The Seminar on Cooperative Development between Multinational Corporations and Growing Enterprises was co-hosted in Beijing by the Growing Enterprises Committee of China International Council for the Promotion of Multinational Corporations (CICPMC) and the Investment and Technology Promotion Office (Beijing) under the United Nations Industrial Development Organization this Tuesday.

Focusing on enterprises' inclusive and sustainable development in the era of the Fourth Industrial Revolution, the seminar discussed topics on current challenges faced by Chinese and foreign enterprises, aiming to boost the integrated development of enterprises of different scales, and promote synergy among economic development, coordination, inclusiveness and sustainability.

Shang Fulin, invited vice-president of the CICPMC, said during his welcome speech: 'As the world's second-largest economy, China is committed to achieving an open and inclusive world economy, providing new opportunities for the rest of the world, and promoting high-quality development, which will also benefit the global economy.

'China's economy is in a critical period of transformation and upgrading. With the continuous promotion of reform and opening-up, the in-depth implementation of innovation-driven development strategies, and the continuous improvement of the business environment, the country is expected to maintain its growth momentum and release more economic potential,' Shang added.

Challenges include existing gaps shown during different companies' processes of digitalization. Therefore, four prerequisites should be met for the success of the new industrial revolution — innovation, digital infrastructure, digital technologies and digital cooperation. Only when the complete value chain and production ecosystem are completely digitalized, can the full potential of the Fourth Industrial Revolution be unleashed, said Wu Yabin, director of the Investment and Technology Promotion Office (Beijing) under the UNIDO.

Heated topics such as green transition, technological innovation and financial support were covered by the seminar to provide a deeper understanding of the inclusive and sustainable development of the MNCs and growing enterprises.