Guangdong Promotes Cosmetics Industry Development

On 9 January, the General Office of the Guangdong Provincial People’s Government rolled out its implementation plan for promoting the high-quality development of the cosmetics industry. The plan aims to foster three to five leading companies each with annual revenues of over RMB20 billion and RMB10 billion respectively, as well as more than 10 local businesses with annual revenues of over RMB5 billion by 2025. The province also aims to have more than 10 well-known national brands, with local brands having a combined market share of over 50% in the national market. The plan covers the following points:

• Co-ordinating the construction of cosmetics industrial parks

• Strengthening fiscal and financial policy support for the industry

• Optimising the business environment for the high-quality development of the industry

• Encouraging and supporting the innovative development of the cosmetics industry

• Accelerating the training and acquisition of talent

Source: Guangdong Provincial People’s Government