Execs voice confidence in China's consumer market
Q2 Are you confident about the Chinese economy over the long run? How would you rate your confidence in the Chinese economy?
TAN: I see the country's economy has gradually recovered day by day, giving me full confidence in the Chinese market. The Chinese government's positive actions have played a crucial role in the country's economic development.
The huge domestic demand market in China and the implementation of the dual-cycle policy provide Skechers with great opportunities. In China, enterprises develop by increasing investment in scientific and technological research, optimizing intellectual property protections and more. Innovation has promoted the industrial upgrading of China's economy, driving its transformation from low-cost manufacturing to intelligent manufacturing and achieving sustainable development.
SUN: China has promising long-term opportunities as it continues to focus on high-quality growth, balanced development, deepening reform and opening-up. China's leading position in the digital economy, in e-commerce particularly, is a big opportunity for Hugo Boss. We are confident that our products and brands will continue to attract a wide range of Chinese customers across geographical locations, ages and genders. Coming from a retail standpoint, our digital business will be a strong growth area in the future.
BOZEC: Tapestry and our three sub-brands have more than 380 stores in over 90 cities in China. In Tapestry's over 20 years in this market, we continue to see significant long-term opportunities. With the introduction of various policies to boost the economy and promote consumption, we have seen positive signals and consumption momentum. We know that China is intensifying its efforts to attract foreign investment, which further encourages companies like ours to continue to expand. We're confident in the Chinese economy and long-term development as we move forward with an ambitious plan to open 30 new stores in 2023 and open 100 new stores by 2025.
MACHADO: Suzano is confident about China's economic development. The key economic indicators released by China's National Bureau of Statistics show that there's been continuous recovery and commendable progress in high-quality development. China's 14th Five-Year Plan (2021-25) focuses on innovation-driven growth, low-carbon development, the integration of urban and rural areas with greater social inclusion and population aging. It highlights high-quality green development and emphasizes innovation as the core of modern development. Because of these factors, Suzano has confidence in China's economy.
ZHAI: Looking at the driving factors, there is great market potential and consumption demand, which shows a trend of both quantity and quality growth. The domestic market demand is gradually released for quality of consumption, providing a new development space in driving economic growth. There is also sufficient productivity — strong scientific and technological capabilities are important driving forces for high-quality economic development with talent at the core. In the future, China can effectively promote the accelerated development of the manufacturing and industrial economy and become a new internal driving force for economic growth.
