Xinhua Insight: Transforming China creates new opportunities

While some may be worried that the slowing Chinese economy will drag down global growth, ongoing economic restructuring has been welcomed by foreign companies and individuals.

One prime area for foreign companies is film. Animation "Zootopia" now dominates China's cinemas, with box office sales topping 400 million yuan (about 61.5 million U.S. dollars) since its debut on March 4, according to market tracker Entgroup.

Ticket sales of eight Hollywood blockbusters in China exceeded 100 million U.S. dollars each in 2015 to reach 1.4 billion U.S. dollars in total, surging by 84 percent from the previous year.

U.S. films are warmly received by Chinese moviegoers, who are increasingly willing and financially able to spend on entertainment and leisure.

China's per capita disposable income grew 8.9 percent year on year in 2015, according to the National Bureau of Statistics. The Engel's coefficient, which measures food expenditure as a proportion of total household spending, dropped for the third consecutive year to 30.6 percent.

The Walt Disney Company, which produced "ZooTopia," is putting the final touches on the Shanghai Disney Resort, the company's first theme park on the Chinese mainland, which is expected to attract 10 million visits each year after it opens in June.

China's better-off and increasingly picky consumers are also eager to buy high-end products, particularly for health.

The country's urbanites spend 7.5 percent of their daily expenditure on healthcare, second only to food, according to the National Health and Family Planning Commission.

Thirst for safer materials helped U.S. chemical company Eastman consolidate its footing in China through a deal with home-appliance manufacturer Midea last month.

Midea is now licensed to use "Tritan," a brand of plastic without the chemical bisphenol A, banned in food packaging and babies' bottles in many developed countries, yet commonly found in the developing world.

"The agreement will help Eastman establish itself in China," said a joint statement.

Last year, end-user consumption contributed 66.4 percent to China's GDP. Consumers are demanding new products and services, while overlooking enterprises churning out steel, cement and low-end products.

Dissatisfied with cheap domestic brands, Chinese tourists spent at least 1.2 trillion yuan overseas in 2015 on products ranging from rice cookers to smart toilet seats, according to the Ministry of Commerce (MOC).

The government work report, delivered by Premier Li Keqiang on March 5, said China will continue to promote supply-side structural reform in 2016 so as to improve the quality and diversity of products and services on the market to meet consumers' growing demand.

"This consumption trend in China and the government drive for supply-side reform will create huge business opportunities for both domestic and foreign investors," said Midea Vice President Yuan Liqun during the ongoing legislative session.

China's export of industrial production capacity and enterprise internationalization strategies have also brought benefits to foreigners.

Automobile glass producer Fuyao Group is revitalizing an auto plant shut down by General Motors in Dayton, Ohio, in the wake of the 2008 financial crisis, with the redundancy of thousands of local workers.

In January 2014, Fuyao Group bought the facility from GM, investing 200 million U.S. dollars and equipping it with state-of-the-art glass production lines.

The factory will reach its full capacity in 2016, producing 4.5 million sets of auto glass per year and hiring over 1,500 local workers.

MOC data showed that Chinese companies invested 735 billion yuan overseas in 2015, up 14.7 percent from 2014.

The government work report said China will continue to support businesses exploring the global market and help with the export of production capacity.

"The cooperation is mutually beneficial," said MOC spokesman Shen Danyang, adding that Chinese enterprises will help boost the local economy and improve the life of local people.

China's GDP growth slowed to 6.9 percent in 2015, which prompted some foreign investors to worry about shrinking business opportunities or even a hard landing for the world's second-largest economy.

"There are challenges for the [Chinese] authorities to navigate, but we don't see some of the extreme downside scenario," Maurice Obstfeld, economic counsellor and director of the research department of the International Monetary Fund.

China contributed more than 25 percent to global growth last year, said Xu Shaoshi, head of the National Development and Reform Commission.

"China does not export recession. Rather, it remains to be a propeller for global recovery," said Xu. Endi