A corner of the Chinese book exhibition area at the Festival du Livre de Paris on April 12.

The prosperous economic collaboration between China and France is expected to continue, fueled by an increase in the goods trade and expanded cooperation across key sectors such as aviation, green development and advanced manufacturing, said government officials and business leaders.

Since the establishment of diplomatic relations in 1964, trade between China and France has increased more than 800-fold. Today, China is France's largest trading partner in Asia and France ranks as China's third-largest trading partner in the European Union and the third-largest source of actual investment, according to data from the Ministry of Commerce.

During his meeting with French Minister Delegate for Foreign Trade Franck Riester in Paris in early April, Chinese Minister of Commerce Wang Wentao said that over the 60 years of diplomatic relations between China and France, the scale and quality of the two countries' economic and trade cooperation have continuously improved.

The Chinese government is promoting high-quality development, accelerating the development of new quality productive forces, and is actively creating a level playing ground for both domestic and foreign enterprises, which will provide greater market opportunities for French and other European businesses, said Wang.

In 2023, trade between the two nations reached $78.9 billion, with French imports to China growing by 5.5 percent year-on-year, data from the Ministry of Commerce showed.

In addition to passenger vehicles and aircraft, water treatment, chemical and pharmaceutical products, France's exports to China include fashion, agricultural and energy infrastructure products. China exports mainly construction machinery, manufacturing equipment, steel, electronics, textiles, garments and household appliances to the European country.

By the end of 2021, France had more than 6,000 companies in China with an investment stock surpassing $18 billion. These enterprises have been keen on fostering innovative business models in the Chinese market, said the Ministry of Commerce.

Wang also met with a host of French multinational entrepreneurs during his visit to Paris in early April. During those meetings, he said that openness is a distinctive symbol of China today. The Chinese government is committed to improving the business environment and providing service guarantees for the investment and operation of foreign enterprises, he added.

Meanwhile, senior executives of French companies, including BNP Paribas and Danone, said they are optimistic about China's economic prospects and business environment and will remain committed to long-term development in China.

For instance, French companies like Schneider Electric and Sanofi have not only invested in but also set up research and development centers in China, strengthening the innovation ties between the two countries.

Pointing out that new quality productive forces consist of innovative digital and green forces, Yin Zheng, executive vice-president for China and East Asia operations at French industrial and technology group Schneider Electric, said China's promotion of new quality productive forces will create greater development potential for the country in 2024 and beyond.

New quality productive forces are advanced productivity freed from traditional economic growth models and productivity development paths, featuring high technology, high efficiency and high quality, and in line with the new development philosophy.

Highlighting the importance of innovation in cultivating new quality productive forces, Yin said Schneider Electric will strengthen its "China Hub" strategy this year in all aspects, including talent, innovation, supply chains and ecosystem development.

Apart from being Schneider Electric's most crucial supply chain across the world, China has emerged as the French group's second-largest market globally, boasting 29 factories and distribution centers.

Thierry Weulersse, CEO for China of Thales Group, another French industrial conglomerate, said the company will deploy more resources to invest in sectors such as aerospace, digital identity and security in China to maintain robust growth in the coming years.

"For decades, we have consistently integrated global experience with specific needs of the Chinese market, implementing an innovation-driven development strategy, which is crucial for our steady growth here," said Weulersse.

In terms of fundamental scientific research, Thales is supporting China's endeavors to construct cutting-edge scientific research infrastructure.

"As a major player in ultra-intense lasers and high-precision optics, we have been supporting the Chinese scientific research communities to reach their goals in the construction and development of particle accelerators and next-generation telescopes," he added.

Thales has established three joint ventures in China, with offices in seven cities, including Beijing and Shanghai.

More than 70 percent of foreign companies are optimistic about the development prospects of the Chinese market over the next five years, a quarter-on-quarter increase of 3.8 percentage points, according to a survey released by the China Council for the Promotion of International Trade in late April.

The study, conducted by the CCPIT and involving more than 600 foreign companies operating in China in the first quarter of 2024, found that more than half of the respondents believe that the attractiveness of the Chinese market is increasing, a rise of about 2.9 percentage points compared to the previous quarter.

Zhao Ping, spokeswoman for the Beijing-headquartered CCPIT, said that the survey underscores the continued appeal of the Chinese market to foreign investment, highlighting its comprehensive advantages.

Bolstered by a range of policies introduced in the first quarter to stabilize the economy, enhance openness and draw foreign investment, China's attractive investment climate and commitment to high-level openness have reinforced foreign enterprises' confidence in investing in the country, she said.

Echoing that sentiment, Zhang Ying, managing director for China at Dassault Systemes, a French industrial software company, said that with an unwavering commitment to advance opening-up, China's influence in global industry, supply and innovation chains has notably increased, providing new opportunities for multinational corporations like Dassault Systemes to tap into its market potential.

"We have significantly benefited from China's optimized business environment during the past few years," said Zhang. "Looking ahead, we will continue to increase investment in the Chinese market, scale up production and boost innovation and R&D."

To attract more foreign capital, China rolled out a package of policy measures to aid investment by overseas institutions in Chinese technology-oriented enterprises in late April. It marked another step by the world's second-largest economy to attract more foreign investment and foster new quality productive forces.