China's accelerated efforts to foster new quality productive forces will bring novel opportunities for multinational corporations like Veolia Group, and the French environmental solutions provider is committed to further investing in the decarbonization, depollution and regeneration of resources sectors in the country, said a top company official.

The country's efforts to foster new quality productive forces, including artificial intelligence and other high-tech innovations, present Veolia's business in China with a vast array of growth opportunities, paving the way for more sustainable and high-quality development, said Christophe Maquet, CEO of Veolia China.

"As the demand for green and sustainable energy solutions surges in China, Veolia's expertise in providing clean energy, energy efficiency and circular economy services will find greater market potential," said Maquet.

The cross-industry and cross-sectoral collaboration will also enable Veolia to forge closer partnerships with local Chinese companies, government agencies and international organizations to develop new projects and expand into new markets. Through continuous technological innovation and services enhancement, Veolia can strengthen its market competitiveness and better cater to China's burgeoning demand for efficient and environmentally friendly energy and environmental services, he said.

Maquet added that by applying its Smart Water solutions in drinking water services in Pudong, Shanghai, Veolia has optimized its monitoring of the water network and reduced water loss by 17.12 percent over the past decade, avoiding 4,758 metric tons of carbon dioxide emissions annually.

Cooperation is already taking place in plastics recycling, EV battery recycling, decommissioned wind-power and photovoltaic equipment recycling, he said.

"As China is determined to drive the development of new quality productive forces, we expect China to be more open and have more initiatives to encourage innovation to accelerate the ecological transformation."

An analyst said China and France, both being influential global players, share a pursuit of green and decarbonization transformation, and their cooperation on green issues can set an example for the world.

The partnership between China and France will facilitate smoother and more frequent exchanges of technical knowledge and expertise, while joint investments in projects will enable both parties to collectively bear the risks and reap the rewards of development, said Zhu Yicong, senior analyst in fields of renewables and power research at global consultancy Rystad Energy.

Veolia recorded revenue growth last year despite difficulties in the industrial sector. It has secured new contracts such as providing industrial wastewater treatment and water reuse services for a renowned chemical enterprise in Hubei province, while signing a strategic cooperation agreement with Xinhui Industrial Park in Jiangmen, Guangdong province.

"China is one of the most important overseas markets for Veolia and we will continue strengthening business in renewable energy, energy optimization, emission reductions, pollution treatment and resource regeneration in the country," Maquet said.

Drawn by the improved business environment and vast market potential, more foreign companies are opting to establish their presence in China despite the rising tide of global protectionism. The Ministry of Commerce said that some 7,160 new foreign-invested firms were set up across China during the first two months, up 34.9 percent year-on-year, the biggest surge in nearly five years.

Maquet said the action plan comprising 24 specific pro-foreign investment measures unveiled by the State Council, China's Cabinet, in March will further enhance the appeal among foreign investors, foster a more level playing field and facilitate the flow of innovation factors.

"The action plan provides robust support and assurances for the long-term development of foreign companies, and I am deeply impressed by the Chinese government's unwavering efforts to continuously enhance the foreign investment environment, particularly in significantly improving policy transparency and predictability, as well as actively soliciting input from foreign-invested enterprises," he said.

"These positive developments will enable Veolia to plan and execute long-term strategies with greater precision and confidence. Moreover, we are pleased to see the clear commitment to national treatment for foreign-invested enterprises in the policy, signifying that companies will enjoy fairer treatment in the market and opening up broader opportunities for future growth."