'Dual circulation' to boost growth (I)

A1: For BASF, China is currently the third-largest market after Germany and the United States, with the strongest potential for growth. Around 60 percent of global chemical demand growth over the next 10 years will come from China. As a company that has been doing business here for over 135 years, we certainly want to be part of that growth.

We continuously work on our present investment projects and expansions with which BASF wants to further strengthen its position in China and accelerate organic growth.

The construction of our first plants at our new Guangdong Verbund site in Zhanjiang is on full swing.

Even in the challenging situation overshadowed by the COVID-19 pandemic, we were already well above the previous year's level in China in terms of revenue in the third quarter last year. The chemical production in China embarked on a V-shaped recovery.

A2: We produce closely to where our customers operate. Over the past two decades, we have been continuously expanding our production and R&D footprints in China to serve the growing demand for high-quality products and innovative solutions. We are certainly accelerating our pace to further invest in China market.

A5: China's development enters the phase of quality growth, which benefits innovative companies such as BASF.

We are committed to fostering innovation in China by constantly enhancing our local research and development capabilities. The Innovation Campus Shanghai, located at the BASF Shanghai Pudong Innovation Park, is BASF's global headquarters of Advanced Materials and Systems Research division.

In addition, leveraging the platform of Network for Asian Open Research, BASF is committed to enhancing R&D capability and talent development across Asia-Pacific.

A7: The new strategy emphasizes on innovation and sustainability. From my point of view, they are the key success factors to drive coordinated and high-quality development of the country. We share the same vision with the government on these topics. BASF will keep bringing a difference to the market with our commitment to sustainability and innovation.

We also welcome the country's strategy of deepening reform, opening-up and strengthening the protection of intellectual properties. As a multinational company with extensive footprint in China, we have benefited from the government's efforts in these policies, in terms of simplified approval process as well as widening market access. I believe these solid supports will further boost BASF's growth in China market.