Embracing latest tech to fuel growth
Q4 Driving domestic consumption is one of the top priorities for China to spur economic growth this year. How do you see China's potential to drive a consumption-led impetus for the economy? How will that affect your company's profitability this year?
XU: GE Vernova is optimistic about China's potential to drive a consumption-led impetus for the economy. China's commitment to energy transition and the expansion of its renewable energy infrastructure create significant opportunities for companies like ours. Additionally, the growth in emerging sectors such as data centers and AI, which require reliable and efficient power solutions, aligns well with our capabilities. GE Vernova built a strong foundation in 2024 with solid growth, significant margin expansion and cash generation. We also hope that the government will continue to introduce policies for energy production and consumption enterprises, which can allow energy companies to benefit and improve their profitability.
HOMMA: China has introduced a series of measures to stimulate domestic demand and promote consumption. For example, the trade-in policy is not just to boost consumption, but to enhance the value of products in the contexts where consumers use them. In other words, the trade-in policy may guide consumers toward energy-saving and smart products, providing new value to their lives. I believe that the trade-in policy can create added value for our products, deeply explore customer needs, and presents significant opportunities for us. The implementation of national subsidy policies has significantly boosted Panasonic's home appliance sales in China. Panasonic's refrigerator sales in China increased more than 60 percent from September to December 2024 compared with the same period of 2023, while washing machine sales increased by 80 percent year-on-year.
NACHREINER: China is the second-largest market for Bayer Crop Science in Asia. The country is a market with significant growth potential that we believe will remain relevant in the long term. This is our assessment of China, especially given the critical role agriculture plays in the Chinese economy. We see numerous opportunities for the industry and for players like us to contribute to the country's growth agenda. Bayer Crop Science believes that by establishing our presence here, we can tap into the Chinese domestic market and support farmers and the agricultural industry in achieving greater success.
ZHUANG: Final consumption expenditure contributed 44.5 percent to economic growth in 2024, driving GDP growth by 2.2 percentage points, demonstrating that consumption has become a key link and important engine for unblocking domestic circulation, as well as a fundamental force for driving economic growth. Global oil demand is expected to continue to maintain a relatively strong growth trend in 2025, and the recovery of aviation and road transportation will continue to support oil use. Consumption is expected to become a highlight of China's economic growth in 2025. China's focus on quality consumption — such as demand for cleaner energy — directly aligns with our strengths. This, among other trends, will drive demand for our integrated services and improve profitability.
