Top executives weigh in at CIIE (III)

A1: We have been participating in the CIIE since its very first year and this is the fourth consecutive year that we present our strategic product portfolios and sustainable practices at this grand international economic and trade cooperation event.

For Pernod Ricard, China is one of the most important markets and Chinese consumers demonstrate growing demand for, and interest in, foreign wines and spirits. We consider the CIIE as an increasingly vital platform for showcasing our fine products and expanding international collaboration.

By participating in the CIIE, we would like to seize new opportunities under the accelerated market opening-up and bring diversified products and experiences to Chinese consumers.

A2: As the world is gradually learning to coexist with the pandemic, the CIIE's importance for supporting economic and trade recovery becomes more prominent. It has grown into a key channel for products worldwide to find their way into the Chinese market. China is one of the most promising markets with enormous needs and potential, which firmly contributes to the world economic recovery.

For Pernod Ricard, our business got back on track in a short period of time, thanks to the fast recovery of the China market. In the past financial year, we have achieved a whopping growth of 44 percent in China. We will continue to invest in the market as we believe in the strong prospects of China's wines and spirits market.

Moreover, the CIIE sets an example for supporting economic globalization and building an open world economy. It demonstrates China's commitment to promote higher-level opening-up, which continues to boost foreign companies' confidence, including ours.

A3: As one of the major economies in the world, I think China demonstrates its responsibility to share its development opportunities and create better business environment, thereby contributing to global economic recovery.

We have been benefiting from the policy, which facilitates us to continuously bring in our diversified product portfolio to the China market. For example, at this year's CIIE, Pernod Ricard China is introducing Church Road wines, an iconic collection of New Zealand wines, to Chinese consumers to fulfill their growing needs and discerning tastes, enabling consumers to celebrate convivial moments with friends and family.

Under the favorable import policy, with one of the largest and most diverse product portfolios in the wines and spirits industry, we will continue to introduce our famed products to Chinese consumers.

A4: In the past financial year, we have achieved a whopping growth of 44 percent in China hitting an important milestone, indicating that we have already gained trust and favor among many Chinese consumers. We believe in the future, the trend of Chinese consumers embracing more diversified categories of wines and spirits will only get stronger, especially among middle-income and younger generation. For Pernod Ricard, the market still has a lot of potential to be further explored.

In China, consumers are increasingly looking for new experiences, new flavors, new products, and in particular in our industry for high-quality wines and spirits.

A5: With the enforcement of higher-level opening-up, we believe more related policies regarding improving business environment will be implemented, to make the China market even more appealing to the rest of the world.

One example that perfectly demonstrates our confidence in the business environment of the China market would be Pernod Ricard Malt Whisky Distillery in Emeishan, Sichuan province. It is a long-term investment, not only referring to the 1 billion yuan ($156 million) investment in the coming decade, but also referring to the fact that we are building a new know-how and a unique Chinese whisky culture over the years.

A6: China's opening-up initiative has been providing huge opportunities for foreign companies to explore the market. Favorable policies following the initiative enhance foreign companies' confidence to deepen their investments in the Chinese market.

We started in China around 30 years ago with a modest operation and today we have passed the symbolic threshold of the 1 billion euros ($1.16 billion) in net sales. The past fiscal year was record-setting for us, while we believe we still have potential to grow further.

With the implementation earlier this year of a historical agreement between China and the European Union covering close to 200 iconic European and Chinese agri-food names, I think it is a great contribution to the world by China's opening-up policy.

A7: As the world's first import-themed national-level expo, the CIIE itself is a great demonstration of China's commitment to opening-up initiatives.

We have witnessed the launch and implementation of many favorable policies. For example, the Chinese government announced a series of policies for Pudong's opening-up last year, which covered legislation, tax, talent, finance, free trade zone, etc, to strengthen Pudong's development and opening-up. The Chinese government built the Hainan Free Trade Port with strong and comprehensive policies and implementation details and timeline.

A8: As a committed supporter of global free trade, China's favorable initiatives for free trade have strengthened our confidence in the future of the China market and increased our willingness to continuously deepen our roots here.

Looking ahead, Pernod Ricard will sustain its strong commitment and long-term investment in the China market, and further introduce our unique product portfolio with more consumer-centric interactive engagements.