The 2024 China International Fair for Trade in Services (CIFTIS) commenced on Thursday, showcasing China's determination to further open up to the world and its willingness to share the dividends of its growth. The event witnessed enthusiastic attendance from countries around the world, offering a strong rebuttal to the decoupling efforts by some politicians in the West, analysts said. 

Chinese President Xi Jinping on Thursday sent a congratulatory letter to the 2024 CIFTIS. Xi pointed out that CIFTIS, having been successfully held for 10 years, is a vivid portrayal of the high-quality development of China's services industry and services trade, making positive contributions to the building of an open world economy.

On Thursday, the China National Convention Center and Shougang Park in Beijing were crowded with exhibitors and visitors from around the world, with displays featuring exhibits ranging from artificial intelligence (AI)-powered surgical robots and passenger drones to hydrogen fuel motorbikes, giving the event a tech-driven, futuristic feel, the Global Times observed.

Together with the China Import and Export Fair and the China International Import Expo, which will be held later this year, the CIFTIS underlined China's commitment to opening up its services sector and sharing its vast market potential with the world, Chinese analysts said.

Paulo Jorge Nascimento, Portuguese Ambassador to China, told the Global Times on Thursday that Portugal, having a keen interest in expanding the services trade, has been following CIFTIS for a long time and "now we think it is the right time to set up our first independent booth as the two countries celebrate the 45th anniversary of diplomatic relations."

The ambassador said that with trade in goods dominating bilateral trade currently, "there is a huge space to increase trade in services between the two countries."

Companies and exhibitors expressed optimism about leveraging China's rapidly growing services sector and benefiting from the country's innovation-driven growth. 

A long list of Global 500 firms, including Tesla, Siemens and Amazon, attended the event, which runs from September 12 to 16.

A resolution adopted by the third plenary session of the 20th Central Committee of the Communist Party of China (CPC) in July called for adopting innovative measures to boost trade in services, and fully apply the "negative list" for cross-border trade in services.

China's determination to further open up its services sector has resonated well with global companies. 

"The world is quite complicated today, and we see stability in China. The recent string of Chinese government policies aimed at further opening up add predictability for us. As a result, we are making plans to further increase our reach in the Chinese market," Wu Haifeng, general manager of Greater China with Norway-based industrial software company Kongsberg Digital AS, told the Global Times on Thursday.

"CIFTIS has significant global influence, as it is currently the world's only national-level, international, and comprehensive platform for services trade. With China recently introducing new measures to further open up its services sector, this year's event is expected to be a key highlight," Huo Jianguo, vice chairman of the China Society for World Trade Organization Studies in Beijing, told the Global Times on Thursday.

Unlike certain Western politicians pushing for "decoupling" with China in some areas, multinational corporations prioritize investment opportunities and returns, Huo said.

With China's economy still growing at around 5 percent and its emerging industries showing strong vitality, companies won't be passing up investment opportunities in China. "In fact, they're rushing in, worried that other countries might snap up opportunities first. While US-led decoupling efforts may cause some external disturbances, the key lies in the resilience of China's own economic growth and its promising prospects," Huo noted.

The National Development and Reform Commission, China's top economic planner, said on Sunday that it will work with other government agencies to further advance the opening-up of the services sector.

Former European Central Bank chief and Italian prime minister Mario Draghi presented a report at a news conference in Brussels on Monday, titled "The Future of European Competitiveness." In the report, he calls for EU to "radically change." However, is the "prescription," offered by Draghi amid the EU's extreme anxiety over declining competitiveness, really what Europe needs?

The report's main concern is Europe's declining competitiveness. Europe is facing an unprecedented dilemma now, with sluggish economic growth, declining industrial competitiveness, high unemployment, and low business confidence. As a result, Europe has begun to explore various "prescriptions" for its challenges.

