Embracing latest tech to fuel growth
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?
XU: For multinational corporations, the two sessions serve as a crucial window into understanding China's political landscape, economic dynamics and social development. GE Vernova looks forward to seeing more signals of high-standard opening-up, which will drive further market openings and continuous optimization of the business environment in China. We expect to see policies that encourage greater participation of multinational corporations in China's ambitious dual-carbon goals. GE Vernova is rooted in China, actively empowers China's energy transition and is involved in China's energy development. China is an important market for GE Vernova and an integral part of the company's business. China has been and will continue to be one of the most important markets for GE Vernova.
HOMMA: I look forward to seeing more specific policy measures on deepening reforms and increasing openness. I have also noticed that China recently released the "2025 Action Plan for Stabilizing Foreign Investment", which includes the requirement to fully lift restrictions on foreign investment in the manufacturing sector. For areas not on the negative list for foreign investment, management will be strictly enforced to ensure equal treatment of domestic and foreign investments. It shows China's determination to further improve the business environment. China's reinstatement of visa-free entry for Japanese citizens will further promote bilateral economic relations. In addition, the economic measures being implemented by the Chinese government, such as subsidies for exchanging old items for new ones, are showing results. I hope that additional economic measures will be steadily implemented in the future.
NACHREINER: One factor that gives us significant momentum in China is the recent announcements from the government regarding its openness to foreign investment. We have heard and seen how eager the Chinese government is to welcome foreign companies, which creates a positive environment for collaboration and growth. This is what makes us very excited. We have seen this trend of opening-up for foreigners happening in every single industry. While we know there is still a way to go especially in agriculture, we are eager to explore the opportunities that we can partner and bring innovation in the biotech space. Bayer is an innovation-driven company and a global leader in biotechnology, and we firmly believe we can introduce the innovation and products to China that will ultimately benefit Chinese farmers and agriculture in the country.
ZHUANG: Baker Hughes has been rooted in the Chinese mainland market for more than 40 years and has always been optimistic about the long-term positive fundamentals of China's economic development. We will continue to cultivate the Chinese market and hope to understand the development of China's economy through the two sessions, including the Chinese government's views on economic growth, economic growth targets and content related to high-quality development. To further strengthen R&D cooperation with the national oil corporations, Baker Hughes expands smart manufacturing and improves cross-sector data-sharing frameworks to ensure that foreign companies fully contribute to innovation and sustainable development goals.
