Experian will further leverage rich experience and technology advantage to offer better financial services to Chinese clients
The Government Work Report released on March 5 has charted a course for China's economic development for this year. By setting fairly robust growth targets, the country is set to be the locomotive pulling the world economy amid global economic headwinds. A number of pro-growth efforts have been unveiled to spur innovation and continue opening-up. The country has also released the Foreign Investment Law to better protect the rights of foreign businesses in China. China Daily polled Jian Huang, Managing Director of Experian Greater China, as well as senior executives from multinational corporations including Citi, Fonterra, Total, Microsoft and WeWork to understand their positioning, perception and predictions of the Chinese market.
Q: The year 2019 marks the 70th anniversary of the founding of the People's Republic of China. What in your opinion are China's biggest achievements to date? What are the biggest achievements made by your company so far?
The extraordinary achievements China has made over the past 70 years are obvious and inspiring. Especially since China's reform and opening-up, the country has achieved world-renowned achievements in every industry including fintech, automobile, real estate, information technology and internet.
Experian, which entered the Chinese mainland in 2005, has witnessed many great changes in the country and benefited from them. About 80 percent of the Fortune Global 500 companies in China purchase different products and services from us.
Q: China's economic growth moderated to 6.6 percent last year as it shifted its focus to high-quality growth. How does your "China strategy" fit into the new trend?
The global macroeconomic downturn is affecting almost every industry. In China, the internet and e-commerce are still experiencing rapid development. As China's digital economy has developed rapidly, online fraud has also begun to spread. Experian is dedicated to helping enterprises solve risk management problems of fraud and data leakage. We provide risk management solutions for many leading companies in different industries in China, including banking, auto finance, consumer finance, internet finance and e-commerce.
Q: What are your views on the Foreign Investment Law? How will China's ongoing efforts to further open up the economy and protect the legitimate interests of foreign companies help your business in China?
As the Chinese economy enters a stage of high-quality development, it is imperative for China to adopt a higher quality of opening-up. As a result, many areas have become more open to foreign investors, including data services, electronic information and finance. This allows Experian to take our technology advantage to leverage lawful traditional data as well as third-party alternative data to offer better financial services together with our business partners to Chinese clients.
Q: With disposable incomes rising, China is accelerating the development of the service sector to satisfy people's growing desire for a better life. How will this create opportunities for your company?
For Experian, one essential approach to meet Chinese people's growing needs for better lives is serving them with better information products and bringing them easier access to convenient financial services. In this regard, the Chinese market represents huge potential for Experian.
Currently, alternative data and artificial intelligence are developing quickly in China and globally. Given different market circumstances, foreign companies like Experian are being given more opportunities to bring their mature technology to China with localised adoption.
Q: What are your views on the government's ongoing efforts to cut red tape and enhance work efficiency?
In China's financial information field, the digital transformation of the financial industry is the most significant approach to improve efficiency. This reflects China's determination and efforts to improve the quality of financial services and enhance work efficiency. Experian will further leverage our rich experience accumulated in the international market and launch more localisation attempts in China.
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