In the 69-page "Draghi's Report," China is mentioned in 25 pages. The report points out that "the EU's competitiveness is currently being squeezed from two sides. On the one side, EU companies are facing weaker foreign demand - especially from China - and rising competitive pressures from Chinese companies." In April, Draghi specifically condemned China for "threatening to undercut" Europe's industrial base by "attempting to capture and internalize all parts of the supply chain in green and advanced technologies."

"Draghi's Report" reflects Europe's overall anxiety. Understandably, Europe is seeking a way out of its current predicament. However, this solution should not involve position China as a target obstructing European development, nor should it come at the expense of China-EU relations. If the EU resorts to such an approach, it would not only fail to help Europe overcome its challenges but could even exacerbate its problems.

Europe's current economic difficulties reveal deep-seated structural defects. In the face of intense market competition, European companies are struggling to transform and adapt to new economic and technological developments, putting them at a distinct disadvantage in the global market. In this context, as China has made significant strides in emerging fields like renewable energy, some European viewpoints, with added pressure from the US, perceive the normal market relationship with China as excessive dependency and risk.

However, this perspective not only obscures Europe's own problems but also conflates competitiveness issues with complex geopolitical games, deepening Europe's economic predicament.

As a matter of fact, China and Europe share deep mutual interests in economic and trade relations, global governance, and politics. Despite their differences, the China-EU relationship enjoys strong endogenous driving force and bright prospects of development. The essence of China-EU cooperation lies in complementary advantages and mutual benefits. China can support Europe in the development of new energy, helping address the bottlenecks Europe faces. 

The decline in competitiveness acts like an invisible net, making it difficult for Europe to compete globally. The more anxious Europe becomes, the more clear-minded it should strive to maintain. A simplistic pursuit of protectionism, as the US and EU are currently doing, cannot address the fundamental, deep-seated issues facing Europe. The EU should resolve trade frictions with China through dialogue and consultation, taking into account each other's legitimate concerns, while avoiding retaliatory trade conflicts and preventing a lose-lose situation. Only by doing so can the EU enhance its competitiveness. Europe's "prescription" should not focus on exaggerating how China has "squeezed" Europe's survival space; instead, it should concentrate on fixing its own structural defects.

US legislation barring new drones made by Chinese technology firm DJI in the US “not only undermines American interests but also harms the very industry Congress intends to support,” a DJI spokesperson said in a statement sent to the Global Times on Wednesday.

The US House of Representatives approved on Monday local time a bill to ban the operation of new models of DJI drones in the US. 

With less than two months to go before the US’ 2024 presidential and congressional elections, the world’s leading drone maker has become a new target as US lawmakers prepare to introduce up to 28 bills this week targeting China, in what has been dubbed "China Week."

“While it’s disheartening to see public policy discussions once again being swayed by political considerations rather than facts, DJI remains committed to actively engaging with lawmakers to dispel misconceptions about our brand,” the DJI statement reads.

DJI drones are utilized by the US’ federal agencies, local law enforcement, and emergency response teams to keep the communities safe and save lives in the US, the spokesperson said.

The use of DJI drones has also enabled the growth of small businesses in sectors ranging from real estate to agriculture and transport. All of these sectors rely on access to DJI drone technology to support operations, DJI spokesperson stated. 

“Legislation that restricts US drone operators' ability to purchase and use the right equipment for their work, based solely on the equipment's country of origin, not only undermines American interests but also harms the very industry Congress intends to support,” the spokesperson said.

As the world’s leading drone maker, DJI accounts for over half of all drone sales in the US. 

However, US lawmakers have consistently singled out the company, citing baseless national security concerns that DJI has strongly refuted.

As early as in October 2022, the US Defense Department blacklisted DJI based on the groundless allegation of “ties to the Chinese military.” 

“In order to maintain its sci-tech hegemony, the US has been abusing export control measures to wantonly block and hobble Chinese enterprises,” Chinese Foreign Ministry spokesperson Mao Ning said on October 8, 2022 at a routine press conference in Beijing.

“By politicizing tech and trade issues and using them as a tool and weapon, the US cannot hold back China’s development, but will only hurt and isolate itself when its action backfires,” Mao said.

