herbal teas and bread to coffee and now ice cream, TCM is making its mark in the culinary world.

Product diversification

Beyond ice cream, TCM is making its way into various foods. In Southwest China's Chongqing Municipality, a hospital started producing milk tea, pastries, and lollipops infused with medicinal herbs. In Guangzhou, South China's Guangdong Province, a TCM wellness café offers a variety of herbal coffees. A hospital in North China's Tianjin has even opened a bakery featuring medicinal breads like lotus leaf hydrating toast and Ejiao soft bread.

According to data by The Beijing News media outlet, as of July 7, there are more than 30 TCM tea or herbal tea brands in the country.

Over the past few years, the Chinese government has placed significant emphasis on the development of the TCM industry, introducing various policies and measures to support its innovation and growth. These initiatives have provided a solid foundation for the emergence of TCM-infused culinary products, Yi Lan, an attending TCM physician at a hospital in Guangzhou, told the Global Times.

On top of that, social media has also played a pivotal role in promoting this trend, amplifying its reach and appeal, particularly among younger generations, who are keen to explore new and unique experiences, she added.

For instance, suanmeitang (sour plum drink) has gained popularity since the summer of 2023 as a refreshing and appetizing drink. Traditionally brewed with additional ingredients such as hawthorn, licorice, and rock candy, this traditional beverage is renowned for its delightful taste and its capacity to alleviate heat exhaustion, counteract greasiness, and stimulate the appetite.

On social media platforms, such as the Chinese version of TikTok, many users have posted videos of their experiences of buying suanmeitang in TCM shops. In the lifestyle-sharing platform Xiaohongshu, search of the "TCM prescription of suanmeitang" yields about 3,000 posts.

A Douyin user's video shows that a packet of suanmeitang costs only 4.5 yuan. The ingredients include dried plums, dried tangerine peel, osmanthus flowers, hawthorn, mulberries, and rock candy. According to the video, stores can even brew it on the spot for the consumers.

Despite TCM being usually consumed warm, some users add ice, saying it makes a deliciously refreshing drink that is "much more affordable than milk tea and healthier as well."

However, due to the high content of organic acids like citric acid and malic acid in suanmeitang, this beverage is not suitable for children to consume, as their stomach lining is relatively delicate.

Adults should also avoid drinking it on an empty stomach or in large quantities. Additionally, sour plum drink is high in sugar, so it is not recommended for individuals with diabetes.

Menstruating women, people with colds or fevers, or those who have a cough with phlegm or a feeling of chest congestion should also avoid drinking suanmeitang, as it could worsen these conditions, she added.
Comfort meets wellness

The increasing interest in TCM-infused foods aligns with a growing interest in wellness among millennials and Generation Z, who are increasingly seeking health benefits in their dietary choices.

According to the Generation Z nutritional consumption trend report by the Xinhua News Agency in 2021, individuals aged 18 to 35 are leading the charge in health-conscious spending, making up 83.7 percent of the market.

The report also revealed that compared to traditional tonics, products that are portable, simple, and ready-to-eat are particularly favored by Gen Z.

The demand for such practical and nutritious products indicates a departure from traditional methods, with a preference for health benefits that are easy to integrate into daily life.

"The trend reflects a growing awareness among the public, alongside a strong sense of cultural confidence," Yi said.

Moreover, for the TCM food industry to sustain its upward trajectory, it must find a development path that truly reflects the unique characteristics of TCM.

"A crucial first step is to enhance public knowledge of traditional Chinese medicine, which will enable consumers to make informed choices and fully harness the benefits of TCM," Yi told the Global Times.