4. China has entered a new normal economic environment and the development of the energy-consuming auto sector calls for greener and more environmental friendly products. Seeing that, what's the strategy in future turbo technology?
As China steps into the new normal, growth in the auto sector will slow down. Quality and efficiency will become the key factors to compete in the market.
Honeywell is devoted to long-term development in China, how to improve fuel efficiency and reduce emissions becomes our business focus. Turbo technology is a cost-effective mature and proven solution compared to other engine technologies. It enables automakers to meet more strict fuel consumption and emission standard while improve power and acceleration response. With the acuminated experience and technology innovation in 60 years, the proof of the turbo reliability is solid. The turbo lifespan lasts as long as the engine life and does not need extra care.
5. In China, we have seen some diesel engine adoption in passenger vehicles, as we all know that, the diesel engine adoption has taken a considerate proportion in European and US markets. Can you make a brief introduction of diesel engine adoption in China? What is the penetration in China?
Thanks to the higher energy content and higher thermodynamic efficiency in diesel fuel, the fuel economy in diesel engine is 25% higher compared to gas engine of the same rated power. In Europe, over 50 percent of vehicles are diesel, including Audi's Q5, Q7 versions and several Benz editions. Enabled by latest clean diesel and after-treatment technology, the emission in diesel is much cleaner.
The penetration of diesel passenger vehicles in China is not high, as diesel supply in the past was tight. But the situation is different now. With newest clean diesel technology, the oil consumption in diesel vehicles reduced. With the gas vehicle penetration goes higher, the demand of gasoline will go up which will enrich the diesel supply. The diesel supply and quality is no longer a barrier for dieselization in passenger vehicle.
Shanghai will promote diesel taxis in the fourth quarter this year.
6. Now China is promoting electric vehicles in the country, will it be a challenge to your company's long-term development in China?
I prefer not to call it a challenge. We support the promotion of new-energy vehicles and expect more new technologies in this emerging sector. We have the technology and products on the new-energy vehicle sector. At Frankfurt International Motor Show (IAA), we have showcased the latest turbo technologies including electric boosting systems. These new technologies are applicable to vehicles with internal combustion engines as well as advanced powertrains like hybrids and full electrics using fuel cell technology.
7. What opportunities do you think the Belt and Road Initiative provides for your company's further development?
The Chinese government is expected to promote the infrastructure construction to a new level, and we see great opportunities in this initiative. Our business in Central Asia, Middle East and Southeast Asia will also be involved in the construction of Belt and Road initiatives.
8. Economic slowdown pressures have increased in China since the second half of 2014. During the first six months this year, GDP growth has fallen below 7 percent, while deflation pressures have risen in the manufacturing sector. Against this backdrop, what is your forecast for China's economy and what is the business development strategy?
With a total of $10 trillion, China is the world's second largest economy. The GDP growth speed of 7 percent can make a bigger cake than that of a growth speed of 10 percent of an economy with $4 trillion. China's 7 percent GDP growth is still a miracle for several countries.
China is Honeywell's fastest growing market in the world. The concern of fresh air, clean water and food safety has raised greatly in China. Honeywell Turbo Technology is well prepared to provide innovative turbos to help automakers deliver on both power and gas mileage promises.
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