The latest US bill still requires approval from the US Senate before it can be signed into law by the US president, and it would not affect DJI drones already in use within the country, according to media reports.

China delivered its first domestically developed mpox vaccine into clinical trials on Monday. The vaccine, independently developed by the Shanghai Institute of Biological Products, a subsidy of the China National Pharmaceutical Group (Sinopharm), is based on a live, attenuated orthopoxvirus, Modified Vaccinia Ankara (MVA), the Global Times learned from the group.

According to the institute, the MVA strain has proved its safety and efficacy as a candidate vector for vaccination. The MVA mpox vaccine is produced using a mature cell factory production process, which is stable and reliable in quality. Preclinical studies have shown its safety and its ability to generate effective immune protection against mpox virus in non-human primate models.

Between January 2022 and August 2024, more than 120 countries have reported mpox, with over 100,000 laboratory-confirmed cases reported and over 220 deaths among confirmed cases, according to data from the World Health Organization (WHO). 

On August 14, the WHO declared mpox in the Democratic Republic of the Congo (DRC) and neighboring countries to be a Public Health Emergency of International Concern, the WHO's highest-level alert, along with the emergence and rapid spread of a new virus strain in DRC named clade 1b.

Lu Hongzhou, head of the Third People's Hospital of Shenzhen, told media on Monday that although the current outbreak focused on the DRC, the possibility cannot be ruled that the 1b lineage had spread globally, which requires our heightened attention. 

Based on the current prevention and control measures and domestic epidemic monitoring system, the likelihood of a rapid increase in mpox infections in China remains relatively low, Lu said, while calling for the public to remain vigilant.

After nearly a month of speculation, German media reported on Saturday that two German warships are scheduled to transit the Taiwan Straits in mid-September. This move, if it takes place, will likely be seen as a muscle-flexing move and a nod to the US' Asia-Pacific policies, Chinese experts said, adding that it will be perceived by China as an unfriendly gesture, likely casting a shadow on Beijing-Berlin ties.

The two German warships will become the first German naval vessels to pass through the Taiwan Straits in 22 years, Der Spiegel magazine reported on Saturday, citing unspecified sources as saying Beijing would not be formally notified of the German ships' passage to emphasize that Berlin views the trip as normal.

Germany's defense ministry declined to comment, Reuters reported.

The possible transit of German warships through the Taiwan Straits aligns with Germany's policy, which seeks to enhance Berlin's engagement in the region. This move also serves as a strategic gesture to play up to the US and NATO, particularly in light of the US' efforts to counter China's influence in trade and to secure greater American support for European security, an anonymous research fellow from China Institutes of Contemporary International Relations told the Global Times.

In November 2023, US and Canadian warships passed through the Taiwan Straits. The Chinese People's Liberation Army Eastern Theater Command organized naval and aviation forces to be on high alert to track and monitor the US and Canadian vessels through their entire course and handle them in accordance with the law and regulations.

If the German warships make such a move, it will be seen by China as a gesture of "flexing muscles" and an unfriendly move, said the expert, noting that it will surely cast a shadow on Beijing's ties with Berlin. 

When asked for comment on German warships' scheduled transit through Taiwan Straits, a spokesperson from China's Ministry of Foreign Affairs said on August 20 that Taiwan question is China's internal affair.

China has always been opposed to the undermining of China's territorial sovereignty and security under the guise of freedom of navigation, said the spokesperson.

The 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) concluded in Beijing on Friday with significant achievements made. In addition to reaching a clear political consensus on enhancing all-round cooperation, China and African countries drafted a blueprint for future cooperation, and China also proposed 10 partnership actions with Africa to advance modernization in the next three years, sending a powerful message of joint development, analysts said.

They also noted that the summit showcased unwavering confidence in the unity and cooperation of the Global South and unveiled a new chapter for building a community with a shared future for humanity.

