Economic reforms help foreign companies grow better

An aerial photo taken by a drone shows an autonomous bus running on elevated rails in Pingshan District of Shenzhen, south China’s Guangdong Province, July 22, 2024. (Photo/Xinhua)

China’s deepening economic reforms and faster pace of innovation will create a more dynamic market for foreign companies looking to expand in the country, the chief executive of a leading global consumer information company said.

Tracey Massey, chief operating officer of NielsenIQ, said China is one of the company’s most important strategic markets globally, and “in China, for China” has been the company’s consistent strategy since entering the Chinese market 40 years ago.

“China’s commitment to high-quality development will provide more opportunities for companies in the country. China’s path to modernization means greater openness, more competitive innovation, a more dynamic market and more sustainable development,” Massey said.

“As the economy develops and reforms are implemented, consumer behavior will change. Meanwhile, economic reforms will also create a more dynamic market for consumer goods and services,” she added.

Massey said that as NielsenIQ celebrates its 40th anniversary in China, the company has seen first-hand how the Chinese economy is growing, how policies are improving consumer confidence and how China is opening up to new markets.

“And we continue to see these changes coming,” she said. “The country’s advances in e-commerce and digital innovation are not only benefiting local markets, but also providing valuable insights for global customers as we bring insights from China to other parts of the world.”

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

“They won’t be exactly the same because consumers are different around the world, but the trends will be similar. Chances are the trends are already here,” Massey said.

For example, NielsenIQ began providing its clients with information on Chinese e-commerce in 2014 and recently doubled its ability to analyze Chinese offline consumer goods.

“We believe this will bring us more investment and cooperation opportunities, as well as growth potential. We will remain committed to long-term engagement in the Chinese market,” she added.

According to Massey, the company’s long-standing presence has played a key role in supporting the growth of both global and Chinese brands. NielsenIQ has helped about 90 percent of Fortune Global 500 companies in the fast-moving consumer goods and technology and durables sectors strengthen their presence in China, and has enabled more than 30 Chinese brands to expand into more than 40 countries and regions.