Sony to expand presence in China, eyes growth in entertainment

Japanese consumer electronics company Sony Group Corp will intensify efforts to expand its presence in China through technological innovation as it banks on the entertainment sector to further tap the immense growth potential of the world's second-largest economy, a Sony senior executive said.

Sony has continuously increased its investment in China, with its businesses spanning electronics, film and television, music, games and animation, said Takehito Soeda, vice-president of Sony China, adding that he is bullish on the development prospects and huge potential of the Chinese market.

He emphasized that China plays a very significant role in global industrial and supply chains, given the country's super-large market and complete industrial chain system. "Apart from manufacturing, we also have a layout in research and development and services in China."

Sony has witnessed China's reform and opening-up in the past few decades, Soeda said, while noting that China has made remarkable achievements in economic growth and, in recent years, announced a series of new measures to bolster digitalization and technological innovation.

"We have paid great attention to China's fast artificial intelligence and 5G technology development and its dual carbon goals — peaking carbon dioxide emissions before 2030 and achieving carbon neutrality before 2060 — which highly coincide with our development goals," he said, adding that sustainable development has become one of the most important engines driving China's economic growth.

Sony has always attached great importance to the Chinese market, which is of great significance in the company's global layout. The company will strengthen its cooperation with local partners and the cultivation of local talent, as well as contribute to the optimization and upgrading of China's industrial structure, according to the company.

How to leverage cutting-edge digital technologies to promote the high-quality development of industries presents a new opportunity for the company's future development, Soeda said.

Sony is also betting big on the entertainment business in China, hoping to integrate Chinese cultural products with their foreign counterparts, and build a bridge for entertainment and cultural exchange between China and the rest of the world, he added, expecting more policies to be rolled out targeting the entertainment segment in China.

It has established a studio for virtual cinematography in Shanghai by cooperating with Chinese partners, providing crystal light-emitting diode (LED) display systems, professional cameras and monitors. Soeda said the company wants to bring more global cutting-edge technologies, applications and the latest products to China.

In addition, China's efforts to develop strategic emerging industries will inject new impetus into the high-quality development of the country's economy, and provide new opportunities for multinational corporations to develop in China, the company said.

At the upcoming sixth China International Import Expo in Shanghai in early November, Sony will showcase its latest innovative technologies and achievements in the field of sustainable development, such as environmental protection, public welfare and accessibility.

According to the Ministry of Commerce, foreign direct investment used in the manufacturing sector in the first three quarters of this year rose 2.4 percent year-on-year, with FDI in high-tech manufacturing up 12.8 percent.

"China's huge consumption market is attracting an enormous volume of foreign investment," said Zhang Jianping, director-general of the Beijing-based China Center for Regional Economic Cooperation, adding that China's new measures to boost its foreign investment inflow have demonstrated the country's determination in opening-up.

He said China will hold greater appeal for foreign companies, especially those in manufacturing and producer services sectors, given China's push to remove all restrictions on foreign investment access in the manufacturing sector and optimize its business environment.

China issued a 24-point guideline in August to attract more global capital. The government's commitment to enhancing the environment for foreign investment includes six key areas, including ensuring the effective utilization of foreign investment and guaranteeing equal treatment of foreign-invested and domestic enterprises.