Innovating locally for global scale

Q4 China has placed greater emphasis on expanding domestic demand while pursuing high-standard opening-up. How do you assess these efforts? What new opportunities do they create for multinational companies and global investors?

ZHU: Domestic demand and opening-up have long been, and will continue to be, key pillars of China's high-quality development. Adapting to the pace of change in the domestic market will become an anchor point for both international and Chinese companies in a period of rapid technological and business evolution. On the one hand, domestic demand, especially in the consumer sector, is undergoing a profound shift with the spread of artificial intelligence. For example, more than half of Chinese consumers rank generative AI among their top three sources of purchase advice, much higher than their global peers. On the other hand, efforts to meet these evolving demands, together with continued encouragement for foreign participation, are bringing new products, services and solutions across a wide range of fields, from high-end manufacturing to consumer goods, and from green technologies to healthcare.

CHEN: We see these efforts as mutually reinforcing. Expanding domestic demand supports stable, long-term growth, while high-standard opening-up helps create a more predictable and efficient business environment. Together, they send a clear signal that China remains committed to high-quality development and deeper integration with the global economy. For multinational companies and global investors, the opportunity is not only to serve a large market, but also to participate in the next stage of upgrading — where customers are looking for higher-performance, safer and more sustainable products. This creates strong demand in areas such as advanced manufacturing, electrification, lightweighting, advanced connectivity and resource efficiency. It also encourages deeper local partnerships and faster innovation close to customers.

MA: We are encouraged by China's continued efforts to expand domestic demand and advance high-standard opening-up. These measures strengthen consumer confidence, improve the investment environment and create new opportunities for multinational companies to innovate and grow in one of the world's most dynamic consumer markets. One of the biggest opportunities lies in the ongoing evolution of consumer demand. As consumers increasingly seek health, wellness, outdoor and lifestyle experiences, companies have greater opportunities to develop innovative products and deepen consumer engagement. At VF, we are responding by strengthening our local capabilities and translating consumer insights into products, retail concepts and brand experiences tailored to the Chinese market.

JIANG: From our perspective, a dynamic domestic market encourages companies to innovate, while an open business environment enables companies to bring together global capabilities and local insights to better serve customers. In China, we continue to see consumers becoming more discerning. They are looking beyond price and placing greater value on quality, performance, design and user experience. This creates opportunities for companies that can innovate continuously and respond quickly to evolving needs. This is why "China for China" is important for Logitech. Our strategy is not just about selling in China; it is about innovating from China, for the Chinese market. We have established research and development centers in China, and have been increasing our focus on local innovation and R&D capabilities, product design, marketing and local teams, so that we can develop solutions that better reflect the needs, preferences and usage habits of Chinese users.