Reported by Li Yinong, 21st Century Business Herald (Southern Finance), with intern Tang Kun, Shanghai Correspondence

The 8th China International Import Expo (CIIE), which lasted for six days, officially concluded on November 10. According to the closing press briefing hosted by the event organizing committee, this edition of CIIE saw active transactions, with the intended turnover reaching ‌83.49 billion US dollars‌ calculated on a one-year basis, marking a 4.4% year-on-year increase and hitting a new all-time high.

 

At the critical juncture wrapping up the 14th Five-Year Plan and ushering in the 15th Five-Year Plan, the 8th CIIE is far more than a grand trading event for goods and services — it serves as a key window for the world to further understand China. Foreign-funded enterprises are looking forward to continuing to share China's development opportunities throughout the 15th Five-Year Plan period.

 

In an exclusive interview with Southern Finance, Luo Xiaoli, Executive Vice President of Otis Global and President of Otis Greater China, pointed out: "Against the backdrop of the 15th Five-Year Plan proposals, we see the Chinese government continuously advancing high-quality growth, with a strategic focus on smart cities, digitalization and urban renewal. This brings tremendous development opportunities for us."

 

She noted that Otis is closely aligning with national strategic directions and continuously scaling up innovation and investment in China. "We hope to contribute more to China's urban renewal and sustainable development through technological innovation and local R&D, making high-quality vertical mobility an integral part of people's better lives."

 

CIIE Helps Otis Connect with Stakeholders Across Sectors

Southern Finance: What does CIIE mean to Otis? How does it influence your global growth?

 

Luo Xiaoli: For us, CIIE is one of the largest government-hosted exhibitions. In fact, we have always been an active participant in CIIE. By 2025, it will be our fourth time participating in the expo, following three consecutive years of attendance. We have witnessed the remarkable expansion of CIIE's scale and influence, which fully demonstrates widespread confidence in China's economic growth. Our work at CIIE has been extremely inspiring, as we use this platform to showcase the latest innovations independently developed by our local Chinese team. These innovations not only serve the Chinese market, but also benefit customers worldwide. This year, for the first time, we also invited customers from outside mainland China to join us at the expo.

 

Overall, we believe CIIE is an excellent platform that enables us to connect with all stakeholders — regulators, clients, employees, various channel partners, and even the general public. Through this platform, they can gain deeper insights into how we contribute to China's high-quality development through innovation and technology.

 

Southern Finance: What are the highlights of Otis' presence at this year's CIIE? Are there any products or solutions specifically designed for the Chinese market?

 

Luo Xiaoli: We are very excited about what we are showcasing at this year's CIIE. In particular, we are bringing the upgraded Gen3 series elevators — which we call ‌Gen3 Comfort‌. This product will make its global debut at this edition of CIIE. It is primarily designed for the modernization and renovation of elevators in old residential buildings, suitable for all types of residential properties. Its design fully aligns with the Chinese government's guidelines for high-quality housing, with a strong focus on green development, sustainability, digitalization, while prioritizing safety and comfort. Key features of this elevator include senior-friendly designs, child-friendly functions, and thoughtful considerations for families with pets.

 

From a technical perspective, every Gen3 Comfort elevator is IoT-enabled and equipped with the Otis One intelligent solution. It also features a regenerative drive system, which can help property managers save up to 70% of energy during operation. All in all, the Gen3 Comfort elevator is highly tailored to household needs, technologically advanced, and green and energy-efficient. This is one of our core highlights at this year's expo.

 

At the same time, we are launching a series of AI-powered solutions, including AI service robots and AI elevators. The AI elevator is essentially a digital elevator butler with three distinct intelligent roles. Building administrators or maintenance technicians can access real-time elevator operation data through the AI agent; passengers can also use the AI agent as a personal service assistant for a smarter mobility experience.

 

Finally, we are showcasing the ‌Smart Cab Tool‌ at this year's CIIE — a breakthrough innovation fully upgraded in 2025. It completely revolutionizes the riding experience, allowing passengers to freely customize the interior design of the elevator cabin through lighting, visual and aesthetic effects, making the entire vertical mobility process more pleasant and comfortable.

 

Shanghai is Otis' Global Innovation Engine

Southern Finance: Otis' largest global R&D center is located in Shanghai. Why did you choose Shanghai? Could you share one innovation from this center and how it has been applied globally?

