New quality productive forces to rejuvenate market

Q5 The plenary session has stressed that reform tasks laid out at the meeting shall be completed by the time the People's Republic of China celebrates its 80th anniversary in 2029. How do you expect the new reform and opening-up measures to transform the Chinese economy in the coming five years? What strategies will your company adopt to align with the expected transformation? Looking ahead, in the second half of 2024, what are your expectations for the Chinese economy? How do you think your company will fare in this evolving landscape?

MADARANG: The plenum's reform measures are expected to significantly transform China's economy by 2029, with accelerated technological advancement, a more balanced economy driven by domestic consumption and an improved business environment. At Goodyear, our vision is to be recognized as the best mobility enabler in the luxury, SUV and EV segments across the Asia-Pacific region by 2028. To reach our goals, we will deepen our understanding of Chinese customers and consumers. Our two development centers in China will enable us to increase our responsiveness to local customer needs. Thanks to the great support from local governments where Goodyear operates, we are well-positioned to capitalize on the growth in the auto industry and our commitment to sustainability.

LOH: Otis looks forward to embracing new opportunities in the more open Chinese market. Recently, the government has launched policies to encourage and support the implementation of equipment renewal and urbanization across the country. There are imminent needs to accelerate the renewal of equipment in municipal infrastructure and add elevators to existing buildings. We are confident in Otis' growth in the Chinese market. With leading innovation, localized innovation, manufacturing and service capabilities, Otis is committed to contributing to China's modernization and high-quality development.

TAN: The new reform and opening-up measures outlined during the plenum are poised to significantly transform the Chinese economy over the next five years. By emphasizing technological innovation, market liberalization and sustainability, these measures aim to propel China toward higher-quality growth and greater resilience in the global economy. We anticipate more opportunities in sectors prioritized for reform, such as advanced manufacturing, digital economy and green technologies.

CHUNG: The Chinese market will be more open, innovative technologies will continue to emerge, regional development will be more balanced and the achievements of ecological conservation will be prominent. China's economy will be more vigorous and achieve high-quality development.

China's economy is at a critical juncture, transitioning from high-speed development to high-quality development. From the perspective of the consumer market, China's economic development is stable and improving, with market demand continuously evolving and rising. This provides more space for foreign-funded enterprises to explore innovation and business development. We remain optimistic about China's development, believing that investing in China is investing in the future.