The high performance of Chinese supply chain has helped speed up the research and development of Panasonic, Tetsuro Homma, executive vice president of the Japanese tech company, said at the ongoing third China International Supply Chain Expo in Beijing.
A 47-year veteran in the Chinese market, Panasonic operates in national economic development zones of eight cities like Beijing, its neighbor Tianjin, and Shanghai. Its 2024 fiscal year sales in China reached almost 100 billion yuan (13.9 billion U.S. dollars) -- nearly a quarter of Panasonic's global revenue.
Homma said localization has become a priority for Panasonic's team in China.
"Our team in China often talks about 'China speed', 'China cost' and 'China model'. But personally, my target is to localize as much as possible in China, across research and development, procurement, manufacturing, appearance design, and the value chain of our manufacturing. It will be a long-term goal for our team in China," he said.
Homma said Panasonic is currently cooperating with about 6,000 Chinese suppliers.
"For Panasonic, China is a very large base for manufacturing, for research and development and for procurement. We want to take the opportunity of this expo to learn about more excellent Chinese suppliers. We know that China's supply chain is now very strong, extensive, and deep. Panasonic now has as many as 6,000 Chinese suppliers, accounting for about one-third of our global suppliers," he said.
Panasonic's new products such as the fresh air system have been launched in China thanks to the growing speed of the company's research and development, Homma said.
"China's supply chain is known for its high performance, and we are enjoying the cost-effective products here. As a result, our research and development cycle has been significantly shortened. This is our new generation of fresh air system that can adjust humidity. It’s a product we launched globally right here in China, and now we have started to supply it to overseas markets," he said.
Homma said Panasonic is expanding its investment in China as China's robust supply chain generates new opportunities for global business cooperation.
"We plan to lay the cornerstone for a new electronic material factory in Shanghai's Fengxian District this September, as part of our efforts to support China's semiconductor industry. We have been looking for new growth areas in China, trying to contribute to these growing industries in the country," he said.
Chinese supply chain speeds up Panasonic's research, development: vice president
Visiting Chinese Foreign Minister Wang Yi said Saturday China is willing to work with Lesotho to strengthen exchanges on governance experience, enhance coordination in multilateral affairs, and advance the China-Lesotho strategic partnership.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting with Lesotho Prime Minister Sam Matekane in the capital of Lesotho.
During the meeting, Wang congratulated Lesotho on the 60th anniversary of its independence this year, and spoke highly of Lesotho government's efforts to prioritize economic development and steer the African country onto a path of sustainable growth. Since the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) in 2024, the two sides have advanced cooperation under the 10 partnership action plans unveiled at the summit, successfully implementing a number of key projects to effectively promote Lesotho's development and revitalization, Wang said.
China stands ready to work with Lesotho to strengthen exchanges on governance experience, enhance coordination in multilateral affairs, and push for greater development of the China-Lesotho strategic partnership, he added.
Calling on the two sides to firmly support each other, Wang said that China will accelerate the implementation of its zero-tariff policy for African countries, including Lesotho, expand bilateral trade, investment and industrial cooperation, facilitate broader access of Lesotho's specialty products to the Chinese market, and continue to support Lesotho's national development.
China will continue to stand firmly with African countries, uphold justice for the Global South, including Lesotho, oppose unilateralism and acts of bullying, and work together to build a community with a shared future for humanity, Wang said.
On his part, Matekane said during the meeting that Lesotho cherishes its friendship with China and the strategic partnership between the two countries, and expressed gratitude for China's valuable support for the development of African countries, including Lesotho.
Lesotho firmly adheres to the one-China principle and resolutely supports China in safeguarding its core interests, he said, noting that his country stands ready to strengthen strategic mutual trust with China, expand people-to-people exchanges, jointly implement the outcomes of the FOCAC Beijing Summit, and deepen cooperation in areas such as infrastructure, manufacturing and energy.
Matekane stressed that China's zero-tariff policy for African products will inject new impetus into Lesotho's development. He also expressed Lesotho's willingness to strengthen solidarity and cooperation with China on multilateral platforms such as BRICS to jointly address global challenges.
On the same day, Wang also held talks with Lejone Mpotjoana, minister of foreign affairs and international relations of Lesotho.
China, Lesotho to strengthen exchanges, advance cooperation
China, Lesotho to strengthen exchanges, advance cooperation
