(Yicai Global) Nov. 10 -- This years marks the 20th anniversary of China’s accession to the World Trade Organization, and senior foreign executives at the China International Import Expo have praised the country’s progress in fulfilling its WTO commitments. 

Joining the WTO was an important landmark in China’s opening-up process, Nicolas Hieronimus, chief executive of L’Oreal, told Yicai Global. The French company opened a small office in Shanghai 24 years ago with just seven employees. Now it is the group’s North Asia headquarters, a sign of L’Oreal’s confidence in China’s economy, he said.

L’Oreal’s revenue in China jumped 43 percent in the third quarter from the same period in 2019, while global income in the quarter rose 14.9 percent. Hieronimus predicted that the Chinese market will soon become L’Oreal’s biggest.

Skechers was also a participant in this year’s CIIE, marking the third time the US footwear company has attended the event. Zhang Ruiyan, senior vice president of Chinese brands and products at Skechers, said 70 percent to 80 percent of its shoes are made in China, so the Covid-19 pandemic did not greatly impact production.

The first phase of Skechers’ new logistics center in Taicang, a county-level city in Jiangsu province, began trial operations this year, with investment of over CNY1 billion (USD156.4 million), Zhang said. The first phase already has the capacity to dispatch 167,000 items daily.

Zhang also noted that some competitors have shifted their industry chains to other countries in order to cut costs, but Skechers has decided to stay put in China and tackle costs through reforms and innovations.

US-based logistics giant United Parcel Service, another CIIE attendee, said it will focus on greener operations by saving energy and cutting emissions, while also supporting the growth of China’s small and medium-sized businesses. UPS said it was optimistic about the growth potential in the business-to-business sector of China’s cross-border e-commerce.

Editors: Zhang Yushuo, Tom Litting