Japanese cosmetics maker Shiseido Group is "more determined than ever" to continue to invest in China thanks to the country's firm efforts in driving innovative development and stable economic growth, said its top executive at the 2024 China Development Forum on Sunday.

Toshinobu Umetsu, president and CEO of Shiseido China, told China Daily that the company is optimistic about the future of the Chinese market, as the government is constantly introducing policies to encourage innovation.

He emphasized: "China is increasingly becoming a source of beauty innovation for the rest of the world."

"Almost every market segment here has a sufficient number of target consumers who have high demand for innovation and will proactively try out new products, brands and technologies," he said.

According to Umetsu, China's goal to achieve around 5 percent GDP growth this year fully reflects the vitality of the Chinese economy. "Market is always a rare resource," he said. "China boasts a large economy, high potential consumer market and top growth rates."

Shiseido, which came to China during the early period of the country's reform and opening-up as the first international beauty group to enter the Chinese market, has been present in China for 42 years already, Umetsu said.

"Throughout the company's more than four decades of growth here, China has become the largest overseas market for Shiseido," he added.

Notably, Umetsu said that the Japanese firm has not only introduced innovative Japanese or international products and services to China but has also tailor-made local beauty brands like Aupres and Urara for Chinese consumers.

Looking forward to the future development in the Chinese market, he emphasized that the company aims to make every effort to pursue high-quality and sustainable growth here.

"We will further enrich our brand portfolio here in the Chinese market to offer consumers a wider variety of choices," he said.

"While expanding the middle-class consumer group through innovative products and services from prestige brands, we will also seize growth opportunities arising from the expanding middle-class consumer base in lower-tier cities," he added.