Top executives from major European multinationals recently reaffirmed their commitment to aligning with China's development priorities by leveraging Shanghai's unique strengths in talent and innovation. During interviews, these leaders underscored their dedication to ongoing investments in China, highlighting the strategic significance of the Chinese market.

Det Norske Veritas (DNV), a globally recognized shipping certification and classification organization, has taken a leading role in this collaborative effort. The company is pioneering initiatives aimed at establishing smart centers focused on artificial intelligence development, engaging in over 30 joint projects with local partners each year.

With a history dating back to 1864 in Norway, DNV relocated its regional headquarters to Shanghai in 2000 and currently employs more than 1,200 professionals there. Impressively, of the 80,000 certifications issued by DNV worldwide, 6,000 have been designated specifically for China.

Norbert Kray, the chairman of DNV China, emphasized the significant transformative trends occurring within the maritime industry, including decarbonization, digitalization, and cybersecurity. He remarked, 'China, as the world's biggest shipbuilder and shipowner, represents the most crucial market for DNV's maritime operations.'

In a proactive response to support China's growing shipbuilding sector, DNV announced plans to hire an additional 100 ship surveyors in the upcoming year, particularly those skilled in data analytics and artificial intelligence. This recruitment effort reflects the company's commitment to investing in new technologies and building collaborations with shipyards and energy providers to enhance its presence in Shanghai, a market ripe for growth.

European cosmetic giant L'Oreal is similarly strengthening its connections with local biotech firms and technology start-ups to meet the changing preferences of Chinese consumers. Xavier Blin, the director of L'Oreal Research & Innovation China, emphasized the company's innovative strategies in product development that leverage China's dynamic market environment.

Blin noted that China houses one of the world's most discerning consumer segments when it comes to beauty products, revealing significant consumption potential. As L'Oreal celebrates the 20th anniversary of its research center in China, the company has set an ambitious target to reach 150 million consumers by 2030, aiming at diverse demographics, including Generation Z, seniors, and male consumers.

Highlighting the advanced capabilities of the R&D center in China, Blin stated that its facilities rival those in France. The center has conducted extensive research into the skin and hair characteristics of Chinese individuals, resulting in the creation of over 300 new product formulas tailored to local consumers and the filing of 81 invention patents.

"China has clearly transformed itself from a center for adaptive innovation to a genuine hub of innovation creation," Blin concluded.

This article was contributed by Gu Yingjie.