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Spotlight: Top global firms closely followed "Two Sessions," confident in Chinese economy

Xinhua, March 17, 2016 Adjust font size:

Executives of some of the world's top 500 enterprises have closely followed the economic agenda of China's "Two Sessions" and expressed confidence in China's economy.

They believe that China remains an important pillar for global economic growth, and that the 13th Five-Year Plan and the Belt and Road Initiative will bring fresh impetus to China's economic development and that of the whole world.

Executives at the multinational companies said China's economic development trend and policy adjustments are integral to their development strategies.

Duan Xiaoying, senior vice president of General Electric Co.(GE) and CEO of GE China, said that during the Two Sessions, GE focused its attention on China's measures to strengthen supply-side structural reform, details on the "Made in China 2025" initiative and information on environmental governance.

She said transition and growth will be the two main themes of the Chinese economy, and GE will adopt the two concepts at the core of its strategy in China.

Su Xiaoshi, vice president of DuPont Co., said that DuPont has paid close attention to the emerging details of the 13th Five-Year Plan, which he said would be helpful for the company in formulating its strategy in China.

Meanwhile, Zhang Jiantao, vice president of Coca-Cola Greater China and South Korea, says food safety, environmental protection as well as sustainable development are the issues that concern Coca-Cola most.

Lv Shuping, president of global water technology provider Xylem, told Xinhua that the company is focused on how to keep the growth rate at the medium to high range given various downward pressures and how to incorporate the next Five-Year Plan into the company's overall plans.

"The supply-side structural reform is a real eye-catcher," said Tao Lin, vice president of Tesla China Public Affairs.

Under a "New Normal" mode that features slower but more sustainable growth, the Chinese government has taken measures to optimize the country's economic structure, support emerging industries and help enterprises secure higher positions on the value chain. The various measures will enhance confidence in innovation-oriented enterprises, said Tao.

China's economy grew 6.9 percent year on year in 2015, the slowest annual growth in a quarter of a century. The lower rate of growth, though still enviable by global standards, has prompted doubts over China's economic prospects.

When asked to comment, DuPont's Su voiced his confidence that China will remain as one of the largest and most attractive markets in the world.

"More importantly, China is striving to improve the quality of economic development and expand domestic consumption. Such practices will consolidate the foundation for future growth," added Su.

China has become the world's third largest market for Coca-Cola. Zhang said the U.S. company is confident about China's market potential, given the progress made in China's urbanization process and further growth in disposable consumer incomes.

"Currently, China's economic structure is undergoing profound changes, such as the rapid development of high-tech manufacturing and in the tertiary industry," said Lv, noting that the country is seeking to make innovation a main engine for its economic growth.

While noting that China's economic transition benefits itself and the world, the executives interviewed also pointed out that the Belt and Road Initiative will provide great opportunities for multinational enterprises.

The initiative reflects China's plans to create a new way of opening up, said Tao.

"The ensuing mechanisms and platforms for exchange and cooperation will provide more opportunities for Chinese enterprises to go global and for foreign enterprises to join in," Tao said. Endi