Biz leaders upbeat on flourishing China market

A1 China's opening-up, dual-circulation development pattern, implementation of the Foreign Investment Law and its signing of the Regional Comprehensive Economic Partnership has created significant opportunities for foreign enterprises in China. In response, Canon is accelerating the introduction of the company's latest technologies, products and solutions to the Chinese market. We will also take full advantage of the benefits of the RCEP in terms of tariff reduction and optimization of the industrial chain. Canon is convinced that the pace of China's high-level opening-up will continue and looks forward to seeing more new initiatives at the two sessions.

A2 With an emphasis on stability and high-quality development, China's economy grew by 8.1 percent year-on-year in 2021. Despite global uncertainty, Canon firmly believes the stable, high-quality growth will continue, presenting many opportunities for foreign brands.

At the core of high-quality development is innovation. As a global innovator in imaging technology, Canon continues to look for cooperation opportunities with Chinese partners.

A3 In 2021, Canon's overall revenue saw strong growth of 11.2 percent year-on-year and net profit increased by 157.7 percent. Canon China was a key contributor and driver of growth within the group, achieving incremental revenue increases in both 2020 and 2021.

The year 2022 marks the 25th anniversary of Canon China. Canon attaches great importance to the Chinese market and aims for it to become No 1 within the Canon Group by 2035. To achieve this, we have undergone a strategic rethink aimed at developing more products based on local demand and working to localize our approach to business operations here in China to the furthest possible extent.

A4 Overall, the anti-globalization trend has not affected the development of Canon's business in China and the relationships between Canon and our Chinese partners. On the contrary, China's continued opening-up remains a significant source of new opportunities for Canon.

With the upgrading of Chinese industry and consumption, domestic demand for high-end overseas manufacturing and high-tech services is growing rapidly. In the meantime, 5G, cloud computing, big data and artificial intelligence are driving demand from consumers in areas ranging from imaging to medical care.

A5 Canon continues to attach great importance to the China market, as China's importance and links to the global economy grow. We are hugely optimistic and confident in China's future potential and will continue to invest here, creating new jobs for the people of China and providing an increasing array of products and services to meet their needs.