Executives heartened by market access vows

President Xi Jinping's latest speech is the best embodiment of China's unremitting efforts in driving globalization, easing market access and elevating business environments, all of which spell thriving business opportunities to executives from home and abroad.

It is imperative that we "tear down walls" rather than "building walls" in public health, and work together on the research and development of new medicines and vaccines in every corner of the world, said Joseph S. Romanelli, senior vice-president of the United States-based multinational pharmaceutical company MSD and president of MSD in China.

"We are happy to hear in President Xi's speech that China will further broaden market access and optimize the business environment, all of which give us confidence for continued investment in China by bringing more quality innovative medicines, vaccines and services to Chinese people," he said.

The pledge of further opening-up provides an extra vote of confidence for Sanofi Pasteur, a leading vaccine maker based in France, to increase investments in China, accelerate the introduction of innovative vaccines and explore the effective ways to increase the accessibility of innovative healthcare solutions, said Mike Zhang, the company's China general manager.

"During this second edition of the CIIE (China International Import Expo), we will unveil a string of new vaccines and unveil a smart vaccination solution based on the 'omniprotection' concept for the first time with the assistance of technologies," he said.

The British multinational Standard Chartered Group has witnessed China's unwavering resolution to high level and high-quality opening-up, and is poised to provide quality financial services to facilitate trade between China and the rest of the world, said Jerry Zhang, executive vice-chairman and CEO of Standard Chartered China.

"China should assume its responsibility of restoring global trade order, given its thriving market, and the CIIE is one of the best examples. If more countries stand up and advocate cross-border trade, the global economic development will be injected with more vitality," she said.

Commenting on Xi's speech clarifying the direction and reinforcing the need for deeper cooperation and a win-win situation, Tony Acciarito, China president of Thermo Fisher Scientific, said, "This aligns well with our strategic goal to innovate and manufacture more in China, for China." The science service company is based in the US.

"Our company has been the beneficiary of the sound business environment in China. We are committed to driving forward scientific and technological innovation to expedite industry upgrades and transformation, locally and globally," he said.

Acciarito added that such quality-seeking momentum will not just benefit global companies, but local firms also stand to reap gains by cooperating and leveraging collective strengths, joining the innovation-driven era.

Zhang Jindong, chairman of Chinese retailer Suning, said, "Economic structure transformation will propel the country to gain more breakthroughs in high-end technology and trade in services, … and this will bring new growth points to multinationals as well as homegrown brands."

In his speech, the president's emphasis on the role of consumption in driving economic expansion is heartening to France-based global cosmetic group L'Oreal, which views consumption as the "golden key" to kick off the "new golden age" for China's development, according to chairman and CEO Jean-Paul Agon.

With a large domestic market, China is committed to enhancing the fundamental role of consumption in driving economic growth, which is set to create more investment and growth opportunities for countries around the world, said John Meacock, chief strategy officer of global consultancy Deloitte, based in New York.