China's dynamic expansion opportunities
Q4 China has placed greater emphasis on expanding domestic demand while pursuing high-standard opening-up. How do you assess these efforts? What new opportunities do they create for multinational companies and global investors?
AVILES: China's drive of expanding domestic demand and advancing high-standard opening-up is highly strategic, targeted and far-sighted. It not only optimizes China's own economic growth structure, but also creates a more open and transparent market environment for global businesses, bringing unprecedented incremental opportunities for multinational investors. The expansion of domestic demand is shifting China's market growth from export-driven to being driven by both domestic and external demand, generating massive high-end market demand. The upgrading of household consumption and the iterative upgrading of industrial investment demand have spawned huge market needs in high-end manufacturing, green environmental protection, digital services, product testing and certification, and intelligent solutions. This allows multinational companies, including Dekra, to deeply participate in the whole industrial chain of local market development, enjoying the dividends of China's consumption upgrade and industrial upgrade.
MUSTO: These efforts reflect China's strategic focus on long-term, sustainable development. High-standard opening-up establishes clear rules, transparent market access and predictable regulatory pathways. Expanding domestic demand is equally critical. China's aging population and rising healthcare spending power mean more patients seeking innovation. That demand is real and growing fast. For multinational companies like Merck, this environment is compelling. We see a market that genuinely welcomes high-quality innovation and is willing to build the infrastructure to support it.
TAN: China's move to expand domestic demand and pursue high-standard opening-up is creating structural opportunities for multinational corporations. The expansion of domestic demand is unlocking the vast potential of the super-sized market, with various consumption-boosting policies raising consumer willingness to spend. Rising demand for health and fitness activities has enabled us to reach more Chinese households with our comfort technology products, offering significant room for brand growth. At the same time, the country's commitment to high-standard opening-up is delivering a fairer, more transparent and predictable business environment, reducing operational uncertainties for foreign companies. For global investors, China offers a unique combination of market scale, innovation capabilities and supply chain integration. We have directly felt the benefits: our direct retail operations continue to grow, and our local partnerships have deepened, reinforcing our confidence in long-term investment.
BAO: From our perspective, these efforts are creating opportunities by expanding demand while also raising expectations for quality, efficiency and service. In our industry, this is especially visible in modernization. As a growing number of China's installed elevators reach the stage where renewal is needed, the opportunity is no longer just about replacing equipment, it is about how to do so with minimal disruption while improving safety, energy efficiency and user experience. As we have said before, the real challenge is not simply replacing equipment. Cities never stop operating, and buildings cannot afford prolonged disruptions. Modernization needs to happen while everyday life continues. That is why execution and delivery models matter as much as technology itself.
