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October 25, 2021

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China’s consumption market a boon for companies

From introducing imported products to China in the early years, adjusting the product formulation to meet Chinese consumers’ needs, to the current export of goods made in Chinese factories, the changes by P&G testify to the development of China’s consumption market.

The potential of China’s consumption market has created unlimited opportunities for the enterprise, Jasmine Xu, chairman of the board and chief executive officer of P&G Greater China, told a summit in Tianjin City last week.

The Haihe International Consumption Summit highlighted new opportunities for international consumption under the “dual circulation” development pattern, as China builds a new development paradigm where domestic and overseas markets reinforce each other, with the domestic market as the mainstay.

In July, the State Council approved Shanghai, Beijing, Guangzhou, Tianjin and Chongqing to take the lead in building international consumption center cities. The five cities recently unveiled a series of measures and will carry out specific projects to become international consumption center cities.

Ian McGarrigle, founder and chairman of the World Retail Congress, said via video, “I believe China will be able to leverage the fundamental role of domestic consumption in economic development and foster a more robust and domestic market to boost growth at home and create more room for global growth.”

With a 1.4-billion population, including a middle-income group of over 400 million that keeps expanding, China offers a supersized market and will create more new opportunities for global consumption markets, commerce minister Wang Wentao said at the summit.

Currently, Chinese consumption market features high quality, putting more emphasis on individuality. “China is one of the largest and most sophisticated consumer markets in the world, and we are very committed to China and its consumers. We are investing to improve and expand our operations and we are investing in innovative new products and services. All with a view to meeting Chinese consumers’ desire to have a better life,” said David Taylor, chairman of the board, president and CEO of P&G.


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