Foreign funded enterprises in China use innovation to promote 'in China, for the world'

After disembarking from Pudong Airport in the early morning, Barbara Ravenno, Vice CEO of L'Oreal Group's Global R&D, Innovation, and Technology Affairs, spent a tense week in Shanghai. She delved into the research and development progress of the Chinese team at the Innovation R&D Center in Jinqiao, met with the Chinese youth science and technology innovation enterprise team, and examined the next investment plan as an investor.

Signed a strategic cooperation agreement with Chinese innovative biotechnology company Wuming Shiguang to jointly develop innovative bioactive substances and promote their large-scale production; L'Oreal has partnered with Kaihui Fund and Jing'an District in Shanghai to establish the "Kaihui Creative Beauty Future Fund", focusing on investing in beauty brands and related enterprises in the growth stage... Since the beginning of this year, L'Oreal has frequently focused on innovation in China.

In Barbara Ravenno's view, to truly achieve innovation "in China and for the world", it is not only for multinational corporations to continuously increase investment and promote research and development achievements originating from China to the world, but more importantly, to establish an "innovation ecosystem" where Chinese and foreign enterprises grow together in China.

Innovating for China and bringing innovation to the world is becoming the choice of many foreign-funded companies.

In China, we can better understand the Chinese market and develop together with enterprises in the industrial chain. At the same time, in China, we can innovate better for China and the world, "said Tang Bo, Chief Sales Officer and Executive Committee member of ebm papst Group from Germany. The group has recently launched a cooling and ventilation product developed to meet the needs of the Chinese market, which has been well received by the global market. Now, the Hungarian factory is also producing this product to meet the needs of global customers together with the Chinese factory.

As a foreign-funded enterprise in the industrial field, the products sold by ebm papst group in China have reached a localization rate of nearly 90%. These products that better understand the Chinese market have been welcomed by local enterprises and many have even gone global.

China is our largest market outside of Germany, "said Tang Bo. In recent years, the ebm papst group has continuously increased its investment in China, with a total investment of up to 500 million yuan in the expansion project of the third phase of the Xi'an factory. After completion this year, it will become the company's largest production and manufacturing base in the world.

Innovating with Chinese speed is the choice of Japanese food brand Meiji. Meiji is making every effort to promote local development, local production, and the strengthening of the local talent system in China, with a strategic combination of high added value and technological innovation, to better cultivate the Chinese market, "said Senkeshi, Chairman of Meiji (China) Investment Co., Ltd.

The changes in the Chinese market are very fast, and it is not enough to work at the speed of Japan. Therefore, we are striving at the speed of China, "said Changsen Keshi. Based on the product development center in Shanghai, Meiji is improving the speed of launching new products in China." Especially under the promotion of China's debut economy, we hope that more new products can be launched globally in the Chinese market in the future, and we look forward to the Chinese market becoming the core driving force for Meiji's new product development and consumption trend verification.

In order to support further innovation of foreign-funded enterprises in China, Shanghai formulated and issued the "Several Measures to Support the Upgrading of Regional Headquarters of Multinational Companies in Shanghai" in February this year, encouraging headquarters to gather functions such as research and development innovation, financial management, investment decision-making, procurement and distribution, supply chain management, and shared services, and become multifunctional headquarters. The Chinese Ministry of Commerce recently issued a document supporting foreign investment projects in the fields of integrated circuits, biomedicine, and high-end equipment manufacturing in national level economic development zones to be prioritized for inclusion in the list of major and key foreign investment projects.

It is reported that from January to April this year, 18832 foreign-invested enterprises were newly established nationwide, a year-on-year increase of 12.1%, and foreign-funded enterprises accelerated their strategic layout in China. Bai Ming, a member of the Academic Degrees Committee of the Research Institute of the Ministry of Commerce, said that this data fully demonstrates that foreign businesses still have a positive outlook on China and are committed to co creating and win-win cooperation with China.