CDF Voice｜Dr. Jacob Kam: Make more contributions to the sustainable development of rail transit and the high-quality development of China's economy

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 Dr. Jacob Kam, CEO of MTR Corporation Limited.

As the pandemic subsides, China is reopening up to the world. In January, the mainland and Hong Kong resumed full cross-boundary travel, which is what I hoped for with the word “connect” at the 2022 CDF. This year, I want to use the word “prosperity” to wish that people’s confidence will be restored, all economic sectors revitalized and the country will prosper when social and economic situations return to normal.

In the past three years, China has ensured relatively stable life by taking precise measures for pandemic prevention and control, and therefore has achieved an average annual economic growth rate of about 4.5%, higher than the world average of 1.8%.

Looking ahead to 2023, the global economic recovery still faces huge challenges. China's modernization drive, which is recovering from the pandemic and external impacts, must aim at high-quality development, with growth focus on both quantities and quality. I firmly believe that all of us will continue to work hard, move forward boldly, and create a brighter tomorrow.

In the past several years, urban rail transit development has played an irreplaceable role in China’s economic development. However, despite its enormous external social and economic benefit, rail transit development usually has a low internal return of investment. With the completion of construction of backbone rail transit networks in cities, sustainability of rail transit infrastructure has emerged as a daunting challenge for all operators and local governments.

MTR Corporation, one of the few rail transit companies in the world that is able to sustain profitability, is willing to work with governments at all levels and industry peers to contribute to the sustainable development of rail transit systems and the high-quality growth of the overall Chinese economy.

CDF has become an important platform for world business leaders to share their insights and advices on China’s social and economic development. I look forward very much to returning in person to the 2023 CDF where I will meet many new and old friends face to face and to discuss important development issues. I wish the 2023 CDF a great success and hope that it will continue to play a significant role in promoting exchanges between China and the world.