China News Service, Beijing, March 11 (China News Business Reporter Wu Jiaju Gong Hongyu) New productivity, new consumption, new energy system, new infrastructure... This year's government work report, each word "new" has attracted attention at home and abroad. .
From the Chinese government’s new goals and tasks for 2024 to the new blueprint and new atmosphere for China’s economic future, foreign companies in China have captured more business opportunities from the voices of the two sessions.
In interviews with China News Network, executives from many foreign companies said that they should seize new opportunities and accelerate their "new" layout in China.
“New” Development of Digital Economy
Currently, China's digital economy is developing rapidly.
The China Academy of Information and Communications Technology predicts that by 2025, the scale of China’s digital economy will exceed 60 trillion yuan.
As one of the focuses of accelerating the development of "new productive forces", "deeply promoting the innovative development of the digital economy" has attracted much attention in this year's government work report.
The report also proposes a series of specific deployments such as actively promoting digital industrialization, industrial digitization, and launching "artificial intelligence +" actions.
"China has late-mover advantages and economies of scale potential for developing the digital economy." Jin Li, member of the National Committee of the Chinese People's Political Consultative Conference and vice president of Southern University of Science and Technology, pointed out in an interview with a reporter from China News Service.
For foreign companies, the new opportunities brought by the development of China’s digital economy are already clear.
Huang Zhiming, Cisco's global vice president and CEO of Greater China, said that Cisco sincerely agrees with the Chinese government's decisions and investments on the "artificial intelligence +" action, the digital transformation of the manufacturing industry, and digital infrastructure.
Wang Qian, general manager of LinkedIn China, also mentioned that the booming development of China’s digital economy and Internet industry means huge opportunities for LinkedIn.
To seize new opportunities in the digital economy, foreign companies are actively laying out relevant tracks.
Wang Qi mentioned that LinkedIn is deepening the research and development and application of big data and artificial intelligence technology. In the future, it will continue to increase investment in China and participate in China's "artificial intelligence +" action to provide enterprises and talents with more intelligent and convenient services. services.
Huang Zhiming also said that Cisco will promote in-depth cooperation with all walks of life in China, actively promote the application and practice of innovative technologies, and grow with China's digital economy.
Biomedicine moves toward a “new” industry
In this year’s government work report, the biopharmaceutical industry was mentioned many times.
In particular, the term "innovative drugs" was included in the report for the first time, highlighting the great importance China attaches to innovation in the pharmaceutical industry.
In this context, the biopharmaceutical industry starting from the "new" will not only further promote innovative breakthroughs in the medical and health industry, but also bring good news to the companies in it.
When interviewed by China News Service, many multinational companies expressed that they were looking forward to it and were deeply encouraged.
Song Weiqun, Global Senior Vice President and Chairman of Johnson & Johnson China, said that China has given full play to its leading role in innovation, promoted industrial innovation with scientific and technological innovation, accelerated the development of medical technology products and innovative drugs, and actively created new growth engines such as biomanufacturing and life sciences to provide medical and health services. Businesses playing a role create huge opportunities.
Feng Shihan, president of Thermo Fisher China, also mentioned that the government work report allows companies to see the good market potential and development prospects of the biopharmaceutical industry.
At the same time, and more importantly, the stimulation of new potential in China's biomedicine has given foreign companies more confidence to take root in China's local innovation.
Feng Shihan emphasized that in the future, Thermo Fisher will use global resources and innovative technologies to join hands with local Chinese partners to integrate into China's local scientific and technological progress, create a healthier, cleaner, and safer local development strategy in China, and let "Chinese domestic drugs" go to the world.
"China's medical and health industry is undoubtedly one of the most promising markets in the world. The changes in China's medical industry in ten years will exceed the changes in the past hundred years." GE Healthcare Global Executive Vice President, GE Healthcare China President and CEO Official Zhang Yihao said that GE Healthcare will continue to increase investment, deepen cooperation and accelerate innovation in China.
Data map: Many customers shop at the Sanya International Duty Free City of China Duty Free Group.
Photo by Luo Yunfei
Consumption upgrade “new” vitality
According to data from the National Bureau of Statistics of China, China's total retail sales of consumer goods will reach 47.15 trillion yuan in 2023, an increase of 7.2% over the previous year. The final contribution of consumer spending to economic growth is 82.5%, driving GDP growth by 4.3 percentage points.
This year’s Chinese government work report included “promoting stable growth in consumption” as an annual government task, proposing “to adopt comprehensive measures to stimulate consumption potential by increasing income, optimizing supply, and reducing restrictive measures.”
"China's consumer market has the advantages of strong resilience, great potential and vitality, providing a broad market and opportunities for foreign companies to develop in China in the long term." Cai Menghong, general manager of Herbalife China, said that Herbalife China in 2024 will focus on innovating operating models and stimulating market vitality. A series of new measures have been launched.
McDonald's China CEO Zhang Jiayin said that the policy directions and a series of new measures mentioned in the government work report give McDonald's China more confidence and confidence in achieving the goal of sustained and rapid development in 2024.
Regarding the "new consumption" statement mentioned in the government work report, many foreign companies believe that China's consumer market will present a new trend in the future.
"With the development of China's economy, people's pursuit of high-quality life is growing day by day, and high-quality consumption will continue to expand." Zhu An, chairman of Kao (China), believes that consumers are interested in personalization, diversification, and high quality (high quality). The demand for value-added) products still has great potential for development.
According to Wang Yun, Signify's global senior vice president and president of Northeast Asia, under the background of the "dual cycle" economic pattern and consumption upgrades, Chinese consumers' needs for lighting scenes have become more specific and segmented, and environmental protection and low carbon have also become core keywords.
Regarding the "implementation of green consumption promotion policies" proposed in the government work report, Zhang Jiayin said that this year McDonald's China will use green restaurants, green supply chains, green recycling and green packaging as the starting point to cultivate and expand the green consumption ecosystem.
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