Joint venture automotive companies in China will achieve a stunning transformation as China is cultivating a market-oriented and internationalized business environment that treats both domestic and foreign enterprises impartially, Wei Jianguo, former vice-minister of commerce, said at an automobile forum held over the weekend in Beijing.

"JV auto firms need to transition from being 'outsiders' to 'locals' and become part of the family. Whether they are Chinese enterprises or vehicle JVs, we should embrace a family-oriented mindset," Wei said.

He added that these companies should shift from the old adage of "being in China for China" to "being in China for the world". The world is vast, offering ample opportunities for JV automotive companies to showcase their prowess.

In 2024, it is expected that the export volume of passenger vehicles from China will exceed 5.4 million units, a year-on-year increase of 35 percent, with highlights such as continuously enhanced international influence and competitiveness.

Wei said the vast market advantage of China has not yet been fully realized, and the synergistic effect of complementary advantages between China and foreign countries has not been fully demonstrated.

"Chinese automakers possess unique cooperative potential and advantages, and this enormous potential for cooperation will undoubtedly play a greater role in the next 10 years.

"I have always believed that the growth and development of China's automotive industry are closely linked to the growth of JV car companies over the past 40 years," he said. From simple "technology for market" to now leading the world in electrification, intelligence and networking, complementary advantages in today's comprehensive strategic cooperation are evident, Wei said.

"Next, we should aim for the global market, researching how to leverage the strengths of both parties to jointly develop new technologies, and maintain a leading position in fierce global market competition through technological and managerial innovations.

"With the development of the green economy, the need for transitioning to new energy and intelligence is becoming increasingly urgent. It requires both Chinese and foreign parties to leverage their respective strengths, accelerate scientific research and innovation, and achieve transformation, upgrading and replacement. This is an imminent matter."

He added that the forum marks the beginning of automotive JVs continuously innovating, exploring new forms of collaboration and adjusting their development strategies.

"I believe that in the near future, JV automotive companies will be able to make a magnificent transformation and better venture into the global market," Wei concluded.

Yin Mingyue contributed to this story.