New quality productive forces to rejuvenate market
Q1 The third plenary session of the 20th Communist Party of China Central Committee in mid-July has rolled out the reform and opening-up roadmap for the Chinese economy in the coming years. What are your major takeaways from the plenum? What are the biggest opportunities you spot in China's new measures to deepen reform and further open up its economy? How do you plan to capitalize on these opportunities in your specific industry?
MADARANG: The third plenary session of the 20th Communist Party of China Central Committee emphasized China's commitment to deepening reforms and enhancing the business environment, which is expected to attract more foreign investment. Goodyear aims to leverage this favorable climate to expand its presence in the growing automotive sector, particularly in the luxury, sport utility vehicle and electric vehicle segments, consistent with China's modernization efforts. Additionally, our focus on innovation and sustainability corresponds with China's green initiatives and creates opportunities for closer collaboration with leading auto manufacturers. We are aiming to introduce the first 100 percent sustainable-material and maintenance-free tires by 2030.
LOH: The plenum promotes "high-quality" development and opening-up of China. The country is drawing up a blueprint for high-quality urban development accelerated by renewal, smart cities, digital transformation, green economy and sustainable development. Otis has been supporting them by innovation and technologies to connect and move people more efficiently and safely across infrastructure facilities, and residential and commercial buildings. China is advocating a large-scale equipment renewal and consumer goods trade-in. We are accelerating the deployment of elevator modernization solutions covering escalator upgrades and adding elevators to existing buildings, as well as integrating the internet of things technology to provide passengers with digital, intelligent, green and high-quality mobility experiences.
TAN: The tone-setting plenum highlighted a strong signal to the world of China's unwavering commitment to upholding the banner of reform and opening-up in the new era to help maintain economic stability. It further encourages innovation, stimulates market vitality and optimizes the business environment.
We believe that China's economy will become stronger and more resilient. The certainty of China's economy and the government's steadfast commitment provide a long-term stable environment for business development in China, offering opportunities for stable brand growth and investment expansion. China's focus on technological innovation and digital transformation will create opportunities for collaboration and investment in advanced technologies.
CHUNG: The plenum holds significant importance for advancing the process of Chinese modernization and promoting high-quality economic development in China. We have witnessed China's firm confidence in expanding opening-up, developing new quality productive forces, promoting green development and vitalizing rural areas.
The third plenary session sent a positive signal favoring foreign-funded enterprises, injecting confidence and motivation for us to continue deepening our presence in the Chinese market. Nippon Paint China has established factories in Xi'an, Shaanxi province, and Dengta, Liaoning province, this year. They are the first production bases set up by the company in China's northwest and northeast regions, respectively.
The meeting emphasized the critical role of new quality productive forces in development, encouraging industrial upgrading and economic growth through scientific and technological innovation, which provides Nippon Paint China with broad market opportunities and new business growth.
