China's ongoing progress in market openness, product innovation and business model transformation will secure its position as a strategic priority for multinational corporations, creating long-term financial returns, said market watchers and corporate executives on Thursday.

According to a report released on Thursday by the China Council for the Promotion of International Trade, about 90 percent of surveyed foreign companies rated China's business environment as "satisfactory" or higher. The survey included more than 400 foreign companies operating in China in the third quarter.

Executives of multinational corporations noted that as China intensifies its commitment to high-quality growth and enhances institutional openness through new policy measures and large-scale business platforms like the China International Import Expo, foreign companies are eager to explore expanded opportunities stemming from China's modernization efforts.

Speaking ahead of the seventh CIIE, which will be held in Shanghai next week, Takao Yagi, chairman and CEO of Toshiba (China) Co, said that during the event, the Japanese group will unveil a number of trailblazing innovations across key areas, including semiconductors, carbon neutrality and digital solutions.

"In line with China's green development goals, we seek to demonstrate our technological advancements dedicated to environmental protection and sustainable growth," he said.

United States-based industrial conglomerate 3M will put its intelligent converting center into operation at its Shanghai manufacturing site next week, following a $50 million investment.

Henry Ding, 3M's senior vice-president and president of the group's China branch, said this facility will work in synergy with its structural adhesive production line and prototyping center located at the same site, to better meet the diverse and evolving needs of product development and manufacturing in China's electronics and industrial sectors.