Foreign firm execs keen on China's AI boom
Editor's Note: This year marks a critical milestone as China concludes its 14th Five-Year Plan. To help in assessing the success of the process, we have asked multinational executives to share with our readers their insights about their business achievements in the past few years and further expectations in the years to come.
Q1 What are your expectations for the ongoing two sessions? Do you expect any specific policy measures for further deepening reforms and expanding high-standard opening-up? What more should China do to create a more enabling business environment for foreign investors?
HU: We expect the government to prioritize "stabilizing growth" as the central task and emphasize boosting domestic demand with more supportive macro policies. The government may follow a modest overall fiscal expansion, with more monetary and credit easing and policy rate cuts. We hope to see faster implementation of structural reforms and opening-up, including greater opening of the services sector to private and foreign businesses, further SOE reform and measures to increase regulatory transparency, which are key to creating an enabling business environment. The recent action plan to stabilize foreign investment reaffirms China's commitment to high-standard opening-up. We are positive that China is set to open up its domestic market further, especially in the financial sector.
RATHNINDE: Johnson Controls supports China's sustainable and smart city development through customized energy-saving and digital-enabled solutions. We welcome policies for promoting collaborations to boost new quality productive forces, advanced manufacturing, technological innovation and industrial transformation between foreign companies and the local market. As China is in a critical transition period in closing the 14th Five-Year Plan and entering the 15th Five-Year Plan, we look forward to growing our business even further. We have been continuously strengthening our industrial innovation capabilities. Through cooperation with our local partners, we have enabled the upgrade of the industrial chain and further accumulated industrial innovation resources. During our 30 years of operating in the Chinese mainland, we have seen growth and opportunity supported by policies on economic reform and opening-up of local markets.
XIE: This year's two sessions are particularly significant as it marks the final year of the 14th Five-Year Plan period. We anticipate the two sessions will emphasize policies to stabilize the economy, boost domestic consumption and address structural challenges. Accelerating major infrastructure projects will likely be a priority, which will drive demand for steel and its raw materials. We also expect further discussions on green and low carbon development and to identify potential opportunities for collaboration. Committed to unswervingly promoting high-standard opening-up, China has been continuously improving its business environment for foreign investors. We have consistently experienced the support of the Chinese government toward foreign-invested enterprises, who has truly put into practice the principle of "being responsive to requests".
XU: Airbus is particularly interested in advanced manufacturing, aerospace and green economy topics. More favorable policies to encourage domestic consumption, international trade and foreign investment, which contribute to an optimized business environment and stabilized supply chain, are very welcomed by us. China insists on high-standard opening-up to the outside world and continuously improves the business environment, promoting the world to be more closely connected, which is also an important mission of the aviation sector. This year marks the 40th anniversary of Airbus in the Chinese mainland. Our development in China is also the result of China's high-standard opening-up, so we look forward to seeing more positive signals for foreign enterprises.
