China vital engine for global economic growth
Q3 China's economic policymakers have assured greater efforts to attract foreign capital, widen market access and ensure a level playing field for both domestic and foreign companies. In this context, what new policy measures do you expect from Chinese authorities in the near future?
PEI: We appreciate the consistent progress regarding the business environment in China. For a global company, a more market-oriented, rules-based and internationalized business environment that will not only bolster the continuity of business operations, but also inject momentum into the pharmaceutical market, is always expected.
As one of the most important emerging pharma markets, China is dynamically transforming toward enhancement of its innovative healthcare system, beyond its size of market growth.
In my opinion, an established reward system for innovation will boost the high-quality development of this industry, push forward an industry upgrade, and ultimately improve the health of the Chinese people. We expect more efforts to expand patient access to innovative drugs, and a continuously improved business environment, which will give us stronger confidence to turn innovation science into value for patients in China at a faster pace.
WANG: China's commitment to high-standard opening-up and an improved business environment for foreign investment has boosted the confidence of MNCs including LinkedIn. We believe in the potential, resilience and long-term sustainability of the Chinese economy.
We are excited that China's government officials have made efforts to strengthen global cooperation and support Chinese enterprises to go global. We look forward to seeing more policies and initiatives that further promote China's opening-up and closer international cooperation.
We will take advantage of the business opportunities arising from these measures and continue to support Chinese companies to take up a significant position in the global market and contribute to China's high-quality development.
HA: It's vital to continue to have the kind of legal structures that can help to promote both inbound and outbound investments and to foster an environment that allows for innovation. We have seen several encouraging signs of such frameworks and expect more to come.
For example, with cooperation increasing within the Guangdong-Hong Kong-Macao Greater Bay Area, mechanisms have been proposed to drive the digital economy and facilitate data transfers to reduce compliance costs for businesses. This can be particularly helpful to Hong Kong companies with a Chinese mainland presence.
In addition, we've also seen an increase in intellectual property rights protection in general, in terms of patent applications, foreign company innovation patents registered and an increase in IP royalty trade. Building trust in such areas will encourage more companies to bring their technological know-how to China and positively drive innovation.
WONG: As the world's second-largest economy, China has demonstrated strong resilience despite the challenging political and business environment. China reaffirmed its commitment to high-level opening-up and emphasized the need to make greater efforts to attract and utilize foreign capital, widen market access, promote the opening-up of the modern services sector, and grant foreign-funded enterprises national treatment at the annual Central Economic Work Conference held in December 2022.
Today, China is one of the world's biggest investors in renewable energy sources. From efforts to keep the sky blue and the water clear, green development is now a key strategic policy for China. By providing technologies that monitor and protect scarce natural resources, we help our customers create a more sustainable future.
