Real economy will be fueled by consumption and green initiatives

Editor's Note: The Communist Party of China has concluded its 19th National Congress and the country will hold the annual Central Economic Work Conference next week. China Daily asked business leaders from major multinational companies for their views on economic development here and the country's global leadership role.

Thierry Vanlancker is CEO of AkzoNobel, a global leader in paint, coatings and specialty chemicals based in the Netherlands.

How do you view China's role in the world today?

China is playing an increasingly vital role, advocating many values that we at AkzoN-obel share, such as building a more inclusive and sustainable global community. We see this exemplified by the Belt and Road Initiative, which is unlocking growth opportunities for countries and regions worldwide and improving the lives of people who live there.

At AkzoNobel, we feel very honored and pleased about being able to participate in and contribute to China's growth and development during the past 30-plus years.

What factors will bolster China's growth this year and in 2018, and what are the most severe challenges?

As its economy transitions to a phase of high-quality development, we are encouraged to see China focus on the real economy, fueled by consumption, driven by innovation and guided by low-carbon, green initiatives.

Of course, there will be challenges such as achieving greater sustainability while curbing environmental problems. But China is showing real initiative in this area.

As the country upgrades its manufacturing protocols to meet more stringent environmental requirements, AkzoN-obel will continue to invest in highly innovative and sustainable products.

We will also maintain and grow our leadership position, while helping industry in China shift toward a greener economy, as a global leader in paint, coatings and specialty chemicals.

What are the most innovative trends or products in China?

On the whole, I would say more Chinese customers tend to value eco-friendly products and value-added services. At AkzoNobel, our products are developed to meet these demands with innovative digital tools and solutions.

Naturally, sustainability is central to our company's overall strategy, as we aim to become carbon neutral by 2050. It is also evident in the Shanghai Technology Center we established last year to provide more innovative and sustainable solutions for our customers.

By working with clients to develop solutions that make a positive impact on the whole value chain, we are delivering our commitment to create a sustainable future.

China is known as a global manufacturing giant, but what will be the nation's "calling card" in the future?

In the wake of Made in China 2025, the country has been shifting from a powerhouse of manufacturing to a powerhouse of innovation and creativity, particularly in the realm of digitization. We realize that many multinational companies in China are embracing digitization at a faster pace than in other markets.

AkzoNobel will continue to focus on the role in transforming the industries we operate in. We want to improve operational efficiency, and deliver a better experience to our customers by using innovative and digital solutions.