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Canon pictures revenue growth

CANON Inc's revenue in China will grow 20 percent year on year in 2009, despite the global financial crisis, and the Japanese-based firm aims to focus on consumer electronics such as digital cameras, Canon said yesterday in Beijing.

"It may have been the most difficult year in the past 100 years, but China is still an energetic market with huge opportunities. We believe Canon China's business will contribute a lot to our global business," said Hideki Ozawa, Canon China's president and chief executive.

Canon will launch more products, establish more after-sales service outlets in China and develop new income sources, Ozawa said.

During the conference in Beijing, Canon launched 17 new models, including water-proof cameras, family-use video recorders and high-definition projectors.

Canon China's revenue, which surpassed US$1 bilion in 2007,? is expected to hit US$10 billion in 2017, the world's No. 1 camera maker said last year.

In the past 10 years, Canon China's average annual growth was more than 30 percent.

The slumping economy has deterred demand for all electronic gadgets worldwide, from digital cameras, mobile phones to laptops.

Companies focus on the domestic market when overseas demand decreases, industry insiders said.

In 2008, digital camera exports were valued at US$7.33 billion, a 5.6-percent drop compared with the previous year, according to the Ministry of Industry and Information Technology.

In the domestic market, Canon competes with rivals such as Sony and Nikon.

In the first half of 2008, 4.94 million digital cameras were sold in China, for 31 percent growth year on year.



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