CDF Voice | Jean- Pascal Tricoire: The key words for China’s modernization are high-quality development and opening-up at a higher level

The “CDF Voice” column aims to bring together business leaders and convey the voices of the forum delegates.

Since its launch in 2000, CDF have upheld its mandate of “Engaging with the world for common prosperity”.

At present, the economic recovery is still fragile, and the impact of the COVID-19 and geopolitical crisis is continuing. Although China’s economic recovery is improving, lackluster demand, slow recovery in labor market and global supply chain adjustments and other pressures are still present.

The world is experiencing unprecedented change, how do foreign enterprises in China view China's development? How can foreign enterprises grasp the opportunities and challenges in the Chinese market? What insights do they have about China's future economic recovery and social development?

As the 2023 annual meeting of the China Development Forum is about to be held, the "CDF Voice" column invites representatives of global enterprises to discuss the above topics.

The guest of CDF Voice today is Jean-Pascal Tricoire, chairman and CEO of Schneider Electric.

Hello! I’m Jean-Pascal Tricoire, the Chairman and CEO of Schneider Electric. I’m really so happy to be back with the community of the China Development Forum in person, soon in Beijing.

The key words today for China’s modernization are high-quality development and opening-up at a higher level.
Starting with high-quality development, this requires more innovation and more collaboration. China is already known for its high-level innovation. We’ve seen gigantic progress in AI, big data, software and other cutting-edge technologies. This has empowered the upgrade and transformation of industries.

Innovation also lies at the heart of our company – Schneider Electric. In the last decade, we’ve been continuously expanding our R&D efforts and investment in China. Today, as one of the 4 key R&D bases for the group, China R&D covers both hardware and software, all the digital aspects across all the business lines of the company. Innovation accelerates within a collaborative ecosystem.

We’ve been collaborating with local partners and customers in energy management and in green and smart manufacturing. Looking forward, we believe that the path to a Chinese-style modernization will see a more vibrant and concerted innovation ecosystem and an acceleration of digitization in all industries, which will not only benefit China itself, but also will benefit the rest of the world.
Also, high-quality development also means a greener agenda. China’s carbon pledge sets a clear path and a clear vision.
We know that the country and the government have translated its ambitious target into a comprehensive set of initiatives including efforts in electrification, digitization, industrial retrofit upgrading and investment in renewables ... All of these will generate new opportunities for all players, domestic and foreign, and especially the front runners in decarbonization and sustainability.

Schneider is a practitioner, a natural partner and an enabler of sustainable development. We’ve taken concrete steps to decarbonize our supply chain in China. We’re achieving carbon neutrality for half of our plants, and we’ve taking our key suppliers along with us on the journey. We also empowered Chinese customers to become more efficient and more sustainable in their manufacturing and operation.

A Chinese Modernization will certainly come with opening-up at a higher level. International collaboration is critical to both R&D and manufacturing. We admire China’s progress over the past years on its openness. With this evolution, we believe that the potential of both domestic and international markets will be tapped into further and, innovation of the country be unleashed to a greater extent.

Schneider Electric entered China 35 years ago. Thanks to the opening-up policy, we’ve been continuously expanding our footprint. Today the Chinese market has become our second largest market in the world and is one of the 4 global hubs covering the whole value chain from R&D, upstream purchasing, production, sales into services.

With the opening up at even higher standard, foreign partners could play a more important role in meeting the increasing demand of the huge domestic market and being a bridge to the international market. With this, we remain confident in China being a critical driver for the 2023 world economy with its all-round recovery and its resiliency.
Finally, I expect that CDF 2023 convening at a very relevant time, where like-minded people can come together after 3 years’ virtual communication, to discuss and debate over many important issues regarding China and the world.

Nothing compares to face-to-face interaction. I am thrilled to participate, and look forward to feeling the pulse here, and to gaining some deep insights on how we international companies, can contribute more to the journey forward.