FROM introducing imported products to China in the early years, adjusting the product formulation to meet Chinese consumers’ needs, to the current export of goods made in Chinese factories, P&G’s change has witnessed the development of China’s consumption market.

The potential of China’s consumption market has created unlimited opportunities for the enterprise, said Jasmine Xu, chairman of the board and chief executive officer of P&G’s China division, at the Haihe International Consumption Summit.

The summit, which took place in Tianjin last week, highlighted new opportunities for international consumption under the “dual circulation” development pattern, as China is building a new development paradigm where domestic and overseas markets reinforce each other, with the domestic market as the mainstay.

In July, the State Council approved Shanghai, Beijing, Guangzhou, Tianjin and Chongqing to take the lead in building international consumption center cities. The five cities recently unveiled measures and will carry out specific projects to build themselves into international consumption centers.

Ian McGarrigle, founder and chairman of the World Retail Congress, said via video, “I believe China will be able to leverage the fundamental role of domestic consumption in economic development and foster a more robust and domestic market to boost growth at home and create more room for global growth.”(Xinhua)