New quality productive forces to rejuvenate market
Q2 In your view, how will the reform and opening-up measures rolled out at the plenum help strengthen the Chinese economy and bolster its prospects of achieving modernization? Do you think China's new reform and opening-up blueprint will make fresh contributions to the global economy? If yes, how?
MADARANG: China's new reform blueprint, outlined at the recent plenum, aims to strengthen the economy and accelerate modernization by creating a more vibrant, innovative and competitive business environment. This development is expected to have a significant positive impact on the global economy, presenting exciting opportunities for companies like Goodyear. As the first foreign tire manufacturer on the Chinese mainland since 1994, Goodyear is well-positioned to help support the development of China's growing automotive sector, particularly in the luxury, SUV and EV segments. Goodyear's expansion in Kunshan, Jiangsu province, and the completion of Goodyear's largest facility with solar panel installation in our Dalian plant in Liaoning province, demonstrate our commitment to the Chinese market and align with the country's sustainability goals.
With China entering a new era of green and innovation-led growth, we believe that smart tire manufacturing and performance will experience significant growth. Goodyear sees tire intelligence as a source of future growth.
LOH: China's efforts to foster a first-rate business environment that is market-oriented, law-based and internationalized will further enhance the attractiveness of the Chinese market globally. We are confident of the continuing development of Otis in China, which is the world's largest elevator equipment market. We remain committed to supporting urbanization, smart cities, city renewal and sustainable development in China. The Otis global research and development center and Industry 4.0-oriented manufacturing facilities in China are our strong backbones to support the country's high-quality development.
TAN: We believe that China's new blueprint for reform and opening-up holds enormous potential to contribute to the global economy. Enhanced market access and deep integration into the global supply chain will facilitate greater international trade and investment flows. China is closely connected to the world as a crucial link in global industrial and supply chains, with Skechers producing 90 percent of its products in China. By prioritizing innovation and digital transformation, China aims to lead in advanced manufacturing, green technology and digital infrastructure. Initiatives like the Belt and Road Initiative and other strengthened economic cooperation frameworks will promote global connectivity and inclusive growth, benefiting China and its global partners.
CHUNG: The plenum emphasized the commitment to opening up by implementing measures such as the removal of all market access restrictions in the manufacturing sector, optimizing the business environment for foreign-funded enterprises, and facilitating international economic and trade cooperation. These measures aim to create a fairer and more transparent institutional environment for foreign-funded enterprises in China. Benefiting from the implementation of these policies, we will increase our investment in scientific and technological innovation, accelerate the introduction of more innovation achievements into China, and enhance the coordinated utilization of global resources to meet the continuously growing market demand.
The China International Import Expo is an important platform for China to promote high-level opening-up. We will participate in the CIIE for the first time this year, showcasing our green innovation achievements to global partners, sharing the development opportunities of the Chinese market, and facilitating global trade flows.
