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Business / Economy

Executives survey the prospects for China's future prosperity

(China Daily) Updated: 2016-03-16 09:54

Executives survey the prospects for China's future prosperity

Celina Chew, President, Bayer Group Greater China. [Photo provided to China Daily]

A1: It is the first time that China has set a range for its GDP growth target, rather than a specific rate. This range is in line with the medium-to-high growth direction that the Chinese government has previously indicated for China in the new normal. I understand that the setting of a flexible target reflects the government's greater focus on the quality and consequences of growth rather than the growth figure itself. The task of building a moderately prosperous society across many areas, the need for structural reforms, the encouragement of different growth drivers and the rebalancing of the Chinese economy will be challenging.

A2: This year, China embarks on its 13th Five-Year Plan, which is characterized by medium-to-high growth and a shift from a focus on investment and exports to encouragement of domestic consumption and new drivers of growth, such as mass entrepreneurship and innovation. Key government initiatives that will continue this year, such as Modernizing Agriculture, Healthy China, Made in China 2015 and Internet Plus, as well as a focus on supply-side structural reform, overcapacity, digitalization and innovation, present excellent opportunities for Bayer to enhance its business operations in China.

A3: We believe that the supply-side reforms emphasized in the 13th Five-Year Plan are very important and, together with the stimulation of consumption and economic growth, will help enable the sustainable growth of China's economy. The 13th Five-Year Plan holds many opportunities for Bayer's business, and its key themes of innovation, openness, collaboration, green issues and inclusiveness are very much consistent with Bayer's philosophy, corporate culture and miss-ion.

In the next five years, the Chinese government will continue its efforts to step up reform in healthcare, in particular, in the fields of medical information technology and biopharmaceutical research and development. Agriculture modernization is an important feature of the 13th Five-Year Plan, and China's push for supply-side reforms in agriculture will help speed up this modernization process.

In the Government Work Report, Premier Li Keqiang said innovation is the primary driving force for development, and must occupy a central place in China's development strategy. Bayer looks forward to contributing significantly to the implementation of the plan in China.

A4: The raising of China's fiscal deficit target for this year to 3 percent of GDP, and the easing of the tax burden on companies should help businesses by lowering business costs and enabling more structural reforms, as well as stimulating consumption and public spending. This should encourage more economic growth and development in China in a sustainable way.

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