New quality productive forces to rejuvenate market
Q3 How do you view China's new reform initiatives aimed at fostering new quality productive forces, such as those to encourage industrial upgrade and technological innovation? Do you see these as opportunities or challenges for foreign enterprises, and why?
MADARANG: China's new reform initiatives, focused on fostering new quality productive forces through industrial upgrades and technological innovation, present significant opportunities for foreign companies like Goodyear. We are in the process of developing solutions and products for fleets, autonomous vehicles, connected technologies, electric vehicles and sustainable practices to contribute to the creation of a new mobility ecosystem. Numerous opportunities have also arisen from the eagerness shown by Chinese automakers and technology companies to embrace new technologies that have boosted the utilization of new energy sources and electric vehicles. Moreover, the free trade agreements forged between China and other countries, along with surging demand from businesses for sustainable-material tires, are helping drive the momentum. Our goal is to incorporate data and sensor-enabled intelligence into all new products by 2027, enhancing safety and efficiency for drivers.
LOH: China's new reform initiatives aimed at fostering new quality productive forces will fuel high-quality development of the country. The continuing opening-up to foreign investment provides a favorable business environment. Otis remains committed to supporting China's urbanization and city renewal through innovation and world-class quality elevator and escalator solutions. The Otis R&D Center in Shanghai is the company's largest innovation hub certified with global innovation hub status by the Shanghai municipal government. Among many innovations, Otis' energy-efficient solutions connected elevators and our IoT-based digitization technologies are innovated in China and now serve across global markets.
TAN: China's reform initiatives aimed at nurturing new quality productive forces, including measures to promote industrial upgrading and technological innovation, present significant opportunities for foreign enterprises.
For foreign brands like Skechers, there are opportunities to collaborate with Chinese partners to jointly develop cutting-edge technologies, leverage China's vast market to promote innovative products and services, and establish joint ventures for mutual growth. Of course, challenges exist. Foreign brands must navigate regulatory environments to ensure compliance with local laws and regulations while competing with increasingly mature domestic competitors. Moreover, improving market access and the implementation and enforcement of intellectual property protection are ongoing areas for enhancement. Successfully leveraging these opportunities depends on relationships with Chinese partners, technological differentiation and a deep understanding of local market dynamics.
CHUNG: New quality productive forces represent high technology, efficiency and quality. China's cultivation and development of new quality productive forces will promote rapid development in the field of scientific and technological innovation, especially in areas such as new energy, new materials and intelligent manufacturing. This will further unleash market potential and provide a broad platform for the development of foreign-funded enterprises. We are optimistic about the prospects of new quality productive forces and will actively integrate into the process of cultivating and developing these forces.
