Japanese companies participating in a major trade fair in Shanghai vowed Monday that they will continue to invest in the Asian market despite challenges, including a slowing economy amid a property sector crisis and a harsher business environment for foreign companies.
Tetsuro Homma, head of the Japanese Chamber of Commerce and Industry in China, told a press conference that Japanese firms operating in the country are "very much encouraged to further expand their businesses," as Chinese Premier Li Qiang pledged at the opening of the event Sunday to promote the market's opening-up.
About 350 Japanese firms accounting for more than 10 percent of the total participating companies are taking part in the annual China International Import Expo, becoming the biggest group of foreign businesses, added Homma, who also serves as executive vice president of Panasonic Holdings Corp.
Panasonic President and CEO Yuki Kusumi told reporters before the news conference that the company will "actively invest in China to help solve its social issues and enhance the quality of people's lives," referring to challenges such as aging.
The Panasonic booth exhibited items used for its "wellness smart town," a condo project catering to the demands of wealthy Chinese retirees.
Satoshi Shimizu, vice president of Ryohin Keikaku Co., the operator of retail brand Muji, said the company plans to open some 50 new outlets per year in China, with the aim of more than doubling the number of stores from the current figure of about 370, as his company joined the trade show for the first time.
He said the retailer, which has been operating in China since 2005, still sees "great potential" in the market despite headwinds, such as the domestic economic slump and geopolitical concerns stemming from an intensifying U.S.-China rivalry.
Toyota Motor Corp. showcased a self-driving "robotaxi" concept car at its booth, which it jointly developed with startup Pony.ai Inc. with the aim of commercializing the autonomous taxi business in China.
