Foreign execs' view on China's economy: 2023 onward

Editor's note: The Chinese economy has maintained growth and resilience in 2023, as the country expands high-level opening-up and emphasizes high-quality development.

How do multinational executives evaluate the performance of their companies, their industries, as well as China's business environment? What are their expectations for 2024? Let's take a look.

Mats Harborn, president of Scania China Group. [Photo provided to chinadaily.com.cn]

Q1: How has your company's performance been in China this year? Do you plan to expand your footprints in China next year?

A1: We see a clear trend that the transport market is moving toward efficiency, sustainability and compliance, all which benefit Scania's products and services. We therefore look with great confidence to the future.

Q2: What's your evaluation and expectations on China's business environment as well as a higher level of opening-up?

A2: In the automotive industry, the previous JV ownership restrictions have been lifted, which has benefited foreign OEMs (original equipment manufacturers), including Scania. This, coupled with clearer rules, regulations, and policies, will make the business environment more predictable and lead to a better level playing field, which is welcomed by foreign as well as domestic companies. We are constructively engaging with relevant ministries and industry associations on some of these issues.

Q3: What are your expectations for China's economy in 2024?

A3: We expect gradual recovery and a continued focus on coming to terms with the structural challenges in the economy. This is of course no quick fix, but will be crucial to safeguard coming decades of healthy growth in China.