Chinese President Xi Jinping on Friday met with African leaders and representatives attending the summit including President of the Central African Republic Faustin-Archange Touadera, South Sudanese President Salva Kiir, Chairman of Sudan's Sovereignty Council Abdel Fattah Al-Burhan, President of Madagascar Andry Nirina Rajoelina, Gambian President Adama Barrow, Liberian President Joseph Nyumah Boakai, Somali President Hassan Sheikh Mohamud, Burundian President Evariste Ndayishimiye, and President of the Republic of Congo Denis Sassou Nguesso.  

The bilateral meetings are a continuation of intensive meetings between Chinese and African leaders before and during FOCAC, highlighting how the friendship between China and Africa will also contribute to their joint cooperation, advancing the construction of a high-level China-Africa community with a shared future and injecting new momentum into the development of China-Africa relations, analysts said. 

The 2024 Summit of the FOCAC, which kicked off on Wednesday, has achieved complete success, Chinese Foreign Minister Wang Yi said on Thursday. 

Wang also highlighted achievements in four areas - bilateral relations between China and all African countries having diplomatic ties with China have been elevated to the level of strategic relations, the overall characterization of China-Africa relations has been elevated to an all-weather China-Africa community with a shared future for the new era, six major proposals to advance China-Africa modernization have been put forward, and a blueprint for action to advance China-Africa cooperation has been drawn up.

China and Africa also agreed to oppose prejudice, address historical injustice and advance modernization to make it benefit all people, Wang said, noting that the summit has demonstrated the Global South's firm confidence in solidarity and cooperation.

Joseph Kahama, Secretary General of the Tanzania-China Friendship Promotion Association, said that President Xi introduced new dynamic initiatives for Africa that will benefit the continent's industrialization, development, and regional and global peace. 

During the speech delivered by President Xi, in which he proposed 10 partnership actions with Africa to advance modernization in the next three years, the audience burst into applause several times! That shows how inspiring Chinese initiative is and how much it aligns with the needs of African people, said Han Jinghua, chairman of Jiayou International Logistics Co., Ltd.

New prospects

This year's FOCAC session also includes business-to-business matchmaking sessions, allowing Chinese companies that are just starting to extend their business to Africa to efficiently connect with demand-side partners and engage with local enterprises.

"The dynamics of China-Africa cooperation are accumulating in more and more fields, and we will continue to contribute the strength of AI enterprises to China-Africa economic and trade cooperation," a spokesperson of 4Paradigm, one of the leading AI platform companies in China that attended sideline events of the summit, told the Global Times. 

This reunion of the China-Africa family has also highlighted new features of China-Africa cooperation, said Yang Baorong, director of African Studies of the Institute of West-Asian and African Studies at the Chinese Academy of Social Sciences, noting that many African leaders, before arriving in Beijing, visited various other places and enterprises across China to promote concrete cooperation and deepen exchanges with different regions of China.  

The US and some Western media closely followed this year's FOCAC summit, with some amplifying clichéd narratives such as "debt trap." 

Economists have pointed out that the US and some Western countries promote the "debt trap" narrative due to biases and fears that China's growth and cooperation with Africa might reduce their influence in the continent. They are also reluctant to see the successful and complementary development between China and Africa, said Yang.

The success of China-Africa cooperation stems from the alignment between China's infrastructure capabilities and Africa's industrial needs. China's diverse industries provide significant advantages, addressing crucial demands on the continent.

Han of Jiayou International Logistics Co., Ltd, also refuted the "debt trap" narrative, saying that such hyping stems from a "sour grapes" mentality. 

China's investments in Africa not only create local jobs and increase tax revenues but also consider each country's specific circumstances for debt relief or deferral, so that local governments can better utilize their fiscal revenues and form a healthy, sustainable cycle of development, Han said. 

On August 15th, State Grid Taizhou Power Supply Company adopted its pioneering "power protection and prefabrication" method during the capacity expansion operation of the distribution transformer at Qiaoyangyang No. 2 Substation, successfully resolving the issue of reverse overload caused by renewable energy sources in the transformer area.

