Year-ender: How multinational execs view China's economy in 2020

1. How do you view China's economic performance in 2020 amid the COVID-19 pandemic?

China took the opportunity to deepen domestic consumption as a pillar of the economy during this time. The policies for this pillar were being carefully put in place long before the pandemic. It was a thrill to watch how the elements of these policies, from tax treatment to trade, came together during this period.

2. How do you evaluate the Chinese government's efforts in epidemic prevention and control?

The story of China's ability to manage the epidemic was built quietly since the 2003 SARS pandemic. The role of the Chinese Center for Disease Control and Prevention was strengthened considerably by the law on infectious diseases revised in August 2004. A new electronic notifiable disease reporting system was also put in place communicating directly to the CDC from all health sources.

Both these capabilities were subsequently tested several times in dealing with imported epidemics such as MERS and Ebola. The prominence of this agency during the 2020 pandemic is a testament to the strength and skills of public service. This relationship between agencies like the CDC and the central government is at its strongest in China today, while in many developed countries it is increasingly dysfunctional.

3. What are your comments on China's improvement of its business environment this year?

Everything actually achieved this year has been domestic. The immigration, labor, tax and business-related bureaus worked hard to keep processes developing in very challenging and constantly changing circumstances. For this, we are all grateful. China also took the opportunity to align its regional and international trade relationships through RCEP and other more bilateral arrangements. The effects of these alignments will become clearer in the years ahead.

4. What are your expectations for China's further reform and opening-up?

Much of China's reforms have been to attract foreign investment, especially in targeted sectors. As a global superpower and an economic engine for the global economy, the word "access to China" will mean different things to different countries. Success as a global player is assured only when other economies tie their own success to China. It also makes for a better world.

5. How do you view your company and the industry's performance in China this year?

The financial services industry worldwide is undergoing a tremendous transformation right now. China's commercial banks as well as new fintech players are realigning their relationships to accommodate this transformation. While the financial sector, even in China, has not been badly affected by the pandemic, its role is transforming because of all the new social norms arising from it. So this year continues to be good, but clearly the relationships with our clients and the industry at large are changing in profound ways.

6. Do you plan to deepen your company's footprint in China next year? If so, how?

Yes, we absolutely are. These are exciting times for us. The evolution of our business in China has been mirroring the evolution of the finance sector. When we first started in 2000, the year before China joined the WTO, our relationships were solidly with the banking industry. Over the past 10 years those have expanded to include the technology sector. Today we are moving into impact investments and the utilization of capital according to environmental and social governance considerations. We have also started helping Chinese domestic corporations internationalize their brands and reach. We are growing, just as China is growing.