MNCs debut new products at trade show
A rising number of multinational companies chose to debut their new products and solutions first in the country at the fourth China International Import Expo that ended earlier this month, as they look highly upon the spillover effect of the Chinese market for greater growth.
"The huge spillover effect of the CIIE allows us to witness how the company's exhibits turn into commodities and then into bestsellers in the Chinese market," said Kentaro Fujiwara, CEO of cosmetics giant Shiseido China.
Fujiwara said Shiseido debuted three high-end brands-The Ginza, Baum and Effectim-at last year's CIIE and these brands were able to quickly enter the China market this year. Thanks to the enduring impact of the CIIE, The Ginza also opened its first exclusive shop in Beijing and a boutique in Shanghai. Both are the first of their kind outside of Japan and duty-free channels, he said.
"New products, categories and technologies will continue to emerge from or be introduced to the market. The China market is extremely large, meaning that each new emerging category or niche will have a large enough target audience who are willing to try something new," he said.
At this year's expo, the company launched the international debuts of two new technologies, second skin and 3-D internal skin elasticity imaging technologies, as well as a new ingestible beauty brand.
"We are confident that what we did in the Chinese market will have a big impact on the success of the brand after its official launch in China next year, and will allow more consumers to discover and build trust with the brand," Fujiwara said.
The CIIE Bureau said during this year's trade event, a total of 422 new products, technologies and services debuted, covering sectors such as consumption, technology and healthcare.
Industry experts said COVID-19-related uncertainties and impeded globalization will darken the growth prospects of emerging markets. Therefore, the great potential of the China market will drive the growth of several foreign companies.
"The rapid growth of the Chinese market has produced a strong spillover effect on the world. China's sound economic growth and market vitality injected impetus to the world economic recovery," said Bruno Chevot, a member of Danone's executive committee and president of Danone Greater China and Oceania.
Danone, a food and beverage conglomerate, debuted more than 30 types of new products in the Chinese market over the past editions of the CIIE.
"For Danone, the CIIE is true to its name, a birthplace of important products for foreign companies, where we are able to bring some of the most advanced products and solutions to the market," Chevot said.
Multinational drug giant Astra-Zeneca said it will promote pilot cooperation on innovative antitumor drugs and the introduction of novel cancer drugs from the world into China soon.
"Not only do we see great potential of bringing advanced technologies and products into the Chinese market, but also huge innovative prowess is being nurtured and developed in the country," said Leon Wang, executive vice-president of AstraZeneca.