Bullish on potential in nation, Canon to intensify investment

Japanese tech company Canon Inc will intensify efforts to expand its investments in the camera and medical equipment sectors in China to further tap the immense potential of the country's consumption market, said a senior executive of the company.

Canon attaches great importance to the Chinese market and aims for it to become No 1 in terms of sales within the group by 2035, said Hideki Ozawa, executive vice-president of Canon and president and CEO of Canon China.

"Although China's economy is facing downward pressures, the Chinese market is still of great significance to Canon," said Ozawa, while highlighting the company's confidence in the prospects of China's economic growth and upholding its long-term commitment to China.

"We found that Chinese consumers are willing to pay for what they aspire to buy and currently, Canon's camera business continues to grow in China," Ozawa said.

Noting that an increasing number of young people choose to buy cameras for photography, he added that the company will pool more resources in the camera sector, which is expected to witness robust growth next year.

"Demand for medical equipment in China is also huge, so this segment will become the company's development focus in the Chinese market," he added. The camera and medical equipment segments are important engines to drive the company's growth.

Ozawa also called for more stimulus measures to further spur purchasing appetites and unleash Chinese shoppers' consumption potential.

Canon became a sponsor of the 19th Asian Games in Hangzhou, Zhejiang province, which concluded on Sunday. It provided support for diverse products and solutions services, such as cameras, lenses, video recorders and broadcast equipment.

Ozawa said China continuously strives to expand its scope of opening-up to the outside world while promoting high-quality economic development and formulating relevant policies to attract foreign investment.

China has recently issued a 24-measure new guideline to attract more global capital and further optimize the country's business environment for multinational corporations.

The government's commitment to enhancing the environment for foreign investment includes six key areas, such as ensuring the effective utilization of foreign investment and guaranteeing equal treatment of foreign-invested and domestic enterprises.

These efforts ensure that both foreign and domestic enterprises benefit from a fairer, just, open and convenient business environment in the country, he noted. China's business environment holds a leading position globally, which provides a favorable foundation for enterprises to survive and develop, and boosts Canon's confidence in the market.

Canon will increase its investments in various areas from research and development to sales, and contribute to the high-quality and sustainable development of the Chinese economy, according to the company.

In addition, the rapid recovery in tourism, and significant business opportunities brought by e-commerce livestreaming and the metaverse, have presented favorable opportunities for Canon's business development.

Zhang Jianping, director-general of the Beijing-based China Center for Regional Economic Cooperation, said the latest supportive policies aimed at drawing more foreign investment, as well as the shortened negative list for market entry and implementation of the Foreign Investment Law, have created favorable conditions for more foreign businesses to invest in the country.

China's huge consumption market is attracting an enormous volume of foreign investment, he noted, adding China's new measures to boost its foreign investment inflow have demonstrated the country's confidence and determination for high-standard opening-up.

Data from the Ministry of Commerce showed that foreign direct investment on the Chinese mainland, in terms of actual use, stood at 847.17 billion yuan ($116.12 billion) in the first eight months of the year.

FDI in manufacturing rose 6.8 percent year-on-year, with that in high-tech manufacturing up by 19.7 percent, indicating an improved quality of Chinese industries in terms of drawing foreign investment.