Editor's Note:

The Third Plenary Session of the 18th Communist Party of China (CPC) Central Committee demonstrated that the central government is determined to deepen economic reform. The CPC stressed that it would allow the market to play a more decisive role in allocating resources, with the aim of developing a more open market. It also pledged to lower investment thresholds and accelerate construction of free trade zones. In a series of interviews with the Global Times, senior officials from multinational companies and commerce bodies said that an open market and less investment restrictions will create a better business environment for multinational and private companies.

Ming Cheng Chien, CEO of LANXESS Chemical Greater China

China is an important growth engine for the global economy. Reform is expected to power the sustained development of the country's economy in the coming years and all businesses will benefit.

The chemical industry is developing toward a sustainable future, along with the government's goal to reduce carbon dioxide emissions.

We are taking measures through the whole value chain to play our part in reducing our carbon dioxide footprint and protecting the environment.

For example, as a global manufacturer of synthetic rubber, we are taking a pioneering role in developing high-quality rubber to optimize performance of tires with the goal of reducing fuel consumption and carbon dioxide emissions.

Apart from products that enable sustainability, we also develop environmently friendly technology for production processes. By using advanced engineering processes, we achieve high standards in terms of wastewater treatment, waste gas cleaning and energy conservation.

The plenum emphasized environmental compatibility with economic expansion. China is developing higher standards for environmental protection and efficient use of natural resources.

The chemical industry will face pressure to upgrade its technology and be innovative in sustainable development. There has been an increasing awareness about sustainability within the industry. This positive trend will bring more growth potential for chemical manufacturers in China.

Patrick Dodd, managing director of Nielsen China

We are confident that the new policies listed in the detailed reform blueprint for the coming decade will have a positive impact on the Chinese economy, especially when the country is undergoing a transformation from an investment-driven to a consumption-driven economic model. 

Nielsen is a global provider of information and insights into what consumers watch and buy, and based on our insights about Chinese consumers, we expect to see a stronger purchase intention and a faster pace of trading-up in China's consumption market in the long run, if the new measures can be well executed.

In Nielsen's survey of Chinese Consumer Confidence and Spending Intentions, rural consumers remained most confident among Chinese consumers with a consumer confidence index beyond 110 - consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism. Consumers in rural China will play a vital role in the country's economic rebalancing, and will create a new emerging market with a total value of around $500 billion, according to our estimate.

Nielsen's survey shows that savings are still a priority among Chinese consumers. But a shift in consumption attitudes toward spending for a better life can also be seen. As the plan is to expand healthcare and pension coverage as a way to ensure a fairer and more sustainable social security system, we foresee more consumption power will be unlocked.  

Last but not least, we feel that the measures aimed at making it easier for rural residents to move into smaller cities will be another driver to stimulate China's domestic consumption.

Gregory Gilligan, chairman of the American Chamber of Commerce in China

We are very encouraged by the reforms. We are optimistic about two areas in particular: services and the investment environment.

In services, we have seen commitments to opening up several sectors that we believe will be crucial to China's future economic prosperity, including logistics and medicine. For the investment environment, China's leaders have also recognized the need to cut red tape and allow enterprise to flourish.

We are particularly pleased that over recent months the government has been even more willing to engage with us, and that they see the benefits of foreign enterprise and investment in developing China's economy.

We know this is the start of a difficult transition for China, but American business is confident that China's leaders have the resolve to complete the task. 

Davide Cucino, president of the European Chamber of Commerce in China

European industry has many of the tools and solutions needed to foster sustainable, high-quality growth. We look forward to the issuance of implementation guidelines from the ministries and, in particular, to greater market access so that European industry can fully contribute to China's economic and societal development.

The full benefits of further opening-up can only be realized if access is granted to all players, and not simply domestic companies, as is frequently the concern of our members.

There has for some time largely been a consensus about the need for the government to cede political control to the market. There is now a political resolve and a general road map for many of the important steps to be taken.

All the reforms taken at the plenum should be considered to be part of a dynamic loop: If one is not implemented fully, it risks adversely affecting all of the others. We welcome the changes, but they are overdue. The river is swelling. Crossing it by feeling for stones is prudent, but the choppy waters mean that it may also be dangerous to wait.

Chen Jinya, global vice president and Asia Pacific Region president of Alcoa Inc

The current development is quite different from previous years. I am frequently asked about the slowdown in China's GDP growth. I believe it is a positive trend.

Usually leaders prefer to push up GDP during their terms but the new Chinese leaders are willing to slow down the speed for the sake of sustainable growth.

Chinese economic development is a marathon rather than a 100-meter sprint so it is impossible to keep the speed of the race during the whole marathon. Now is the right time to adjust the development speed.

Given the size of the Chinese population, there is no doubt that China's economy will become the top one in the world. However, the concern is over how it will become the No.1. Will China develop in a sustainable way?

Multinational companies should cooperate with the Chinese government in using limited resources properly and also need to reduce emissions.

Together we should build a service-oriented and balanced society, which means a society that values industry and protecting the environment at the same time.