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Chinese market remains a source of prosperity and growth: Honeywell

By Wu Lejun (People's Daily)    15:19, November 08, 2017

File photo: Shane Tedjarati

Washington (People's Daily) - In an exclusive interview with People's Daily, Honeywell President for Global High Growth Regions Shane Tedjarati, who will accompany US President Donald Trump in his trip to China, shared with us his views on China-US cooperation and the prospects for the Chinese economy. He lived in China for 20 years and received the "Shanghai Magnolia Gold Award" which honors significant contributions made by foreigners to Shanghai's development.

PEOPLE'S DAILY: You have lived in China for many years. How important was China-US cooperation in your personal experience? What are the prospects for China-US cooperation?

Tedjarati: China-US ties will continue to grow, and should focus more on trade and economic cooperation, which will be beneficial for the two countries. China should encourage Chinese investors to invest in the US, and vice-versa.

China and the US should collaborate to address common issues. It is important for the two countries to establish reciprocal trade and economic cooperation, which is also important to the world.

I believe that business and trade cooperation can be a great conduit to build long-term trust and relations between not just between nations, but also between people. The more solid China-US business relations become, the more they will understand each other and will contribute to a sense of unity and oneness with each other.

PEOPLE'S DAILY: China is implementing its "Made in China 2025" strategy. In your opinion, how does Honeywell fit in to this?

Tedjarati: Honeywell, as the world's leading manufacturing company, is speeding up its digital evolution to become a "Software Industrial Company,” which is well aligned with China's national strategy of "Made in China 2025" and highlights the integration of industrialization and information technologies.

Honeywell has accumulated knowledge and enjoys a broad and strong connected portfolio across B2B and B2C in China, with wide offerings across key verticals: buildings, industries, homes and transportation, among others.

Earlier this year Honeywell set up the Connected Enterprise unit as well as a dedicated team in China, the only regional team beyond the US market. This is testament to the importance Honeywell attaches to and confidence in the Chinese market. Honeywell hopes that the connected solutions can deliver tangible contributions to the "Made in China 2025" strategy.

PEOPLE'S DAILY: The 19th National Congress of the Communist Party of China has just ended, which stressed the importance of innovation and openness. How do you think Honeywell, and even the US.manufacturing sector, should respond to China's economic development to promote enterprise transformation and innovation?

Tedjarati: We strongly support innovation in China. And Honeywell is well-positioned to be a partner in that process.

Honeywell has been maintaining sustainable development in China by riding on China's macro trends. The macro trends arouse a rising middle class, smart manufacturing, energy efficiency and environmental protection. They offer a host of opportunities for Honeywell to play a bigger role in this dynamic market.

China is our biggest market outside the US, and our biggest growth opportunity. Last year, Honeywell committed $100 million to increasing the scale of its R&D facilities and office space in Shanghai by more than 50 percent to accommodate continued and consistent business growth throughout China. This new investment is well aligned with China's efforts to further improve competitiveness through scientific and technological innovation. Honeywell employs approximately 13,000 people in China, including more than 2,600 in Research and Development.

Honeywell is well positioned to seize China's opportunities through its unique China growth strategy, which includes:

• East-for-East: Honeywell identifies China-specific needs and meets them with locally-developed innovation.

• East-to-Rest: We have been promoting China developed products and technologies for the rest of the world – especially High Growth Regions, to support China's Belt and Road initiative.

• Becoming The Chinese Competitor: By benchmarking the leading Chinese companies, we hope to become a top global company in China with good products, good quality, good value and fast speed. This approach has proven to be very successful.

PEOPLE'S DAILY: Honeywell has been investing in China for many years. Where does China need to improve to further open its markets?

Tedjarati: Honeywell is optimistic in the Chinese market, which will remain a source of prosperity and growth.

Instead of talking about improvements, I would like to share with you my observation of two biggest changes in China's market.

1) Digital economy

In recent years, China has undergone an amazing digital revolution, which is transforming the way we live and work with exciting new products that connect us and incorporate software and data in new ways.

2) Rise of local private enterprises

The rise of China's outstanding private enterprises is another profound change that we have felt. This rise will be beneficial to both China's consumers and China's innovative ecological environment.

PEOPLE'S DAILY: You have won the "Shanghai Magnolia Gold Award." What is your favorite aspect of Chinese culture? Can you share some stories to People's Daily readers?

Tedjarati: To me, China has a unique culture. For example, if Chinese people would like to do something, they will definitely get it done. Chinese people attach much importance to networking. You need to build up trust first before doing business.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Liang Jun, Bianji)

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