So far, no country can replace China on the supply chain, especially in terms of scale and efficiency." Svien Tyldum, CEO, Marsh & McLennan Group, North Asia, said in an interview with Caixin.

Svien Tyldum told Caixin that many Chinese companies are now very mature and competitive globally. If they want to continue to grow in the long term, they need to enter new areas, such as Europe, America, India, Southeast Asia, the Middle East and other regions.

Tyldum expects China to achieve higher quality and greener growth. China's innovation capabilities are evident globally, and its rapid growth in advanced fields such as electric vehicles, machine tools, solar panels, energy storage equipment, and next-generation ships will give new impetus to China's economy. China will continue to be an important contributor to global economic growth. China's rise has reshaped the global development pattern and will further influence global business development.

Tyldum believes that whether in the first quarter or the first half of the year, the fundamentals of the Chinese economy are very solid and the trend is positive. China's extensive international cooperation has created tremendous development opportunities, such as cooperation between China and Gulf countries, which has brought many opportunities in clean energy, logistics, supply chain, emerging payment methods, financial services, and so on.

But Tyldum pointed out that China's economic growth has returned to a normal path, but the recovery is still tepid and still faces structural challenges.

China is an important source of innovation, talent and global competitors for foreign investment. If multinational companies want to compete globally, they must learn how to compete in China and reassess their development strategies.

There have been changes in the supply chain. However, so far, no country can replace China on the supply chain in terms of scale and efficiency, especially for some high-end products, such as clean technology.

Tyldum said that there may be some foreign auto companies that used to have three plants in China, which are slowly being reduced to one plant. However, this change will be very slow and will take 5, 10 or even 20 years. Multinational companies in China will still retain a large share, because they still need to serve the huge local market in China. Moreover, China is also the largest market for many products. It can be seen that multinational companies are now actively localizing in China, including the localization of the supply chain.

At the same time, China's foreign investment, especially in Southeast Asia, is also growing.

Currently, a new growth corridor has emerged, such as the development of the relationship between China and Gulf countries, which has entered a new stage. The new growth corridor brings new opportunities, especially in clean energy, logistics, supply chain, emerging payment methods, games, financial services and other aspects.

Tyldum emphasized the need to have a deep understanding of the global supply chain and improve the mapping capability of the supply chain, including relevant data such as local infrastructure and construction. Many companies have not considered these factors and have invested in areas without such supply, resulting in problems that affect operations.