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Execs share upbeat outlook on future biz environment

CHINA DAILY | Updated: 2022-10-25 10:10
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(from left to right) R Mukund founder and CEO of Benchmark Digital; Wu Dongming CEO of DHL Express China; Marc Burrage managing director of Hays Asia; Denis Depoux managing director of Roland Berger; Yann Bozec president of Tapestry Asia-Pacific, president and CEO of Coach China. 

Editor's Note: The 20th National Congress of the Communist Party of China is to start a new chapter in the saga of reform and opening-up that energized the Chinese economy over the last four decades and made it the world's second-largest. It also sets the tone for improving the business environment for global firms, big and small, operating in the country. China Daily publishes a series of Q&As with business executives from leading MNCs featuring their outlook for the Chinese economy as well as their hopes for the future prospects of their businesses in China.

Q1 Against the backdrop of a much-troubled global economy, how will China's economy likely perform going forward, given that it has already made immense contributions to the tasks of stabilizing both the global supply chain and the world economy?

MUKUND: We all know that Mother Earth has gone through many challenges over the past few years. As the world's second-largest economy, China has shown an amazing ability to actively face external disturbances and quickly adapt to the new normal. Its government organization is strong and orderly, its people united and optimistic, and its business environment vigorous and dynamic — this is the observation and experience of Benchmark ESG in its over 10 years of operation in China. In the future, China's economy will undoubtedly continue to maintain steady development and release more energy on the world stage.

WU: China remains one of the vital engines for global economic recovery. China's economic stability and sustainable growth are the biggest contributions to the stability of the world economy and global supply chain.

Despite challenges and pressures, the Chinese economy remains robust with strong resilience and ample potential. Economic performance will continue to improve along with a package of pro-growth policies put into practice.

DHL Express firmly supports trade liberalization and has been active in contributing to stabilizing supply chain logistics by making investments to expand service infrastructure and adding air capacity in China.

BURRAGE: China is the world's second-largest economy and plays a very important role in the global supply chain. China's economy has shown great resilience during and after the peak of the COVID-19 pandemic and it is expected to continue growing. For now and in the future, with China transitioning to a more innovative and sustainable development model, we expect to see many opportunities arise from the upgrading of the economy. That provides foreign investors and companies such as Hays with opportunities to develop together with China's economy. From our perspective as a global expert in recruitment, China is a massive market and there are a great number of jobs out there for us to locate and consult on.

DEPOUX: The Chinese production system has shown quite extraordinary resilience in the second half of 2020 and 2021. This has continued to 2022, even though it was disturbed by COVID-19 resurgences. The Chinese supply chain has modernized in 2021 thanks to accelerated investment in automation and digitalization, financed by the surge in demand. Yet, the situation going forward in 2023 is going to be different because the global economy is slowing down due to inflation, tightening monetary policies and the impact of high energy prices. International demand may weaken Chinese exports, but there is also a scenario by which energy shortages cause disruptions in industrial chains such as chemicals and commodities in Europe. China's production system may, again, be able to stabilize the global supply chain by picking up the demand that cannot be met in Europe.

BOZEC: We remain confident in China's economy, as China continues to be an important driving force for global development and prosperity. We have forged strong ties with our Chinese partners over our two decades in the market. We look forward to meeting and working with new partners as well as our existing network, and creating more value while contributing to China's economic growth.

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