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 Noel Quinn, Group Chief Executive of HSBC.

I’m looking forward to this year’s China Development Forum – our first in-person gathering since before the global pandemic.

After a difficult few years for us all – and notwithstanding the challenges that remain – it is excellent to be able to travel to Beijing and to other cities across the country … to reconnect in person with colleagues and friends … and also to be able to welcome them to all the other cities to which they have strong links.

There is no question in my mind that 2023 will be the year in which the global economy benefits from being fully open again. As part of this, we should also be open to new ideas, to new opportunities, to new partnerships, to new ways of doing things.

I believe this will help China to continue its modernization … while also benefiting all of us who operate in China, invest in China and do business with China. So ‘openness and opening’ is my key thought.

And I want to focus on the supporting role that the international business community can play in this.

First, the most important way is by connecting China with the world.

This is precisely what HSBC was founded to do 158 years ago. And it is critical that the international business community continues to play a key role in facilitating China’s links with the world. This includes through trade and investment – but also through the exchange of ideas, experiences and best practice.

And all of this can help to promote greater mutual understanding and trust. China’s willingness to learn from others has greatly helped its development. I strongly believe it will continue to do so in the future.

And we have much to learn from China. As the leading foreign financial sector investor in mainland China … with investments across the banking, asset management, insurance and securities sectors, including our stake in Bank of Communications … HSBC has worked actively to support foreign companies who want to do business in China … and Chinese customers who want to go global.

We are proud that we’ve helped a quarter of foreign companies in China to enter the Chinese market … and also to have helped more than 1,200 Chinese companies and their subsidiaries to access more than 50 markets overseas. And this includes many countries along the Belt and Road.

Second, we can help China to be open to the future by supporting innovation. China has a good track-record of making long-term investments that have enabled it to build a better tomorrow. It is already home to many world-leading technology companies. It is also committed to building the companies of tomorrow.

HSBC launched a Technology Fund in 2019 to support high-growth start-ups especially in the Guangdong – Hong Kong –Macao Greater Bay Area. This dedicated lending facility supports new enterprises across e-commerce, FinTech, robotics, biotechnology and healthcare. The fund recognises that many of these companies have different business models to those that we served in the past, so the funding ecosystems around them also need to be different. And it enables them to access both international markets through our global network and our expertise in growing new businesses.

The other area where I see real potential is climate innovation, which is the subject of the paper that we are submitting. We will need to scale up new technologies in order to transition to net zero. China has a huge opportunity to play a leading role globally, which would help it to meet its climate commitments and create a new source of world-class exports.

The proportion of clean energy in China's energy consumption has already increased from 14.5% in 2012 to 25.5% by the end of 2021. The country leads the world in the manufacture of clean energy generation facilities for wind and solar power. And China accounted for around two-thirds of global sales of full electric vehicles last year. International markets can help China to grow its environmental sector by expanding the sustainable finance market and aligning with international standards.

To conclude, these are just some of the ideas that I am looking forward to discussing in Beijing this year.

The China Development Forum is always a chance to connect and collaborate, and to discuss how we can to pursue new opportunities. It will be even better doing so in person. And I am very confident that we will find new ways that will help us to achieve our shared ambitions of modernization and sustainable growth.