Food firms hungry for place at China's big table

Q2 Are you confident about the Chinese economy over the long run? How would you rate your confidence in the Chinese economy?

CHEN: Over the last five decades, China has experienced significant economic growth, with recent initiatives aimed at fostering a thriving business ecosystem. Furthermore, China has implemented a multitude of policies and measures designed to entice foreign enterprises to invest in the country. It has also provided a transparent list of potential investment opportunities for foreign companies, significantly reducing uncertainties and risks.

Thus, we are confident in China's long-term economic development and importance as a key market for LDC. For LDC, it is not a matter of rating, but rather the potential we see to grow with China — to contribute to the sustainable development of food and agricultural production, and meet the evolving needs of the country's population.

ZHU: I have great confidence in the Chinese economy. China has maintained rapid economic growth over the past decades and has become one of the world's largest economies. The government's commitment to economic reform, innovation and infrastructure development has achieved remarkable success. Focusing on the pet food market, pet food accounts for more than half of the overall pet consumption market, around 50.7 percent. This reflects the rise of the new economy and new consumer trends.

A significant characteristic of the Chinese pet market is the substantial proportion of young pet owners. They are independent, well-educated, possess a strong willingness to spend, and pay close attention to what they are feeding their pets. They are willing to pay more for high-quality pet food to provide better nutrition. This has greatly contributed to the development of the Chinese pet market.

Furthermore, the Chinese market is increasingly emphasizing pet care and pet health awareness, which will continue to foster positive development of the pet food market. Looking ahead, we anticipate more business opportunities in the pet industry, and we believe the pet market will continue to grow.

VAN KARNEBEEK: I am a strong believer in China and I am quite confident in the Chinese economy in the long run. On a scale of 1 to 10, my confidence would be 10.According to the International Monetary Fund forecast, the world economy will grow 2.8 percent in 2023 and the projection for China is 5.2 percent. We have every reason to believe that the Chinese economy will continue to grow, with the driving forces including innovation, sustainable development, consumer demand, further opening-up and talent.

COURTNEY: I am confident that the Chinese economy will remain a critical part of the global economy. This confidence comes from the scale of China's market, increasing wealth per capita, robust supply chains, rapid digitalization and investment in new technology, which, when combined, mean a high-quality development path for its population to make China a vibrant and dynamic market.