China is strategically prioritizing the enhancement of domestic consumption as a primary driver for its economic growth. This significant shift towards a consumption-led development model is opening up substantial opportunities for multinational corporations. These global companies are actively adapting their strategies, products, and services to cater to the evolving demands and shifting preferences within the Chinese market, which increasingly emphasizes high-quality development and upgraded consumption experiences. Leaders from several prominent multinational corporations have shared their perspectives and approaches to navigating this transformative economic landscape.

Tetsuro Homma, executive vice-president of Panasonic, detailed his company's focused approach. Panasonic established its Northeast Asia company in China in 2019 to enable "local decision-making for Chinese operations." This strategy has led to the successful localization of research and development, production, and sales for a range of products, including home appliances and residential equipment. Mr. Homma explained that Panasonic is accelerating the iteration and upgrade of intelligent products and services. This includes launching products specifically designed to appeal to younger consumer groups and developing high value-added products to meet the aspirations of consumers seeking high-quality lifestyles. Furthermore, Panasonic is leveraging the integration advantages of its home appliances and residential equipment to build intelligent and healthy living spaces, thereby contributing to the construction of safe, comfortable, green, and smart homes, as well as aiding in the renovation of older housing.

Ian Shih, president of Rockwell Automation China, expressed that his company perceives significant potential in China's consumption-led development strategy. Rockwell Automation's objective is to drive supply by generating new demand through continuous innovation and cross-border collaboration with customers and partners throughout the entire industrial chain. Mr. Shih highlighted that Rockwell Automation has expanded its capabilities beyond addressing industrial challenges to tackle broader social challenges, recognizing that many of these require solutions rooted in the industrial ecosystem. As an example, he mentioned Rockwell Automation's work on technology that promises to provide at least 50 percent more parking space than traditional vertical parking solutions, a development that could help stimulate parking construction and potentially boost vehicle consumption. He emphasized that Rockwell Automation's innovative solutions can play a crucial role in assisting Chinese manufacturers in upgrading their capabilities, enabling them to better meet market demand and generate a consumption-driven momentum for the economy.

Samantha Zhu, chairperson of Accenture Greater China, underscored that domestic consumption has consistently been and will continue to be a key pillar of the Chinese economy. She observed that as people's desire for good lifestyles intensifies, this aspiration becomes an anchor point for future innovation, especially in an era of rapid technological advances. Ms. Zhu stressed that as brands adapt their strategies to meet evolving customer needs and create meaningful connections, it is imperative for them to create beacons of trust in their communications, commerce, products, and services. Accenture intends to collaborate with these brands to forecast the changing dynamics between technology and its users, establish necessary guardrails for technology usage, and align with people's growing desire for more immersive and authentic experiences.

Hideki Ozawa, president & CEO of Canon China, acknowledged that China's economic development trajectory presents both challenges and opportunities. Canon sees great potential stemming from industrial upgrading and the rise of emerging sectors. He noted that different industries are exhibiting distinct development trends. Specifically, from the perspective of consumer demand, there has been rapid development in areas such as travel, social media, and entertainment. Mr. Ozawa highlighted that these market changes have driven a significant increase in demand for imaging products. He pointed out that in the past two years, the Chinese camera market has grown by more than 20 percent annually, making it the fastest-growing camera market in the world. China is home to approximately 300 million Generation Z consumers, who show a strong preference for using imaging products for photography and video creation. In response to this trend, Canon has launched more affordable products featuring competitive prices, enhanced features, and designs tailored to attract these young customers. Mr. Ozawa concluded by stating that Canon fully supports China's efforts to boost domestic consumption and is very optimistic about the future, believing that a new "golden age" for the camera market is on the horizon.