The eighth China International Import Expo, which kicked off yesterday, provides European companies with the best perspective to observe and integrate into the country, whether it's the rise of a new generation of consumers or investment opportunities in emerging industries, according to multiple executives.

China is one of Hennessy's most important markets and the primary driver of sales for the cognac maker's premium product line, Chief Executive and President Charles Delapalme told Yicai. The diversification of the country's consumer market presents development opportunities for multinational firms, especially as the new younger generation of consumers is rapidly rising, he added.

As a consumer brand, Hennessy must immerse itself in these young people's social spaces and observe their consumption habits and needs, Delapalme noted. The company has increased its investment in Chinese e-commerce channels and launched product lines that incorporate local cultural elements in recent years, he pointed out.

The six-day CIIE is a gateway for the world economy to enter China and an important bridge for the nation to connect with the world, noted Nicolas Hieronimus, chief executive officer of L'Oréal Group. The French cosmetic giant has increased investment in the Chinese market in recent years, particularly in the field of tech beauty, he added.

At this year's CIIE, L'Oréal China will unveil the Joint Laboratory of Dermatological Science with Huashan Hospital, which is affiliated with Shanghai's Fudan University, enabling clinical research results to be quickly transformed into innovative beauty products, Hieronimus pointed out.

The CIIE has "pressed the fast-forward button" for Bayer's innovative products to enter the Chinese market, said Zhang Lei, vice president of communications at Bayer China and Northeast Asia. "Over the past seven years, the company has incubated 14 'CIIE babies.'"

Bayer's MEDRAD Stellant D-CE high-pressure injection system and accessories that are on display at this year's CIIE were exhibited with an import certificate in 2021. The product received a domestic medical device registration certificate in June, while the firm's Beijing plant was awarded a medical device good manufacturing practices certificate, marking a key milestone for its localized production of medical devices.

"Over the past eight years, Sanofi has never been absent from the CIIE and has witnessed how China's doors have opened wider and wider," said Shi Wang, president of the French healthcare company's country arm. At this year's trade fair, the firm will make the global debut of two major novel cardiovascular drugs, Aficamten tablets and Plozasiran injection, Shi noted.

This year marks the 30th anniversary of Sanofi's localized production layout in China, CEO Paul Hudson noted. In addition, the company plans to build a new insulin factory in Beijing to strengthen the resilience of the local supply chain and better serve Chinese patients, he added.

Frank Nopper, mayor of Stuttgart, led representatives from several German companies to visit the CIIE this year, noting that the event provides a platform for German companies and products to understand and accelerate their entry into the Chinese market.

Germany has advanced automotive manufacturing technology, such as Bosch Group from Stuttgart, but also advanced medical equipment that can provide solutions for China's massive health consumption market, Nopper pointed out.

The sports medicine and medical rehabilitation market in China has enormous potential, providing development opportunities for companies like medical device maker Meidrix, CEO Michaela Noll said to Yicai, adding that the company looks forward to introducing more products to the Chinese market through the CIIE and helping more local patients understand cartilage regeneration tech.

Meidrix was invested in by Chinese dermatological products manufacturer Midex in 2018, which introduced one of the German firm's collagen regeneration products to China.

The CIIE is a mirror reflecting the direction of the economy, Roland Bleinroth, president of Messe Stuttgart, told Yicai. Multinational companies see opportunities for China's economic development and gain insights into consumption evolution trends at the fair, he said.

The clearest signal conveyed by China at the CIIE's opening ceremony yesterday was that openness is a win-win situation, and the country will continue to be an investment destination for many German companies, according to Bleinroth.

Bilateral investment between China and Germany remains active, Bleinroth noted. Many Chinese companies have entered European markets through buying German firms in recent years, while some German companies have quickly localized in China after such acquisitions, he said, adding that the trend of bilateral investment will continue in the long term under the effect of the CIIE.

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Launched in August 2016, Yicai Global is the English-language news service of Yicai Media Group, the financial news arm of Shanghai Media Group, which is one of China's largest state-owned media conglomerates. Focused primarily on China's business world, Yicai Global is dedicated to provide reliable and insightful information and analysis of the economy, finance, tech, startups, and entrepreneurs.

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