Japanese tech company Canon Inc will intensify efforts to ramp up its investment in fields covering research and development, production and sales in China under stable circumstances, and launch products and services that meet the diverse and personalized needs of local consumers so as to further tap the immense potential of the Chinese market, said a senior company executive.

"Our strategic focus here is to deepen ties with the local market through innovation and cooperation while actively contributing to China's sustainable development goals," said Hideki Ozawa, executive vice-president of Canon, and president and CEO of Canon China, in an interview with China Daily.

Ozawa said Canon will double down on localized R&D, with a key focus on "creating a production and supply ecosystem that's better aligned with local needs", while providing products and solutions for the Chinese market through combining cutting-edge technologies such as big data, cloud computing and artificial intelligence.

Ozawa said he is optimistic about the resilience of China's economy and growth potential of the Chinese market, which serves as a global hub for innovation and digital transformation, adding that the country's economic fundamentals for long-term growth remain unchanged despite uncertainties.

Canon China has set an ambitious goal of becoming No 1 within the whole group by 2035, he said. The company pays attention to the needs of various user groups in China, especially seniors and Generation Z consumers — those born between the mid-1990s and the early 2010s.

Noting that Gen Z will become the driving force of the consumer market in the future, Ozawa said Canon is developing youth-focused mirrorless cameras and customized printing solutions tailored to the usage habits of Gen Z, in a bid to satisfy demand for personalized, smart and portable products.

"Consumer demand and preferences are evolving rapidly, which requires foreign companies to stay agile and continuously innovate," he said. "The vitality of the Chinese market, its innovation spirit and consumers' strong desire for a high-quality lifestyle, present a broad landscape for growth."

As for the 7th China International Import Expo being held in Shanghai from Tuesday to Sunday, Ozawa said Canon has participated in the CIIE for seven consecutive years since it started, and the company is focusing on the healthcare sector this year, showcasing an array of new and cutting-edge medical equipment.

"The CIIE is a vital platform that promotes international exchanges and cooperation, and drives global trade and investment. This event gives companies from around the world a chance to display their latest products and technologies, and is a valuable opportunity to gain insights into the Chinese market and connect with potential partners," Ozawa said.

China recently launched a series of supportive policies aimed at attracting more foreign investment. It has removed all foreign investment restrictions in the manufacturing sector with the release of the 2024 version of the negative list for foreign investment access.

Ozawa said the move is conducive to fostering a market-oriented, law-based and internationalized business environment and boosting the confidence of foreign enterprises to invest and grow in China. Moreover, a package of incremental policies will bring more opportunities for global economic growth and the development of foreign enterprises in China, he added.

Data from the Ministry of Commerce showed that a total of 42,108 new foreign-invested firms were established across China in the first nine months, up 11.4 percent year-on-year.

During this period, foreign direct investment in the Chinese mainland in actual use totaled 640.6 billion yuan ($90.3 billion).The high-tech manufacturing sector attracted 77.12 billion yuan, or 12 percent of the total FDI inflow, up 1.5 percentage points from the same period last year.

Zhu Keli, founding director of the China Institute of New Economy, said the country has sent a clear signal that it is dedicated to further opening up its economy to the outside world, creating a more favorable business environment and consolidating the confidence of foreign investors.

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