Economic reforms help foreign firms better develop

Photo taken on July 29, 2022, shows buildings on both sides of the Huangpu River in Shanghai. [Photo/VCG]

China's deepening economic reforms and faster pace of innovation will create a more vibrant market for foreign companies to grow in the country, said a top executive of a leading global consumer information company.

Tracey Massey, chief operating officer of NielsenIQ, said that China is one of the company's most important strategic markets globally, and "in China, for China" has been the company's unchanging strategy since it entered into the Chinese market 40 years ago.

"China's commitment to high-quality development will provide more opportunities for the companies in the country. The Chinese path to modernization means a higher level of openness, more competitive innovation, a more dynamic market and more sustainable development," Massey said.

"As the economy grows and reforms take hold, consumer behavior will continue to evolve. Meanwhile, economic reforms will also create a more vibrant market for consumer goods and services," she added.

As NielsenIQ celebrates its 40th anniversary in China, Massey said the company has witnessed firsthand how the Chinese economy has grown, how policies have improved consumer confidence, and how China has opened up to markets.

"And we continue to see those changes coming," she said. "The country's advancements in e-commerce and digital innovation are not only benefiting local markets, but also providing valuable insights for global clients, as we take the insights from China to other parts of the world."

The latest data from the General Administration of Customs shows that the trade volume of China's cross-border e-commerce reached 1.22 trillion yuan ($170 billion) in the first half of 2024, up 10.5 percent year-on-year.

"They won't be completely the same, as consumers are different everywhere in the world, but the trends will be similar. Chances are that the trends are here," Massey said.

For example, NielsenIQ started to provide China's e-commerce insight to its clients as early as 2014, and recently doubled its capability to analyze China's offline fast-moving consumer goods, she said.

"We believe it will bring us more opportunities for investment and cooperation as well as growth potential. We will remain dedicated to a long-term commitment to the Chinese market," she added.

According to Massey, the company's long-standing presence has been instrumental in supporting the growth of both global and Chinese brands. NielsenIQ has helped around 90 percent of Fortune Global 500 companies in the fast-moving consumer goods and technology and durables sectors to strengthen their presence in China, while also empowering over 30 Chinese brands to expand into more than 40 countries and regions.