Not only semiconductors, but also the cosmetics market has been the cause of trade disputes between Western countries and China, as China insists that every ingredient and exact dosage of all products must be disclosed, but foreign businessmen are worried that counterfeits. There will be a flood of products; The second deeply controversial current issue is that China requires products to undergo animal testing.
new York TimesAccording to reports, China’s real estate industry is in turmoil, but the beauty product industry is still booming. However, foreign manufacturers in the United States, France, Japan, South Korea and other places have lost many opportunities due to the regulations announced during the epidemic. ,
Commerce SecretaryRaimondovisited last monthBeijingXi said the United States hopes to expand exports of personal care products. “No one would say that health and beauty products would interfere with national security.” French Finance Minister Le Maire was more direct: “I’m not talking about small money. For many French companies, China accounts for 30% to 35% of total revenue.”
According to rules announced by Beijing authorities in 2021, all companies must disclose each ingredient and exact dosage of their products, and upload the addresses of raw material suppliers and raw material assembly locations into a specified database. Another controversial rule is that products such as hair dye or sunscreen lotion that have not been tested on live animals cannot be sold in China. But many global cosmetics companies have long stopped testing on animals.
Large companies like LVMH or L’Oreal have the resources to meet regulatory requirements, while some smaller companies have suspended sales to China until they can find shorter time- and money-saving ways to comply.
Finance(TagstoTranslate)Beijing(T)Raimondo(T)New York Times