Plenum reinforces MNCs' optimism on China
Q1 The third plenary session of the 20th Communist Party of China Central Committee in mid-July has rolled out the reform and opening-up roadmap for the Chinese economy in the coming years. What are your major takeaways from the plenum? What are the biggest opportunities you spot in China's new measures to deepen reform and further open up its economy? How do you plan to capitalize on these opportunities in your specific industry?
LUSKIN: The plenum's focus on international cooperation is encouraging for multinational corporations like Mobileye. As a leader in Advanced Driver Assistance Systems and autonomous driving technologies, Mobileye is particularly excited about the potential to contribute to the continuous evolution and development of China's automotive industry. The new measures signify a commitment to integrating global best practices and fostering innovation, which aligns perfectly with Mobileye's long-term mission and strategic focus. To capitalize on these opportunities, Mobileye will continue to enhance its deep collaboration with leading Chinese OEMs, China-based foreign joint ventures, tier-1 suppliers and industry partners across the supply chain. This collaboration ensures that Mobileye's safe, scalable, high-performance and cost-efficient solutions eventually benefit millions of Chinese consumers through deployment across a wider variety of car models.
CHEN: The plenum emphasized the crucial role of innovation in economic growth and proposed significant measures to increase investment in areas such as technological innovation and industrial upgrading. In the future, we will continue to optimize our supply chain through technological advancements, material innovation, and other initiatives, aiming to achieve greater success in the Chinese market.
The plenum underscored the importance of further deepening reforms and improving high-level systems and mechanisms for opening-up. China's open and welcoming attitude toward foreign investment will bring more business opportunities to various industries. We will continue to join hands with Chinese partners to explore potential business opportunities, contribute to the vigorous development of China's imports and exports, and achieve win-win outcomes.
XIE: The third plenary session of the 20th Communist Party of China Central Committee is an important window to further understand China's high-quality development and high-standard opening-up. The key message of the plenum is further deepening reform comprehensively to advance Chinese modernization, and it was clearly stated that: "Opening-up is a defining feature of Chinese modernization. We must remain committed to the basic State policy of opening to the outside world and continue to promote reform through opening-up." This is very encouraging for foreign companies like us doing business in China, especially for companies like Vale whose largest market lies in China.
In addition, we also see great opportunities in the reform measures of improving the institutions and mechanisms for modernizing infrastructure and for advancing new urbanization, as these measures will bring new demand for iron and steel, hence bringing new demand for iron ore.
CHENG: Reform and opening-up remained the key themes of the session. Key areas under close watch include new strategic industries, factor market reform, aging population, fiscal reform, capital and financial market reform, and property market reform. Since setting up operations in China 30 years ago, DBS Bank has benefited greatly from the opening-up policy of China's financial market, and DBS China is well positioned to participate deeply in the development of China's financial market, coordinating the resources and network of DBS Group in the global region to provide differentiated financial support for the development of China's new quality productive forces.
