Xi's eye on innovation boosts global confidence in China

President Xi Jinping made it clear that innovation is key to future development, which would further boost the confidence of doing business in China, said Allan Gabor, president of German chemicals conglomerate Merck Group in China.

"With a special emphasis on the equality of intellectual property rights for all companies, President Xi underscored how this would stimulate innovation in a global context," said Gabor.

Innovation has always been the key driver to success for the 350-year-old company Merck. Xi's pledge to further open up markets through concrete steps would propel Merck to expand its footprint in China, he noted.

"We want to move forward with innovation from China to the rest of the world, and we are here to make the Chinese industry more competitive on the global stage," he said.