Foreign firms enthusiastic about opening-up progress

Q2

In your view, how will the reform and opening-up measures rolled out at the plenum help strengthen the Chinese economy and bolster its prospects of achieving modernization? Do you think China's new reform and opening-up blueprint will make fresh contributions to the global economy? If yes, how?

Hildebrandt: With a target economic growth rate of around 5 percent for 2024, China remains an important driver of global economic growth. In the chemical sector, the Chinese market stands as a crucial growth engine, accounting for half of the global chemical production and showing continued growth momentum.

The new quality productive forces, with a focus on high-tech development, innovation and sustainability, will likely enhance the vitality of the domestic market, and encourage collaboration across the value chain. However, pushing forward demand-side policies would be crucial to inducing much-needed consumer confidence. Building on this momentum, BASF is expanding its business presence in China to serve our customers with enhanced efficiency and proximity. Meanwhile, we are fostering collaboration along the value chain to facilitate our customers' sustainability journey and transform sustainable concepts into readily accessible products.

Zheng: The reform and opening-up measures introduced at the plenum are expected to fortify the Chinese economy by fostering a more efficient market system and encouraging innovation, which is essential for modernization. These measures, by enhancing market vitality and improving legal frameworks, including for intellectual property, will likely create a more conducive environment for both domestic and international businesses.

Illumina believes that China's new reform and opening-up blueprint can contribute to the world economy by providing a robust platform for deeper global collaboration. As China continues to open its markets and improve its business climate, it offers increased opportunities for trade and investment, encouraging the flow of capital, technology and expertise.