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PANEL DISCUSSION: Reviving China’s Consumption
Economists hoped that the end of the COVID pandemic would get consumers spending and shopping again. Yet the hoped-for post-COVID rebound in consumption has yet to materialize. Policymakers need to boost consumption to get the economic recovery back on track. But in a sluggish market, what can be done to boost consumer confidence? And how can brands retain loyal customers and attract young fans？
Clay Chandler is Fortune’s Asia editor. Based in Hong Kong, Clay oversees Fortune’s editorial operations throughout the region, contributes feature articles, commentary, and news analysis to the magazine and Fortune.com, and leads the Asia- and China-based conferences. Clay writes Eastworld, a twice-weekly newsletter with analysis of developments in Asian business, finance, and technology. Clay returned to Fortune after a six-year stint at McKinsey & Company. He worked previously for Fortune as Asia Editor in Beijing, and before that covered business, economics, and technology in the U.S. and Asia as senior staff writer for the Wall Street Journal and the Washington Post. Clay has lived in Hong Kong, Beijing, Shanghai, and Tokyo, and reported from every major Asian capital. He speaks Mandarin and Japanese, is a graduate of Harvard University and a former fellow of Harvard’s John King Fairbank program on Chinese studies.
Ms. Jasmine Xu joined P&G in 1997 and is currently the Chairman of the Board and CEO of P&G Greater China. Jasmine is P&G's first native Chinese president, representing a proud milestone for P&G and Greater China.
Jasmine has more than 28 years of management experience at Procter & Gamble, spanning 6 categories and 7 brands. She not only has in-depth knowledge of the Greater China market, but also managed P&G in Japan, Korea, India, and Australia.
As a visionary leader in the consumer goods industry, Jasmine has been dedicated to driving category innovation and upgrading, building long-lasting brands and sustainable business model. She has led the team in achieving steady growth across all categories, while maintaining industry leadership in brand building.
As a transformative force in digitalization, Jasmine pioneered the e-commerce, premiumization and digitalization strategies as early as 2015, and has since consistently driven the Company’s digital transformation.
In her role as an organizational builder, Jasmine is committed to fostering a culture of respect and inclusivity, and to developing competitive local talents with global perspectives.
Jasmine graduated from Nanjing University with a bachelor’s degree in economics. She was awarded 2015 China Business Innovation 50 - Marketing Innovator; 2016 China Digital Marketing Influencer Award; 2016 China Innovation Marketing 100 - Marketing Leaders; 2018 Campaign Most Influential Person in Marketing, Asia Pacific; 2021 & 2025 Fortune China's Most Powerful Women; 2023-2025 Forbes China's 100 Power Businesswomen.
David Zhang was appointed Executive Vice President and Executive Board Member of Nestlé Group, and CEO of Zone Greater China, effective from January 01, 2022. Zone Greater China is one of the five geographic zones of Nestlé Group, with 22 factories, 3 R&D centers, 5 product innovation centers and over 23,000 employees, represents CHF 5.4 billion in annual sales as of 2022.
David has worked in the pharmaceutical and FMCG industry for nearly 30 years, which has afforded him with extensive experience in finance, operation, sales, and management.
David started his career in 1995 as an Accounting Manager at Carrier Air-conditioner from 1995 to 1997, and then joined Yusai Cosmetics Ltd. in 1998 as Finance Manager. In 2000, he joined Wyeth as Finance Director of China Mainland & Hong Kong. Since 2009, he was appointed Finance Director of China Mainland & Hong Kong of Pfizer.
In 2012, David jointed Nestlé as Senior Operation Director of Wyeth Nutrition China of Nestlé Group. He was then promoted to Vice President of Grocery Retail Sales of Nestlé Greater China Region in 2015. Since 2017, he was appointed Chief Executive Officer of Shanghai Totole Food Ltd. and Business Executive Officer for Food in Nestlé Greater China.
David holds a bachelor’s degree in Economics from the University of
Shanghai Science and Technology and a master degree of Business Administration at the School of Management, Fudan (Hong Kong) University. He is also a Certified Public Accountant of China and a Fellow of CPA Australia.
David is married and has one son.
