吸引外资增速放缓，为何在华外资仍在加码本土化？

Core Insights - China continues to be a key player for foreign investment success globally, with a notable acceleration in localization efforts by foreign companies in the water treatment sector [1] - Despite a cautious investment climate, foreign manufacturing firms with core technological advantages are maintaining their capacity expansion in China [2] Group 1: Localization and Supply Chain - The Wuxi factory of Veolia Water Technologies is undergoing significant upgrades in smart manufacturing, with ongoing investments exceeding millions of dollars annually to enhance automation and efficiency [5] - The localization strategy is evident as 99.5% of employees at Gestamp in China are local, and the company has established partnerships with local firms like BAIC Group [5][6] - The shift in China's supply chain from cost-driven to innovation-driven is highlighted, with local firms becoming global standard-setters in sectors like electric vehicles and batteries [6] Group 2: Market Dynamics and Export Growth - Foreign-invested enterprises contributed nearly 30% to China's total import and export volume, with a notable trade surplus exceeding $1 trillion in the first 11 months of the year, marking a 21.7% increase year-on-year [8] - The export growth rate for foreign-invested enterprises turned positive in 2024, with a 3.9% increase year-on-year, indicating a recovery in external trade [8] - The establishment of 53,782 new foreign-invested enterprises in the first ten months of 2025 reflects a 14.7% increase, although the actual utilized foreign capital saw a decline of 10.3% [9] Group 3: Future Outlook and Policy Support - The central government plans to introduce new policies to optimize the foreign investment environment, focusing on easing market access and supporting local production [10] - There is an emphasis on enhancing the integration of technology differentiation and supply chain collaboration to maintain competitiveness in the global market [9]