File Photo: VCG

Foreign companies and international organizations are optimistic and see potential on China's 14th Five-Year Plan (2021-25) during the China Development Forum 2021 (CDF) on Sunday, saying the plan will accelerate the development of the Chinese market and support global development.

"Stronger consumption at home will reduce external imbalances and position China to help fuel global recovery," said Axel Von Trotsenburg, World Bank Managing Director of Operations on Sunday during the CDF. He added that the 14th Five-Year Plan is of great significance for China's development, for the world economy and for the international community's ability to successfully overcome the COVID-19 pandemic and embark on a new, greener and more sustainable growth path.

The 14th Five-Year Plan provides an opportunity to increase the level of efforts in poverty eradication, pollution reduction and reducing risks in the financial sector, commented Von Trotsenburg.

Anne Richards, CEO of Fidelity International, agreed with the World Bank executive by saying that the 14th Five-Year Plan has the potential to start a new chapter in China's economic development, which will fuel economic development globally for another 40 years.

Oliver Zipse, Chairman of the Board of Management of BMW AG, also said that there are reasons to be optimistic going into 2021. As this year marks the beginning of China's 14th Five-Year Plan, China is embarking on a new journey of modernization at the outset.

"My observation is that growth will remain the most important currency for the world economy. China's expanding middle class will continue to be the catalyst for growth, and this goes hand in hand with a growing personal demand for high quality as well as innovative products and services," said Zipse.

The BMW executive also noted that the importance of China is truly global. "This has worldwide implications. We have witnessed China becoming the leader in applying digital technologies, not only in its industry, but also with the aim to improve the daily life of every citizen. These factors will continue to shape the future."

As a new era begins, we look forward even more to China's development and common prosperity and hope to stand side by side with Chinese partners, noted Amin Hassan Nasser, President and CEO of Saudi Aramco.

The 14th Five-Year plan provides an excellent pathway for a truly modernized economy with a consumer-driven society and growth, which is sustainable as well as strong. There are steps to build a sustainable future and the measures to increase the role played by international capital through China's capital markets, said Noel Quinn, Group Chief Executive of HSBC Holdings plc.

"We are investing heavily in China and we are also seeking to connect international capital to Chinese markets, and to match Chinese companies and projects. With the growing global appetite for sustainable investment opportunities, China's capital market will play a pivotal role. I know from my clients that the appetite to invest in China and Chinese companies is strong and growing," Quinn mentioned.

China's new plan will accelerate into a more sustainable and prosperous future for the country, coming a long way on this path in recent years, said Roland Busch, President and CEO of Siemens AG.

"China will rapidly accelerate the transformation of deploying industry 4.0 digital technology along the entire value chain, making sure that the most advanced technologies will become the standard of tomorrow. The new plan also includes decisive measures to strengthen and accelerate research and development," Busch added.

Executives of global leading companies also emphasized the importance of international cooperation during the Sunday session.

"The COVID-19 pandemic has reminded us how connected we are and how fragile our societies and economies are, or the vagaries of nature. I hope that in the coming months we can work together … to find new purpose in international collaboration," said World Bank executive, Von Trotsenburg.

"Global demand for green is an opportunity for growth. We have the technological prerequisites to act more globally, connected and multilateral. Cooperation and multilateralism are to be lifted to a new level," according to Zipse.