China vital engine for global economic growth
Q1 Given the complex current global economic and geopolitical situations, how do you position the Chinese market in your overall global business radar? What's your outlook for China's economy and your company's operations in the country for this year and next?
PEI: Although the global situation is complicated with some uncertainties, our confidence in China remains unchanged. As a global pharmaceutical company that entered China in 1994, Astellas had been a witness and beneficiary of the significant changes and opportunities in the Chinese market. In the pharmaceuticals sector, China has been expanding very fast, mostly driven by its large population and spending on healthcare, as well as increased public awareness about health. China has always been a vital market for Astellas' global growth and has now risen to be one of our global strategic markets based on its strong performance and strategic significance. China presents us with market potential, as well as opportunities to promote and accelerate innovation with our global expertise.
WANG: Over the past few years, LinkedIn's B2B business has achieved considerable success in China. Our talent solutions business has grown fivefold in the last eight years, while LinkedIn Marketing Solutions has doubled in size. Amid an ongoing global economic slowdown, we are glad to see that Chinese foreign trade continues to demonstrate its competitive advantages. Exports have become an important engine driving economic growth.
Given the uncertainties in the global business environment, Chinese companies seeking global development are also facing evolving challenges, which pose new requirements for their capabilities and competitive advantages in all dimensions, from global strategy formulation to local organization and talent team building, from brand marketing to operation compliance.
We will continue to have a presence in China and remain committed to helping China-based enterprises achieve their international business goals, tapping into LinkedIn's global professional network of more than 1 billion members across the globe, and through our talent, marketing and learning solutions.
HA: China remains a strategic market, not only for our firm and our clients, but also for the world. Chinese businesses are constantly adapting to change and we've witnessed their efforts to invest overseas and expand into new markets. Mayer Brown continues to serve companies seeking to expand their global footprint by advising them on the legal complexities and opportunities as they map their investment efforts in unfamiliar jurisdictions. We believe there's still strong demand for legal skills like ours, where our experience in cross-border transactions, coupled with a strong understanding of Chinese culture, enables us to act as a bridge for our clients as they navigate the risks.
WONG: Given that 20 percent of the global population is in China, growing and investing in China and the wider Asia-Pacific region are essential if we are to fulfill our purpose of building a safer, cleaner and healthier future for everyone, every day. Our strategy, "Grow in China, accelerate APAC", focuses on China as the core to accelerate our organic and inorganic growth. The opening of our Halma APAC Integrated Production and R&D Center this September is a strong proof point of our strategy and long-term commitment. It will be part of our growth enabler to accelerate innovation, collaboration, partnership and localization.