 

Luo Xiaoli: Our largest global R&D center in Shanghai fully demonstrates Otis' confidence and commitment to China — we have full faith in China's complete digital ecosystem, which places high emphasis on innovation, especially digital development. In addition, we have noticed that Shanghai has a rich and vibrant pool of talent, providing strong support for our R&D center. The R&D team at this leading design center focuses on digital intelligent solutions.

 

We believe China is the ideal place to showcase and launch our digital and sustainable innovations. One innovation I can share is the ‌Otis One‌ IoT intelligent service system developed by our team. This solution combines artificial intelligence and machine learning technologies, enabling our team to read and analyze elevator control system data, so as to provide more transparent, proactive and predictable information for customers and our field engineers. This innovation helps improve elevator uptime and reduce service callouts and downtime. It was led and vigorously promoted by our global R&D center in Shanghai, and has now been practically applied in many regions around the world.

 

Southern Finance: Has the Chinese government introduced relevant policies to support your investment in China?

 

Luo Xiaoli: I think China is evolving very rapidly, and we are proud of that. Over the past four decades, I have not only been a witness to China's urbanization process, but also a participant. At present, China is vigorously promoting high-quality development, with a focus on sustainable development, smart cities, digitalization and urban renewal — all of which are highly aligned with Otis' strategic goals.

 

I would like to specifically talk about urban renewal. If we look at China's elevator market, there are more than 10 million elevators in operation, close to 11 million units. Among them, over 1 million units have been in use for more than 15 years. Just like cars or home appliances, when they exceed their service life, they need to be renewed or renovated — not only for safety reasons, but also to improve performance and efficiency.

 

What is very encouraging for us is that the government is vigorously promoting high-quality development centered on modernization and renovation, with key support for the renewal and transformation of old elevators in residential buildings. Last year, the government launched a long-term national treasury bond program, providing subsidies for residential communities to renovate old elevator equipment. This has brought huge market opportunities, which explains why we continue to increase our investment in China.

 

Driven by government subsidy policies, Otis, as a leader in the elevator industry, has the responsibility and capability to provide elevator solutions that better meet the needs of this market segment — especially in the residential sector, focusing on senior-friendly and child-friendly designs, enhancing accessibility features, while integrating sustainability and green attributes. These truly meet the requirements of high-quality housing — good elevators make good residences, and high-quality residences contribute to a better life. This is exactly the direction we are working toward, and it is highly consistent with the development concepts currently advocated by the Chinese government.

 

Southern Finance: China has launched the "trade-in" policy to boost consumption upgrading and promote green development. How has this policy impacted Otis' business?

 

Luo Xiaoli: The trade-in policy is one of the "Two New" policies launched by the Chinese government in the second half of last year. We expect that about 100,000 elevators, or even more than 100,000 units, will receive renovation approvals this year. Otis has performed very well in this area, providing solutions to help replace old elevators that have been in use for more than 15 years, with coverage across multiple cities and communities. Therefore, this is a key growth area for us to focus on developing.

 

The Greater Bay Area Boasts Tremendous Development Potential

Southern Finance: The Guangdong-Hong Kong-Macao Greater Bay Area is a key growth region in China. How do you view its development potential? Will Otis increase investment in this region?

 

Luo Xiaoli: Yes, if we look at Otis' development layout, we just established the Greater China business division earlier this year. The timing is very appropriate, allowing us to systematically consider how to integrate resources and drive regional growth, especially in the Greater Bay Area. Because we see tremendous development potential, our key focus areas include urban renewal solutions and digital transformation-related businesses in the GBA.

 

Southern Finance: Looking ahead to the 15th Five-Year Plan, what is Otis' development strategy in China?

 

Luo Xiaoli: Aligned with the 15th Five-Year Plan proposals, we see the Chinese government continuously advancing high-quality growth, with a focus on smart cities, digitalization and urban renewal. Otis will continue to increase investment, launch innovative products that fit these directions, especially in the areas of residential building modernization and old neighborhood renewal.

 

At the same time, urban renewal also means the upgrading of public facilities, such as subways and infrastructure construction. Otis has already achieved remarkable results in this field — we have completed modernization renovation for landmark projects including the Oriental Pearl TV Tower and the Lujiazui Circular Skywalk in Shanghai, and launched high-quality renewal solutions that can effectively reduce downtime and minimize disruption to users, especially suitable for commercial buildings.

 

In the future, we will continue to focus on investment, providing more cost-effective and sustainable solutions to serve China's urban renewal process. At the same time, we will integrate the concept of sustainable development into our standard product system, making green, energy-saving and intelligent solutions the "standard configuration" for our customers, and contributing to China's high-quality development.

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