Harnessing the power of digital technology

Elevator maker Otis China has increased R&D investment to accelerate the development of innovative products

What progress has China made in streamlining government functions to raise efficiency?

We have seen China's determination and efforts to raise efficiency in recent years, especially in streamlining administration and delegating powers to optimize the business environment. Eliminating dispensable approvals, reducing the time needed for reviewing project applications, easing previous investment approval procedures and improving access to government services by setting up more e-platforms are all practical examples. Most recently, the reform of special equipment regulations is a good example. In addition, China is acting to further cut taxes and fees. VAT reduction in 2018 benefited both manufacturers and customers. I have noticed that China plans to lower more taxes and fees in the manufacturing field and further open up this sector in 2019.