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Business / Economy

Executives survey the prospects for China's future prosperity

(China Daily) Updated: 2016-03-16 09:54

Executives survey the prospects for China's future prosperity

Steven Clay Schiller, President, China/Asia, The Hershey Company. [Photo provided to China Daily]

A1: We support the government's pursuit of a balanced, sustainable economic future. A range for growth reflects the complexity of the economy's migration to the new normal. Change of this magnitude makes predictability difficult. Projecting a growth range appears to indicate that the transformation will be smartly managed through flexible policies and decision-making.

A2: Hershey is optimistic about the future and growth potential in China. There are many positive trends that broadly favor business, such as urbanization and growth of disposable income. That said Chinese consumers are currently more cautious in their spending amidst the recent economic slowdown. This will probably continue until there is more stability. From the business perspective, it may take some time, but consumer confidence will return, and a consumption-led economy will develop. At Hershey, we are focused on capturing growth today and, importantly, we are building capabilities to capture the new growth that will emerge.

A3: The 13th Five-Year Plan makes food safety a national priority. This will be very important to increase the supply of quality food and reinforce sustainable consumption growth. Hershey has prided itself on providing high-quality products for more than 130 years. We have already, and will continue to, partnered with the various food safety and food standards authorities to help promote the regulations and infrastructure to support food safety efforts.

A4: Being active in China for many years, Hershey has seen the country take many positive steps towards establishing an environment that is attractive and supportive to international business. The stimulus that the increased fiscal deficit creates should support growth in the consumption-led economy. The easing of the tax burden can also support business investment in areas such as technology and innovation, which should also contribute to growth.

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