Notably, the prefabricated transformer installation took just 30 minutes, one-sixth of the time required for traditional installation methods. Furthermore, the number of on-site workers was reduced from 9 to 6, and the entire process was completed without disrupting the consumption and grid connection of photovoltaic power generation. With the significant increase in distributed photovoltaic systems connected to the grid, reverse overload issues on power lines have become more frequent.

In May this year, Taizhou Power Supply Company organized a joint research team of relevant professionals to develop a "Power Protection + Prefabrication" method specifically for low-voltage live-working operations on photovoltaic reverse overload lines. This method enables automatic and rapid switching of lines when low-voltage distribution cabinets are disconnected from the grid, allowing for the consumption of generated electricity. After the transfer of low-voltage loads, operators use prefabricated modules to dismantle the original transformer and install a new transformer through modular hoisting.

This transforms the traditionally complex installation process on distribution poles into a relatively simple and rapid modular assembly, significantly enhancing the safety of live-working operations while drastically reducing power outages. On August 15, the on-site operators transported various modules, which had been prefabricated and assembled in advance at a factory, to the Qiaoyangyang No. 2 Substation work site. Upon connecting the energy storage vehicle to the line and disconnecting the low-voltage distribution cabinet, the mobile energy storage vehicle was linked to photovoltaic power generation customers.

With the cooperation of cranes and spider lifts, the operators assembled prefabricated modules such as transformers, fuse holders, grounding flat irons, and lead wires. The entire capacity expansion operation was completed in just 2.5 hours. During this time, nearly 160 kW of reverse photovoltaic load from the transformer area was seamlessly connected to the energy storage vehicle for consumption without any disruption.

China and India should enhance cooperation in the green transformation, as China's advanced production capabilities in electric vehicles (EVs) and related battery products align well with India's needs for its nascent EV industry and the fruitless "Make in India" initiative, Chinese experts said.

India's Tata Motors will reportedly source battery packs for its passenger EVs from Octillion Power Systems, a major battery pack maker, Indian news outlet Livemint.com reported on Wednesday, citing two people with direct knowledge of the matter. 

The reported move would end the practice of buying them solely from group company Tata AutoCompSystems, the report said.

Tata Motors' decision comes amid a challenging EV market for the company, and this shift aims to address performance issues, and diversify its supply and technology base, the report said.

Chinese companies lead the global EV market with their complete supply chain and advanced technology. To build a competitive edge in the green sector, India's best option is to collaborate with China, Qian Feng, director of the research department at the National Strategy Institute at Tsinghua University, told the Global Times on Thursday.

India holds a significant potential for the green transformation. However, EV market penetration remains minimal compared with internal combustion cars due to the higher cost of EVs, primarily driven by the battery pack, as reported by Indian media.

Octillion Power Systems has supplied more than 1 million battery systems to customers around the globe, according to the company's official website.

The move by the Indian carmaker shows that the market, rather than political factors, drives business decisions. Companies continue to pursue market-oriented approaches driven by demand and growth needs, Qian said.

A number of Chinese industry players, such as BYD, are doing business in India, either by exporting products or by forming partnerships with local companies, as the South Asian country pursues green development.

"It is hoped that Tata Motors' initiative will serve as the latest positive example for further cooperation between Chinese and Indian companies, supporting India's green transformation and the 'Make in India' initiative, which has been a failure, while offering new opportunities for Chinese companies in the Indian market," Qian said.

China-Africa cooperation sees greater opportunities in green transformation as both sides embrace high-quality cooperation in the new era, Chinese officials and experts said ahead of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC), which will be held from Wednesday to Friday in Beijing.

Speaking at a press briefing on Tuesday at the China National Convention Center, the forum's venue, Liu Yuxi, special representative of the Chinese Government on African Affairs, said that China and Africa have seized the historic opportunity of a new round of technological revolution and industrial transformation in areas such as green development and digital innovation.

