'Dual circulation' to boost growth (I)

A1: China is the only major economy in the world to show positive growth so far in 2020 and Honeywell's business has benefited from that momentum.

At Honeywell, we bring together the physical and digital worlds to tackle some of the globe's toughest business and societal challenges. The COVID-19 crisis confirmed how important digital technologies are and it also enhanced our customers' understanding of their importance. China's digital economy has undergone rapid changes due to COVID-19, and we believe that our software-industrial technologies will play a role in helping customers adapt to these changes.

As it is largest single market outside the United States, China is very important to Honeywell.

We are optimistic about China's economic growth prospects and hope to be a key partner in its future economic development.

A2: Honeywell's strategies of "East for East" and "East to Rest" have put us in a perfect position in the new age of dual-circulation to meet the needs of both domestic and overseas markets.

As early as 2004, Honeywell put forward the Chinese market development strategy of "East for East," that is, to meet the needs of the Chinese market through a series of local product development and innovations. As more Chinese companies "go global", this plan allows Honeywell to thrive in China and meet other global demands.

With China opening further to the world, Honeywell will continue to enhance local R&D capabilities and export technologies and products developed in China to overseas markets to implement the strategies of "East for East" and "East to Rest".

A3: We found the policies to ensure stability in foreign trade and foreign investment most appealing. In August last year, the State Council issued guidelines with 15 measures, including more favorable policies in encouraging overseas business to set up R&D centers. We also appreciate that different levels of government in China have unveiled measures to enhance the business environment and ensure that foreign-funded companies enjoy the same treatment as local businesses.

Honeywell became the first Fortune Global 500 enterprise to establish a subsidiary in Wuhan in 2020 by launching the Huosheng Industrial Technology Co Ltd as our emerging market headquarters and innovation center. We were able to ensure Honeywell's wholly-owned subsidiary in Wuhan was registered on March 21 last year thanks to the close cooperation and support from the Wuhan government, even amid the COVID-19 epidemic.

A4: In China, people from all walks of life are fully supporting the fight against the epidemic. China mobilized people, enhanced R&D, procured supplies, and brought them to those in need rapidly. The country has rolled out a host of policies to minimize the COVID-19 impact on social and economic development. Last year's CIIE also demonstrated China's desire to share market opportunities with the world and promote world economic recovery.

Thanks to China's epidemic protocols, Honeywell's plants in China could swiftly and fully resume manufacturing to serve customers.

A5: China has undergone an amazing digital revolution that is transforming the way we live and work with exciting new products that connect us and incorporate software and data in new ways. The COVID-19 epidemic further confirmed how important digital technologies are and also enhanced our customers' understanding of their importance.

Another takeaway from the test of the pandemic is that companies should seek innovations that really work for people -- innovations that are more affordable, human-centered and socially sustainable. Honeywell will continue our efforts to provide high-quality innovative solutions for customers in China.

A6: Honeywell's growth has fully aligned with China's macro trends, like the digital economy and beautiful China. As it is largest single market outside the United States, China is very important to Honeywell. We are optimistic about China's economic growth and believe the importance of the Chinese market will only grow.

A7: Honeywell believes China's commitment to openness will have a positive impact on recovery and development of the global economy.

Honeywell will continue to expand and deepen cooperation with Chinese partners, provide customized solutions for customers in different industries through advanced R&D and products, serve the sustainable development of the Chinese market.

With the proposal to establish a "Digital China," innovation and technology will also be focal points for the 14th Five Year Plan. We believe that Honeywell's software-industrial technologies will play a role in expanding China's digital economy.