What they say

China Daily Global | Updated: 2019-07-03 08:01

China's further opening up is providing win-win benefits. Further opening up will help improve the efficiency of capital allocation and can reduce financial risks in China's economy, and ultimately help build a more stable and sustainable economic and financial system. In a broader context, China's long-term growth will also benefit other nations, particularly with regard to overseas investors who seek to achieve long-term returns and manage short-term risks.

As the real economy and financial sector further open up, related structural reforms and ongoing technological innovation will continue to drive productivity toward higher quality, and long-term economic growth. These measures will promote the development of China and the world economy, so that China will continue to be the growth engine of the global economy and provide a significant market for the development of the world economy.

Jeffrey Wong, head of advisory, KPMG China

Improving the business environment, high-quality growth and development which underwrites economic vitality and new emerging needs make Chinese market more attractive. With the enhanced attractiveness, Johnson Controls will be more resolute in our dedication to creating smart buildings and smart cities.

China is one of the most important strategic markets for Johnson Controls globally, and a strong engine for our business growth.

Foreign investment in China will, in the future, focus on high-end industries including advanced manufacturing, new high technology, energy-saving and environmental protection, and modern services. They will also pay greater attention to China's development process and provide products and services that are most suited to China.

Visal Leng, president, Asia-Pacific, Johnson Controls

We're excited to see the acceleration of the dates for relaxation of the foreign ownership stake limits for securities firms and insurance businesses in China. While the practical changes will be small - as many firms have started the process, but it will take time - this is a clear further demonstration of China's commitment to opening up more broadly.

All major firms see the opportunity in China, but clearly need a carefully tailored strategy given the strength of the incumbents. No longer is "being in China" enough to guarantee growth... a clear customer value proposition and carefully tailored strategy to tap into the right pools where firms have a competitive advantage is needed.

The growth of the securities market and overall transition away from a lending-dominated funding market in China will clearly also be helped by this news. This is great not only for foreign banks, but also for Chinese corporates seeking diversified sources of funding through the capital markets.

Peter Reynolds, partner and head of Oliver Wyman Greater China

Premier Li Keqiang mentioned in his speech that China will further its reform and opening-up and will extend its national treatment to foreign companies as soon as possible. He also said that more efforts will be done to protect intellectual property rights. All these words have brought legal protection to foreign companies in China and will boost their confidence in investing in the country.

IBM is very much looking forward for the Chinese government to create such a long-term, stable and consistent legal and policy environment for foreign enterprises. We also expect further efforts to strengthen the protection of the legitimate rights and interests of foreign firms, including the protection of IPR and the optimization of the foreign investment environment.

Chen Liming, chairman of IBM Greater China Group

Premier Li Keqiang stressed in his speech that China would further open up the market for value-added services in the telecommunication industry. This is great news for us.

Since we are at the beginning of the commercial deployment of fifth-generation wireless technology or 5G, the Chinese government's policies will help drive the healthy growth of our industry and will accelerate 5G applications in different vertical areas.