Sun Xiao, secretary general of the China Chamber of International Commerce, said at a separate press conference that "many clean energy and green development projects have been conducted within the framework of FOCAC."

"China is an important partner for Africa in terms of green transition... China supports African countries to better leverage their advantages in solar, hydro and geothermal energy to achieve green, low-carbon and high-quality development," Sun said.

Energy shortages, especially the lack of electricity and the difficulty in achieving self-sufficiency, constrain Africa's industrialization and modernization, and cooperation with China has been a good response to such needs, Song Wei, a professor at the School of International Relations and Diplomacy at Beijing Foreign Studies University, told the Global Times.

Energy projects have been constructed in more than 40 African countries and regions, including photovoltaic, wind power, hydropower and biomass, per official data. 

This cooperation has resulted in an addition of 120 million kilowatts of installed power capacity and the construction of 66,000 kilometers of power grid lines.

In South Africa's Northern Cape Province, the Redstone 100-megawatt tower-type solar thermal power project, constructed by the Power Construction Corporation of China (PowerChina), has almost finished construction. It is the first CSP project in sub-Saharan Africa, according to a statement PowerChina sent to the Global Times. 

Once it enters operation, the project will supply 480 gigawatt-hours of electricity annually to the grid, meeting the demand of 200,000 local households, PowerChina said.

Amorepacific, a South Korean cosmetics giant, has been actively exploring the Chinese market for 32 years, in line with the growing pace of cooperation between China and South Korea. By introducing a series of "beauty codes," the company has been influencing the beauty habits of Chinese consumers.

Over the past three decades, Amorepacific has gained invaluable insights into the Chinese market, continuously breaking its "comfort zone" by charting a distinctive development path in China and fulfilling its commitment to "We Make A MORE Beautiful World" with a series of innovative products and strategic adjustments. Recently, its new brand AP Beauty was introduced to the Chinese mainland for the first time, generating significant interest in the market.

Leading the way: deeper roots in the Chinese market

Amorepacific's growth in China has included a number of pioneering developments. In 1992, with the establishment of diplomatic relations between China and South Korea, Amorepacific became one of the first Korean companies to enter the Chinese market.

The following year, it established a joint venture in Shenyang, Northeast China's Liaoning Province, and commenced sales of premium moisturizing skincare products, a pioneering move at the time to sell high-end products in non-first-tier cities in China. While the best-selling cosmetic products in northeastern Chinese cities were priced at around 20 yuan ($2.80) per unit, Amorepacific launched high-quality products priced at over 120 yuan per unit and achieved break-even sales in less than six months.

The strategic location and the high-end nature of its products enabled Amorepacific to establish a strong presence with its first station in the Chinese mainland, laying a groundwork for a comprehensive market layout in China and the establishment of a high-quality professional cosmetics brand image.

In 2000, Amorepacific stepped foot into Shanghai with the Laneige brand, making the city its second stop on its journey to approach Chinese mainland consumers. Two years later, Amore Beauty Park Shanghai held its grand opening and later developed into a comprehensive industrial park encompassing production, R&D and logistics. The same year, Laneige launched an innovative sleeping mask combining both mask and skincare effects, making it stand out from the hydrating products on the market.

In less than two years, Laneige was introduced to over 50 department stores, where it firmly seized the sales channels of mid-range and high-end department stores in China's first-, second- and third-tier cities. This also provided a solid foundation for Amorepacific's other brands such as Sulwhasoo, Innisfree and Mamonde to continue expanding their market share in China.

To reinforce its position in the Chinese market, Amorepacific also became one of the first cosmetics companies to establish global partnerships with Chinese e-commerce platforms. In 2019, Amorepacific formed a partnership with Alibaba to incubate new products, explore new retail strategies, and manage consumer insights, further enhancing the group's potential in the Chinese beauty market.

