利润逆势上扬，中国何以成跨国企业“增长福地”？

Core Viewpoint - The latest industrial profit data from China's National Bureau of Statistics indicates a resilient and hopeful development amidst global economic challenges, with a 0.1% year-on-year increase in profits for large-scale industrial enterprises from January to November 2025, primarily driven by a 2.4% growth in profits from foreign and Hong Kong, Macau, and Taiwan-invested enterprises [1][2]. Group 1: Data Comparison - There is a significant divergence in profit trends among different types of enterprises, with state-owned enterprises experiencing a 1.6% year-on-year decline, joint-stock enterprises down 0.4%, and private enterprises down 0.1%, while foreign and Hong Kong, Macau, and Taiwan-invested enterprises saw a profit increase of 2.4%, totaling 1,635.53 billion yuan [2]. Group 2: Factors Supporting Growth - The success of foreign-invested enterprises amidst challenges is attributed to China's ongoing high-level opening-up, the creation of a market-oriented, law-based, and international business environment, and the continuous reduction of the negative list for foreign investment [3]. - China's vast market, characterized by a complete industrial system, an upgrading consumer market, and efficient infrastructure, provides robust support for foreign enterprises, which view China as a strategic market rather than just a low-cost production base [3]. - The stability and predictability of policies in China, in contrast to the frequent policy shifts in other economies, instill long-term investment confidence in multinational companies [3]. Group 3: Win-Win Effects - The performance of foreign-invested enterprises not only reflects their profit growth but also enhances the overall competitiveness of China's industrial system through collaboration in the supply chain, technology spillover, and management demonstration [4]. - Foreign enterprises contribute to the stability of employment and increase orders for upstream and downstream small and medium-sized enterprises by deeply embedding themselves in local supply chains [4]. - They serve as a crucial link in connecting domestic and international dual circulation, aiding Chinese manufacturing in moving up the global value chain [4]. Group 4: Open vs. Closed Logic - Some countries are adopting protectionist measures and market barriers, attempting to gain benefits through isolation. However, China's experience demonstrates that true competitiveness arises from open cooperation and fair competition [5]. - The profit growth of foreign enterprises in China is a direct affirmation of the fairness and profitability of the Chinese market, showcasing the success of China's economy and the effectiveness of an open logic against a closed one [5]. Group 5: Future Prospects - Chinese leadership has emphasized that the door to openness will only widen, with future initiatives aimed at opening up service sectors, digital economy, and green low-carbon fields, creating a more transparent, convenient, and fair investment environment [6]. - For multinational companies, the Chinese market is not only a "must-have" but also a "source of growth" [6]. Group 6: Reflection of Market Conditions - The reverse growth of foreign enterprises in China reflects the true temperature of the Chinese market, characterized by a broad arena for fair competition without barriers like "glass doors" or "revolving doors" [7]. - The 2.4% growth signifies not just numerical progress but also a vivid interpretation of China's commitment to openness and win-win development in the context of globalization [7].