On the afternoon of November 5, 2024, the parallel session on "Gathering Global High-Quality Consumer Resources to Promote the Upgrading of Consumption Quality" of the 7th Hongqiao International Economic Forum was successfully held at the L'Oréal booth in the National Exhibition and Convention Center (Shanghai). This event was hosted by the Ministry of Commerce of the People's Republic of China, and co-organized by the China International Import Expo Bureau and Xinhuanet. Mr.LI Gang, the Director General of the Market Operation and Consumer Promotion Department of the Ministry of Commerce of China and Mr.Jean-Paul AGON, the Chairman of L'Oréal Group, attended the forum and delivered remarks.

Li Gang pointed out in his remark that consumption is connected to both the macro economy and millions of households. The Ministry of Commerce, in conjunction with relevant departments, will implement the "Consumer Boost Action" to vigorously promote the continuous expansion of consumption and continuously meet the growing needs of the people for a better life. At the same time, China's new development will bring more new momentum and opportunities to the world.

Jean-Paul AGON, Chairman of L'Oréal Group, expressed in his remark that L'Oréal Group, as one of the world's and China's largest beauty and cosmetics groups, is full of confidence in the future of China's consumer market. The path of China's modernization development has shown a clear long-term plan and has actively promoted the growth of domestic demand through a series of measures. Chinese consumers are rapidly becoming the most curious, most mature, most insightful, and highest-quality pursuing consumer group in the world. Meeting the needs of Chinese consumers is the best test for corporate products and services. In the future, the potential for development in China's consumer market is huge, and investing in China is investing in the future.

Global business leaders and industry experts gathered at this session to exchange forward-looking views and innovative insights on topics such as the integration and innovation of global consumer resources and the upgrading of consumer experience in the digital age. In the roundtable dialogue, the speakers from IKEA, Xiaohongshu, 360, and SAVENCIA, along with industry experts, conducted in-depth discussions on cutting-edge issues including "New Dynamics of Consumption and High-Quality Development - New Paths to Promote Domestic and International Dual Circulation" and "Unleashing New Vitality in the Global Consumer Market - 'Experience Economy' and Artificial Intelligence Lead New Consumer Trends," sharing their insights on current consumer trends.

The "2024 New Consumer Innovation Case" list of companies was released during this session. The cases comprehensively showcase the successful practices of companies in new consumer scenarios, new business forms, and new models across various fields and dimensions, setting industry benchmarks and typical demonstrations, providing a platform for exchange and cooperation between companies and industries, and sharing successful experiences in the new consumer field.