With a strong market potential, nation a popular destination for companies

Multinational corporations are stepping up innovations in product development and commercialization to further tap the huge and expanding Chinese market, as they marvel at "China speed" in growth and innovation, which has been showcased at the ongoing sixth China International Import Expo in Shanghai.

Miles Hurrell, CEO of New Zealand-based dairy company Fonterra, said that China is one of the most important strategic markets for the company, and it sees "very strong consumption growth for its products, with a strong focus on innovation, nutrition and health "in the country.

"We're being quite selective in which markets that we want to develop and grow. China is certainly at the top of that list," Hurrell said during an exclusive interview with China Daily during the CIIE.

Amid Chinese people's increasing appetite for cheese and other dairy-based products, the company is exploring the "innovation of new products" and a "new route to market" to better meet the demands of the local market, he added.

Teh-han Chow, Fonterra Greater China CEO, said the company is working closely with business partners to innovate quickly and produce finished products tailored to Chinese consumers.

Fonterra brought a variety of exhibits to this year's CIIE with a focus on sustainability and innovative cheese nutrition. To respond to the local market promptly and effectively, Fonterra has so far established five application and one innovation centers in China to provide innovative solutions that meet local trends and needs.

Global life sciences company Cytiva is also showcasing a series of signature and debut products and solutions at the CIIE, aiming to tap the Chinese pharmaceutical industry's fast-growing demand, especially that for new therapies and smart manufacturing solutions.

For instance, a debut solution system is purpose-built for the clinical and commercial manufacturing of lipid nanoparticle medicines. Another set of systems can effectively support production not only in traditional areas such as antibodies, vaccines, recombinant proteins and blood products but also for emerging therapeutics like plasmids, viral vectors and nucleic acids.

Edward Zhou, president of Cytiva China, said, "China is becoming a global powerhouse for pharmaceutical manufacturing at an accelerated pace … therefore, Cytiva takes a proactive approach to respond to local demand with innovative technologies, products, services and solutions, hoping we will be part of the efforts that help the Chinese biopharmaceutical industry boom."

The company opened its expanded Shanghai facility in September, with a total area of 11,000 square meters, offering a wide range of technologies, solutions and services, including Cytiva's Fast Trak training center, a Center of Excellence for single-use technologies and a new automation and digital lab.

Han Jin-Kyu, vice-president of the global application team at Vibracoustic, a global supplier of automotive noise, vibration and harshness (NVH) solutions, said the company has a China growth initiative to better meet local demand and tap market potential.

"We see how quickly new energy vehicles (in China) are changing, adapting to consumer needs … for us, we also need to adapt," Han said, adding that part of the initiative is to decrease time to market and provide quicker products and services to customers.

The company is confident in the Chinese market — it has invested to build a new plant, upgraded tech center and install new assembly lines in the country for products that many other regions do not have, he said.