China hub of global supply chain innovation
Editor's Note: This year's two sessions, which opened on March 4, come at a pivotal moment as China embarks on its 15th Five-Year Plan (2026-30). We invited executives from multinational corporations to share their perspectives on the resilience of China's economic growth, the role of their China operations within global strategies, and their outlook for the years ahead.
Q1 China's GDP grew 5 percent in 2025, reaching 140.19 trillion yuan ($20.4 trillion). For 2026, the government targets growth of between 4.5 percent and 5 percent, with a planned deficit ratio of around 4 percent. How do you assess the credibility and policy backing of this target? Amid moderating global demand, what does China's relative growth certainty mean for your company's global capital allocation, earnings outlook, and investor expectations? Does the combination of proactive fiscal policy and accommodative monetary measures reinforce your confidence in sustaining or expanding operations in China?
Machado: China's solid economic growth in 2025 and its clear targets for 2026, combined with its foreign policy position, send a strong signal of stability to the market. For Suzano, this policy continuity and certainty underpin our unwavering commitment to continuing investing and expanding investments in China, especially amid fluctuating global demand. China has been the largest market to Suzano for many years and will certainly continue to play that role. The focus of the country to expand and upgrade consumption, promote the green low-carbon economy also presents huge opportunities for multinationals like Suzano, which are well positioned to develop, manufacture and supply bio-based innovative products at large scale.
Xie: China's 2026 GDP growth target of 4.5 percent to 5 percent is both realistic and achievable. It also aligns with the main objective of doubling its per capita GDP from its 2020 level by 2035 to achieve socialist modernization. The high deficit-to-GDP ratio of around 4 percent for 2026 demonstrates China's continued pursuit of a more proactive fiscal policy, aimed not only at meeting its annual growth target, but also at building momentum for medium and long-term development. China's stable growth is vital for Vale, as it remains our largest market, contributing 63 percent of iron ore sales and 51 percent of net operating revenue last year. Policy continuity and economic resilience provide an anchor for Vale's global strategy amid global uncertainty.
Cheng: As a company with a longstanding commitment to the cross-border payments sector, Payoneer has strong confidence in the long-term growth of China's economy. We serve more than 2 million customers globally, the vast majority of whom are small and medium-sized enterprises. Our strategy is to build trusted, well-regulated infrastructure that enables businesses — especially SMEs — to transact across borders efficiently and compliantly, even amid uneven global demand. That is why our capital allocation in China prioritizes regulated operating capabilities and localized resilience. This includes continued investment in local talent, product development and customer service teams, as well as strengthening our licensed local presence and governance framework.
Wu: We believe that the growth target is both pragmatic and rational, supported by a solid policy foundation. It reflects a strategic consideration to leave room for structural adjustment, risk prevention and reform promotion. Against the backdrop of moderating global demand, the certainty of China's economic growth holds significant strategic importance for DHL Express. China is not only one of the fastest-growing logistics markets in the world, but also an indispensable core market within our global network. We will continue to increase our investments in China. Our expanded Shenzhen gateway in Guangdong province is set to commence operations in the second half, and we have established a Chinese business center at our global headquarters specifically to support Chinese companies' global expansion.
