Foreign firms enthusiastic about opening-up progress

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?

Hildebrandt: As the largest chemical market in the world, China is a strategic market and growth engine for BASF.

We have a firm belief in the market potential and future development of China and are encouraged by the country's shift toward a high-quality and sustainable growth model.

We will continue our efforts to enhance our local manufacturing and innovation capabilities, as well as drive green transformation across the value chain.

Zheng: Looking ahead to the next five years, we anticipate that the new reform and opening-up measures will significantly transform China's economy by fostering an environment that is more conducive to innovation, collaboration and high-quality development.

At Illumina, we see our role as integral to this vision. China's status as a major economic and scientific innovation powerhouse positions it to reap significant benefits from emerging life science technologies like genetic sequencing.

As we look forward to the second half, we are encouraged by the indicators pointing to China's economic resilience. We expect remarkable progress in continued growth and modernization, with an increasing focus on sectors like healthcare and biotechnology that are at the heart of the expertise of Illumina.