Editor's note: With the annual sessions of the National People's Congress and the National Committee of the Chinese People's Political Consultative Conference ending with a call to adapt to "new normal", chinadaily.com.cn sat down with global business leaders to get their views on the reform process and lowering of the growth target.

Here are the excerpts of Chen Yudong, President of Bosch (China) Investment Ltd.

Chen Yudong

What impressed you the most about the annual Government Work Report released during the ongoing two sessions of China's top legislative and advisory bodies in Beijing? What do you think was the most important issue raised by the government in this report compared with the previous sessions?

When talking about the transforming government's function, the essential point is that government has the power to govern, but it should not be overused or abused. This statement shows the government's determination in governing the country with legislation and further simplifying the process.

In the Government Work Report, Premier Li Keqiang said that the nation's economic growth rate would be adjusted to 7 percent. Do you think your company should adjust its development strategy in China?

I don't see the necessity to adjust our strategy here in China. In fact, Bosch see itself an international company with deep roots in China and our mutual growth together with the country is our primary target. Bosch's unique ownership structure allows us a long term view and planning in the country to ensure sustainable development. We are striving for deepening the localization strategy and improving agility and productivity to face the volatility in the external environment.

Amid the global economic slowdown, especially in developed economies, and China's economic adjustment, what is your greatest concern about your company's operations in China?

The biggest challenge remains the availability of qualified and skilled labor, especially qualified industrial workers and engineers. Like most of the international manufacturer, we always feel pressure to recruit enough qualified talents to cope with the growth demand in China.

Which aspect of China's social and economic reforms should be improved in order to enhance the investment environment to attract more foreign companies?

Legislation and an open market are the two major aspects that we as an international company expect from the government.

On the one hand, we expect legislature to be improved and the implementation of policies to be enhanced. On the other, we anticipate the market will be even more open, so that foreign companies like Bosch as contributors to Chinese economic growth will be equally treated

Do you think your company will develop faster in China than the previous year in terms of growth rate or market penetration?

People now are used to describing Chinese economy with the words "New Normal" which also applies to the company's business development in China. After a robust growth in the past decade (compound yearly growth above 20%), we foresee a relatively modest growth, but we are confident to maintain Bosch's growth in China faster than market average.