"Without a genuine understanding of Chinese consumers and the ability to foster meaningful relationships with them, it is challenging to make any significant progress. The most effective way to succeed in the Chinese market is to develop products that meet the needs of Chinese consumers," says the book 70-year History of Amorepacific.

It is this understanding of consumer needs that has helped Amorepacific achieve significant growth in China.

Revitalizing through tech: innovation as cornerstone

Currently, "technological skincare" has become a hot trend in China's beauty market, with consumers increasingly focused on the scientific attributes of such products. The newly released "2024 China Skincare Consumption Trend Report" shows that over 90 percent of ­consumers think that "whether or not the ingredients of the skincare products are safe and scientifically-proven" is of paramount importance, and more than 70 percent of consumers emphasize that they place significant weight on the "scientific evidence supporting the efficacy of skincare products" when making purchasing decisions. This has led to an increased demand for products that are scientifically proven to be effective.

Amorepacific has been dedicated to scientific and technological innovation for over seven decades, which has made it a leader in the industry in multiple aspects. It is the first cosmetics company to establish a cosmetics research laboratory in South Korea. It is also the first to introduce active concentrate, sleep masks and air cushion BB cream to the market.

In July, Amorepacific brought its luxury technology skincare brand AP Beauty to China, opening its first shop in Jiuguang Department Store in downtown Shanghai. AP Beauty's main collection comprises cutting-edge professional beauty technologies and the company's self-developed and patented ingredients. This provides comprehensive skincare solutions for consumers, addressing both the repair and maintenance needs before, during and after a professional beauty treatment, as well as the diverse and advanced skincare requirements for daily anti-aging and firming.
In addition to introducing new brands into China, other Amorepacific brands have also been active in the beauty market in recent years, introducing new images and positioning.

Sulwhasoo has set itself a new mission of "Building a world of beauty powered by art and heritage," realizing an all-dementional upgrade in the brand image. Laneige has also initiated a process of brand enhancement, shifting its positioning from "basic moisturizing" to "high-efficacy skincare" by launching the high-efficacy anti-aging essence "LANEIGE PERFECT RENEW 3X SIGNATURE SERUM" and twin products targeting dullness and yellowish skin "LANEIGE PEPTA-COLLAGEN SLEEPING MASK" and "LANEIGE SKIN VEIL BASE No.40."

Innisfree has identified a new opportunity to capitalize on the growing demand for natural skincare products with high efficacy. Mamonde will introduce a new brand image to China and launch a product line that better meets the skincare needs of China's young ­consumers. Ryo, the hair treatment brand, has launched shampoos with aroma perfumes to further expand into the high demand scented personal care segment.

Additionally, Amorepacific's brands have opened flagship shops on platforms such as Douyin to develop online channels and better communicate with consumers. The company has embarked on a new development path characterized by enhanced R&D capabilities, revitalized core brands and strengthened brand value.

Building on the past, growing for the future

In April, Amorepacific China welcomed Taeho Park as its new president. "Amorepacific will adhere to its 'Customers first' concept, continue to improve the sustainability of its products, respond accurately to Chinese consumer needs and enhance the product experience. It will remain committed to its sustainable development strategy and goals, moving forward together with customers and society, and coexisting responsibly with nature," Park said.

A few months ago, the Amorepacific (Shanghai) D&I Center launched the "Young Scientist Committee" initiative, which brings together think tanks in different fields with the goal of further expanding the dialogue with Chinese consumers in order to quickly respond to their ever-changing needs in the context of consumer upgrading. In June, Amorepacific China released its ninth consecutive "Sustainability Report," which outlined its efforts in continuing to unleash the positive energy contained in sustainable beauty, enhancing the environmentally friendly nature of its products, and engaging consumers in discussions about the future of green beauty.

It is foreseeable that, following the latest round of strategic adjustments, Amorepacific will see new opportunities for its beauty business growth in the Chinese market. In the long term, China's beauty market will provide substantial growth opportunities for the entire industry as a whole, and Amorepacific's continued commitment will be a crucial factor in driving innovation and development in this market.