Johnson and Johnson's chairman talks China's economy |
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Johnson and Johnson's chairman talks China's economy Updated: 2023-01-22
Will Song, global senior vice-president of Johnson & Johnson, and chairman of its China division [Photo provided to]

1. How do you see the momentum of China's economic recovery after COVID control optimizations? When and to what extent do you expect China's economic activity to rebound? What does China's economic recovery mean for other economies and global growth?

• We are encouraged by the COVID control optimization measures and believe that it is conducive for the people to people exchange, trade and economic activities rebound in the market. As the world's second largest economy, China's economic growth will greatly benefit the international community and add new impetus to the recovery of the global economy.

• The Chinese market has presented strong resilience and potential. With the increased awareness and focus on healthcare, we are privileged to serve the unmet needs of the Chinese people. As China is one of the fastest-growing markets in Johnson & Johnson's global business and an important strategic market for innovation, we are confident in its high-quality and sustainable development prospect and look forward to continuing to work with the government and industry partners to support the Healthy China agenda.

2. How do you see the growth potential of China's economy in 2023 and what are the key drivers and challenges? How do you see the room in fiscal and monetary policies to counter the challenges and aim to maneuver towards steady growth?

• We are pleased to see that the Chinese government has rolled out a series of policy measures to attract and retain foreign investment and strives to optimize the business environment to create a more open, fair and transparent market for business operations. With the COVID control optimization, the great potential of the Chinese market will surely be further released and will help bring about the continuous improvement of talent and capital flows, technological innovation, digitalization, high end intelligent manufacturing capacities, among others. We believe that the increasing of domestic demands for high quality products and services in China will also help rejuvenate steady economic growth in the long run.

3. China has recently stepped-up its policy adjustments on multiple fronts to promote economic recovery and high-quality development, such as when it comes to the property sector, the platform economy and boosting the development of private enterprises. What's your take on the developments and their influence on China's growth prospects?

• We are deeply encouraged to see the introduction of policies and measures by the government to promote economic recovery and high-quality development, and believe it will help boost market confidence and advance market vitality. It sends a strong signal to the international business community that China is committed to open to the world and welcomes MNCs investment and development in China. With the increasing health awareness of the Chinese people and their growing demands for high-quality healthcare solutions, I believe foreign healthcare companies including Johnson & Johnson are gearing up to quickly respond to market needs, support the health and well-being of the Chinese people and advance the great drive of the Healthy China 2030 initiative. We look forward to continuing to invest in innovation, and realizing innovation driven, digital led high quality development in China so as to support the realization of a "Healthy China" and the "Common Prosperity" agenda.