The China International Import Expo (CIIE) serves as a gateway for foreign brands to enter China's vast and rapidly evolving market, boosting their competitiveness and fostering innovation, and China's high-demand market drives corporate innovation and self-improvement, said a German consumer goods company's CEO.
Running from November 5 to 10 under the theme of "New Era, Shared Future," the 7th CIIE has attracted participants from 152 countries, regions and international organizations.
Among them, nearly 3,500 exhibitors from 129 countries and regions are taking part in the business exhibition, while a record number of 297 Fortune Global 500 companies and industry leaders are attending the event.
Beiersdorf, the German skin care company with globally leading brands such as NIVEA, has participated in the event six times. In an interview with China Global Television Network (CGTN), the company's CEO Vincent Warnery discussed the Beiersdorf's commitment to research and development in China, noting that the CIIE opens doors to innovation and success for the company.
"We went to the CIIE for the first time four years ago, and in 2021, exactly when we were there for the first time, we introduced Beiersdorf for the first time to the Chinese community. We presented a new ingredient. And today we just got the announcement that it has been regulatory approved. It was really because of the CIIE. And thanks to the CIIE that we had in 2021, we met people, we met regulatory authorities, and we are enabled to discuss and to show the way we were driving innovation to end up with the success. This is what we like about CIIE. It's an opportunity to showcase our innovation power. It's an opportunity to discuss with people and to see also competitors and customers. And this is why we have a strong engagement with the CIIE," said Warnery.
In addition, the CEO highlighted how China's high-demand market has become a driving force behind the company's continuous innovation and self-improvement.
"It's the most important market. This is a market where if you are not successful, you will never be successful globally. But this is also a very demanding market. The first time I went to Shanghai was 20 years ago and I saw clearly the evolution of consumer expectation. They are becoming more and more demanding. They are no longer just buying brands. They want to have brands with the content, with the right formula, the right ingredients, and the right products. And this is forcing us to raise the bar, forcing us to be competitive, to come with the newest ingredient and the newest innovation in order to be sure that Chinese consumers buy your products, buy your brands, and stay loyal to our brands," said Warnery.
For foreign companies like Beiersdorf, competition with local Chinese brands has become increasingly intense, as these domestic brands grow rapidly and gain increasing popularity among Chinese consumers in recent years. Warnery believes such competition can motivate their company to innovate more effectively.
"We knew that there was obviously a risk that China is so quick at growing and is becoming more and more modern. So you knew it would happen, but we were not expecting it to come so quickly. It's a way and it's good because it's forcing us to raise the bar. We are among the not many global skincare companies that can do that—being really at the heads of innovation, coming with new ingredients, coming with new formula, and being sure that we offer a difference versus local brands. Because if you come, you just offer a 'me too' copy of the local brands. Why would Chinese consumers take the global brand? That's good for us. It’s a challenge, but it’s good for us, for innovation power, for R and D (Research and Development) organization to be sure that we are ahead of local brands," he said.
As the world's first national-level import-themed expo, the CIIE is held annually at the National Exhibition and Convention Center in Shanghai.
Since its first edition in 2018, this expo has become an important stage spotlighting China's new development paradigm, a platform for high-level opening-up and a public good for the whole world.
China's high-demand market drives corporate innovation, self-improvement: German CEO
