Acknowledging opportunities brought by China's pursuit of new quality productive forces, life sciences company Bayer AG said it is bullish on China's innovative business environment, and will continue to enhance its investment in the country.

"New quality productive forces" is a very important concept. It is easy to develop something by just spending a lot of money, but if you are looking to develop in a way that is more sustainable, both from a financial standpoint and an environmental standpoint, you have to find other sources of development, said Bill Anderson, CEO of Bayer AG.

Anderson made the remarks in an exclusive interview during the just-concluded China Development Forum held in Beijing.

He said that in China, he has experienced the country's innovative business environment, driven by new quality productive forces.

There are literally 100 new startups established in China everyday. There are so many good ideas, which are the source of innovation. Innovation really flourishes in the startup environment of China, he said.

The Ministry of Industry and Information Technology said that by September, there were around 215,000 innovative small and medium-sized enterprises in China. Among them, 12,000 "little giant "firms were nurtured, and over 90 percent of such ambitious enterprises are suppliers to well-known large companies both at home and abroad.

Little giant firms represent the novel elites of small and medium-sized enterprises that specialize in a niche market, boast cutting-edge technologies and exhibit great potential.

Jin Zhuanglong, minister of industry and information technology, said during the forum that China will actively offer support to foreign enterprises to establish research and development centers in China, as well as cooperate with domestic firms to jointly carry out science and technology R&D and industrial application work.

Zheng Shanjie, head of the National Development and Reform Commission, said that China will take solid steps to accelerate the development of new quality productive forces, boost industrial innovation via technological innovation, speed up the upgrade of traditional industries and foster emerging industries.

New market demand, new investment opportunities and new cooperation projects will start to pour in, offering broad development space for enterprises of all kinds to achieve common development and win-win cooperation, Zheng said.

This solidifies foreign enterprises' confidence in further investing in the country.

This year, Bayer's Consumer Health business plans to establish a China Center for Innovation and Partnership in Shanghai. In collaboration with local partners, the center seeks to explore emerging technologies to bring more innovative products to the market. The company said the center is expected to invest 20 million euros ($21.6 million) in accelerating innovation, with the potential to generate 1 billion euros in commercial value through innovation partnerships over the next decade.

Bayer has been continuously investing in innovation in China over the past few years. Last year, it inaugurated an Open Innovation Center in E-Town, Beijing, the first of its kind in China. Simultaneously, the Beijing plant of Bayer Radiology was also established. Additionally, the construction of a new supply center in Hangzhou, Zhejiang province, with an investment of over 300 million yuan ($41.6 million) from Bayer Crop Science and the government of Hangzhou's Qiantang district commenced last year. This center is expected to become operational within this year.