China News Service, Shanghai, November 11 (Gong Hongyu) Since China's "dual carbon" strategic goal was proposed, it has not only led the green transformation of Chinese enterprises, but also reshaped the development layout of foreign enterprises in China.

A few days ago, the 2023th China International Import Expo "<> Foreign-funded Enterprises Integration into Dual Circulation Theme Forum" was held at the National Convention and Exhibition Center (Shanghai), hosted by the International Business News of the Ministry of Commerce and the Tianjin Bureau of Commerce. In an interview with China News Service during the forum, the heads of L'Oreal, Philips and other foreign companies said that China's low-carbon transformation has put forward new requirements for the development of foreign companies in China, and has also brought huge development opportunities.

New opportunities under the "dual carbon" goal

Under the "dual carbon" goal, China's green consumption wave is in the ascendant, and all walks of life are accelerating their integration into the "carbon neutrality map".

Liu Kexin, head of ESG and sustainability at Philips China, told China News Service that in recent years, China's medical industry has been paying more and more attention to sustainability and corporate social responsibility, and there is also a trend of pursuing sustainable consumption in China's consumer market, which is a new trend that is different from before.

"This is a huge opportunity for Philips," said Liu, adding that China's low-carbon transition has paid off Philips' long-term investment in green innovation. Chinese consumers' enthusiasm for and consumption of sustainable products is an "encouragement" for Philips.

L'Oréal North Asia & China's Chief Sustainability Officer, Philip Leung, said that over the past 26 years, L'Oréal has grown with the Chinese market. L'Oréal sees an opportunity in China's beauty market to accelerate the trend of sustainable beauty consumption and the green transition. This also promotes L'Oréal to accelerate the layout of material innovation and promote green transformation.

According to Shang Biao, Director of Fives China, China's low-carbon transition is both a challenge and an opportunity for foreign companies.

"China's technological strength and production capacity are constantly increasing, which poses challenges to the adaptability of our technology, and the market competition is becoming more intense. But at the same time, for Fives, which has been established for more than 200 years, the development of China has also pushed Fives to continue to look for 'disruptive' technological solutions. In the future, Fives will devote 25% of its revenue to R&D to better serve our customers in China, which is an opportunity for us. Shang Biao said.

Resonate with Chinese partners

While integrating into China's "green cause", foreign companies are also working with Chinese partners to seek green development. Executives said that resonating with Chinese partners at the same frequency will bring greater growth opportunities and more investment space to enterprises.

Zhou Zhaolin, vice president and general manager of Milliken Chemical Asia Pacific, told China News Service that Milliken's development in China is not a simple relationship between suppliers and users, but a good partner with Chinese customers. By sharing technology and services with our partners in China, Milliken is able to achieve mutual development and mutual progress.

Leung also mentioned that in recent years, L'Oréal has worked with Chinese business ecosystem partners to promote the development of green innovation, such as working with Chinese logistics partners to reduce the use of plastic in product packaging. This good cooperation has made China a major market for L'Oréal's green and digital economy. In 2019, L'Oréal's Suzhou and Yichang factories achieved carbon neutrality six years ahead of the Group.

"Two-way running" in domestic and foreign markets

As foreign companies continue to increase their investment in green and low-carbon in the Chinese market, the fruits of transformation cultivated in China have also brought confidence and experience to foreign companies in other regional markets.

Zhou Zhaolin mentioned that Milliken's original intention to conduct technology research and development in China is first and foremost based on China's needs, but the results achieved can be shared with other markets through communication with foreign colleagues. This means that good practices in China, Milliken are also shared in other regions, which is a good interaction.

Leung said that L'Oréal's Suzhou and Yichang factories achieved "carbon neutrality" six years ahead of the group, which has encouraged L'Oréal's other markets.

In addition to technical communication, Zhou Zhaolin believes that the development of foreign companies like Milliken in China can enhance overseas understanding of China. Multinational enterprises are one of the important channels connecting countries and people. (ENDS)