Xi wants China 'to open up in big steps': CEO

Rudolf Staudigl, president and CEO of Wacker Chemie, said he was "positively surprised" to hear a concrete set of action plans on Tuesday by President Xi Jinping to further open up the Chinese economy.

"President Xi's address showed consistency with former speeches that he wants to continue the strategy of opening-up," Staudigl said.

Measures include lowering import tariffs in certain areas and trimming certain restrictions on equity share participation from foreign players, indicating "Xi wants China to open up in big steps rather than small ones", he noted.

Thanks to globalization and opening-up, production becomes more efficient through specialization and economies of scale, meanwhile spurring competition and innovation, according to Staudigl.

The CEO is also highly encouraged by Xi's promise to step up intellectual property rights protection through tangible plans.

"In China, we invest significantly in innovation and expand our R&D efforts. The strengthened IPR will reassure us to further invest in our local innovation activities and building up local capabilities," he said.