Executives survey the prospects for China's future prosperity

Edward Yang, President, BP China. [Photo provided to China Daily]

A1: This year's flexible GDP target reflects the Chinese government's clear understanding and in-depth analysis of both the current sluggish recovery of the global economy and China's economic development under the new normal. To understand the balance between China's stable growth and economic restructuring and the response to domestic and international factors that will impact this path will require policy choices and adjustments to management. A ranged GDP target allows for the policy flexibility required in managing the economy, while at the same time providing the markets with guidance of expectations in how the economy will run and reduce uncertainty.

A2: Given its size, rapidly growing economy and influence on the global stage, China is a country of great significance to BP. It continues to be one of the world's largest and most dynamic energy markets, driven by its sheer scale of industrialization, urbanization, motorization, as well as the internationalization of its products and services. BP's focus on delivering advantaged manufacturing is in line with China's agenda to transform into a manufacturer of advanced and quality products. In addition, BP contributes to the efforts that China has made to reduce its carbon footprint by working in areas including natural gas supplies, advanced fuels and lubricants. BP is also continuing to improve the efficiency of our own energy facilities and equipment operating in China.

A3: Supply-side reform is becoming a new economic focus for China, which calls for strengthening the supply structure and improving the quality of the supply system at the same time. Taking BP's Zhuhai PTA 3 Plant (with design production capacity of 1.25 million tons per year) as an example, it is the first site to use BP's most recent version of its PTA technology. Compared with conventional technology, it is highly energy-efficient and produces 95 percent less solid waste, 65 percent fewer greenhouse gas emissions and 75 percent less water discharge, realizing benefits for both the community and BP's business. This plant is the best showcase for high-end supply via innovations that will enhance the sustainable development of the whole industry.

A4: This moderate increase in the government deficit mainly aims to cover tax and fee reductions for enterprises, which will, to a certain extent, reduce the financial burden on enterprises and make investments for growing value.