Israeli medical technology company Insightec is upbeat about the prospects of China's healthcare industry and ramping up its investment in the world's second-largest economy, as innovation has been playing one of the leading roles in promoting China-Israel relations.

Eyeing China's development potential in the medical technology field, Qiu Peng, China country manager of Insightec, said the company plans to cooperate with more top medical institutions in China to explore treatment methods more suitable for Chinese patients.

"Over these years, China has been continuously deepening reform and opening-up and optimizing the business environment for foreign enterprises. Meanwhile, China's National Medical Products Administration and Israeli Ministry of Health issued a joint announcement on collaboration of pharmaceuticals, medical devices and cosmetics, which allows our technology to receive approval quickly and enter the Chinese market smoothly," Qiu said.

He noted that Insightec's opportunities in Israel are relatively limited considering the country's size and population, but China provides a distinctively favorable environment for the company to grow. "Israeli companies are relatively small, but renowned for their innovation capability."

China's continuous investment in education and scientific research has benefited Insightec, as more and more Chinese patients have higher acceptance for high-tech medical products, Qiu said.

He stated China's GDP maintained stable growth last year, which is very rare amid worldwide pessimism in the face of COVID-19 pandemic, and he was bullish on the growth potential of China as the world's largest single market due to its transparent laws and regulations, favorable business environment and bright prospects.

As a global medical technology company originally from Israel, Insightec focuses on the research and development of the magnetic resonance-guided focused ultrasound system, which is used for the treatment of symptomatic uterine fibroids, essential tremors and tremor-dominated Parkinson's disease.

It has worked with more than 200 medical institutions around the world. In China, more than 30 hospitals are using the company's technology.

"Our collaboration with Chinese partners had made us further acknowledge China's great potential and advancement in medical research and healthcare services," Qiu said. The company is cooperating with hospitals such as Peking Union Medical College Hospital and Chinese PLA General Hospital that represent China's top medical standard.

"The remote diagnosis and treatment empowered by 5G technology has witnessed rapid growth during the pandemic, and we believe the development of science and technology and infrastructure construction in China, especially the application of technology in the healthcare sector, has benefited many related enterprises," he added.

China and Israel have strengthened cooperation in innovation in recent years. Since its inauguration in 2015, the China-Israel Changzhou Innovation Park has gathered 155 Israel-owned and Sino-Israeli cooperative enterprises, and promoted 40 Sino-Israeli scientific and technological cooperation projects involved in life sciences, modern agriculture, intelligent manufacturing, new materials and other emerging industries.

The innovation park serves as a platform for Chinese and Israeli companies to communicate, exchange ideas and as an incubator for many Sino-Israeli cooperation projects to take root and thrive in China, Qiu said. Last year, Insightec signed a letter of intent on cooperation with Jianyi Medical Technology Group with the support of the innovation park.

The year 2022 marks the 30th anniversary of the establishment of diplomatic relations between China and Israel, said Niv Hanan, economic consul of Israel's Consulate General in Shanghai.

"The achievement of jointly building landmark projects like the China-Israel Changzhou Innovation Park and the China-Israel (Shanghai) Innovation Park showcases that economic relationship is a keyword for the collaboration between the two countries," Hanan said.

"We are very happy to see Israeli high-tech companies finding their opportunities together with their local partners in China, and confident of seeing more collaboration happening in economic field between the two countries upon celebration of the 30th anniversary."

The bilateral trade and economic relations between China and Israel have developed at a fast pace over the past 30 years. Data from the General Administration of Customs showed the bilateral trade volume has grown to $22.8 billion in 2021 from $50 million in 1992.

Last month, the two countries signed the China-Israel Innovation Cooperation Action Plan (2022-24), and seven cooperation agreements in the fields of science and technology, healthcare, culture, environmental protection, clean energy and intellectual property rights.

China has become Israel's largest trading partner in Asia and its third-largest globally, Chinese Ambassador to Israel Cai Run said in an interview with Xinhua News Agency. Cai added the two sides have seen active two-way investment in fields such as science and technology, agriculture, and medicine and healthcare.

Zhang Jianping, director-general of the Beijing-based China Center for Regional Economic Cooperation, said the implementation of a new round of opening-up measures, such as the Foreign Investment Law, shortened negative list for market entry and pilot free trade zones have created favorable conditions for foreign businesses to invest in China.