Panasonic sees immense upside in country's large consumer market

Japanese tech company Panasonic Holdings Corp is intensifying efforts to expand its presence in China and push ahead with localization, especially in research and development, as it sees immense growth potential from the country's rapidly changing consumer market, said a senior company executive.

"China is not only a manufacturing giant and a major consumer country, but also an innovator with exceptional engineering talent," said Tetsuro Homma, executive vice-president of Panasonic, adding that the company is attracting a lot of young Chinese people to its R&D team, so as to bolster digital transformation.

Homma highlighted that Panasonic attaches great importance to the Chinese market and shows its willingness to continue to invest in the world's second-largest economy.