As China intensifies efforts to foster domestic demand and stimulate consumption-led growth, multinational corporations find themselves at a pivotal moment, uniquely positioned to capitalize on the opportunities that arise from this transformative phase. A closer look at how these companies are adapting to China's renewed high-standard opening-up policies and embracing the latest trends in technological innovation reveals a marketplace that increasingly prioritizes quality development and upgraded consumption.

Driving domestic consumption stands out as a primary goal for China's economic strategy this year. With an emphasis on consumption-led development, businesses are asked to consider how to adapt their products and services to meet the evolving domestic demand and the shifting preferences of consumers.

According to Chen, a representative from Syensqo, China is on the cusp of a transformative era influenced by consumption-led development. With projections indicating that China will account for over half of the world’s chemical production, this environment presents ample growth potential for Syensqo, a company specializing in chemical solutions.

To align with these market dynamics and respond to changing domestic demand, Syensqo is implementing a new regional strategy focused on localization and collaboration with local entities. This strategy aims to sharpen its regional focus for product design and delivery tailored specifically for the Chinese market, promoting swifter decision-making, enhanced local empowerment, and greater responsiveness to customer demands.

Established in Shanghai, with six industrial sites across China and a major research and investment center that is the largest in Asia, Syensqo is positioned to leverage local insights to adapt to consumer preferences and contribute to the country's consumption-led growth.

Xia from Evonik highlights that China's upgrade in consumption isn't just increasing market volume; it's also raising industry standards. As a global chemical firm based in Germany, Evonik develops products that serve as integral components across various sectors, benefiting from the expansion of market capacity.

Evonik identifies significant potential in the rising demand for high-quality raw materials across multiple sectors, including healthcare, cosmetics, advanced manufacturing, and sustainable mobility. For example, their advanced materials for electric vehicle batteries enhance performance while bio-based ingredients for cosmetics resonate with consumers’ increasing demand for safety, sustainability, and premium quality.

Localization is central to Evonik's strategy, which encompasses the establishment of joint development labs and strategic R&D collaborations in China for sectors like battery materials and personal care products. Such partnerships encourage innovation and market application, creating value for both Evonik and China's domestic industries.

Machado from Suzano underscores that China's commitment to domestic consumption benefits not only its economy but also international industries. Suzano responds by sharpening its focus on product quality and sustainability, aligning with the expectations of Chinese consumers for environmentally responsible solutions.

Their Shanghai-based innovation hub epitomizes this dual focus, working on the development of innovative bio-based materials with a minimal carbon footprint. Notably, their FSC-certified pulp products are empowering manufacturers to create sustainable, high-quality tissue products, resonating with the eco-conscious preferences of Chinese consumers.

Zhao from Astellas emphasizes the firm's unwavering commitment to a 'in China, for China' strategy, delivering innovative medicinal solutions since its entry into the mainland market in 1994. As one of Astellas' prioritized markets, China is integral to its clinical research and development initiatives, exemplified by the rapid approval of groundbreaking therapies aimed at treating gastric cancer.