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  • Home > News > Details
    Ritch N.Wood: Carried by the tendency of “Shuangchuang”, transnationally distributing innovative high
    2018-03-26

    "China's ecnomic growth is set to be 6.5% in 2018, which indicate the determinaiton of the transportation from high speed development to high quality development in China." A few days ago, CEO of NU SKIN-Mr.Ritch N.Wood told haiwainet during the interview, he talked his thinkings about the high-speed development of China's ecnomic growth, the improvement of foreign business environment in China, and the promotion of China-US trade.

    "China and US have been established diplomatic relations for nearly 40 years, the relationship between the two countries has a historic development, which benefits the citizens of the two countries." Mr.Wood said, as a US company which invest in China, NU SKIN would constantly dedicated to promote the communication between China-US trade, and build a foundation to reinforce the cooporation, Eliminate the differences, and collaborative the development.

    Haiwainet: What aspect do you focus on during the NPC CPPCC.

    Ritch N.Wood: I pay close attention to NPC CPPCC. China as the largest developing country with the most dynamic market, NPC CPPCC raise broad attention internationally. I care about the future economic layout of China and trends of the opening of market, high-quality development and trade cooperation between US and China. China is our largest market as well as one of the fastest growing markets. We are optimistic about China’s economic development, and will continue to increase investment in China. So we keep a watchful eye on China market.

    Haiwainet: What actions of Chinese government will benefit the development of foreign enterprises in the future?

    Ritch N.Wood: China set up the goal of economic growth rate at 6.5% for 2018. I think it illustrates the determination of Chinese government that China's economy is transitioning from a phase of rapid growth to a stage of high-quality development. Amongst, we are inspired by greater consumption and encouragement of innovation.

    The economic growth during the past 40 years stimulates the improvement of household consumption needs and capacity and the appearance of middle-income groups, which provide broad development for our constant investment and market expansion in China. Prime Minister LI Keqiang mentioned to open the market to a greater degree, promote industrial upgrading and trade balance and provide more options for consumers in government work report during the two sessions. The change on consumers and the government policy incentives further fueled the development for foreign enterprises.

    Another focus is the role of innovation as the primary force driving development. At NU SKIN, we view innovation as critical for economic growth and development, and are implementing an innovation-driven growth strategy. We are confident in improving product quality and service capabilities to better meet the demands of Chinese consumers through innovation in the atmosphere of mass entrepreneurship and innovation. We are dedicated to improving the lives of our customers with innovative products. NU SKIN has two innovation centers globally, one in America, and the other one is NU SKIN Greater China Innovation Park in Shanghai, which is the largest overseas investment project in the history of NU SKIN. By setting up an innovation center in China, we aim to leverage local innovation strengths to develop more products to serve Chinese customers. It can also help to connect with headquarters and take advantage of research and innovation.

    Haiwainet: We know that NU SKIN is quite successful and has gained sustained growth in China. As a CEO for the American company, could you talk about NU SKIN’s key strategies in China market? Is there any experience or thought you may share with us?

    Ritch N.Wood: As a strategy of NU SKIN, China market is a long-term component and we seek to grow together with the Chinese economy. Along with the opening of China’s market, China’s economic and trade rules become increasingly convergent with international norms and the business environment in China gets improvement gradually. According to the report of the World Bank, China moved up 18 places in the global ranking of ease of doing business during the past five years and ranked no. 2 in foreign capital intake last year, which demonstrates that China has its great advantage of business environment and the ability to attract foreign investment.

    From establishing a factory and R D center in 1998 to opening our first offline store here in 2002 to launching in the Chinese market in 2003 to establishing an Innovation Park with a nearly CNY 500 million investment in Shanghai in 2014, our goal of deeply cultivating the Chinese market and achieving sustainable development in China has never changed. We would make further investment in China. The management team has already decided to confiscate land in Fengxian District in Shanghai, China to expand our factory and add plant capacity, and eventually better serve the market and our customers.

    With our commitment to innovative ideas and advanced technologies, we have built a professional team with over one hundred scientists, and engage in international collaborations to develop innovative products and to meet consumers’ demand. NU SKIN launched ageLOC technology with success in 2009. We are further recognized by global market for our anti-aging products. The brand-new ageLOC LumiSpa, an innovative skin caring and cleansing product, launched in China last December. With the ageLOC ecosystem consisted of ageLOC Spa, ageLOC Me and ageLOC LumiSpa, NU SKIN consolidates our exclusive strength in global cosmetic instrument market while satisfies consumers’ personalized needs.

    Besides innovation, NU SKIN increases investment to improve our product quality. We recently completed the acquisition of two manufacturing partners in which we previously held non-controlling equity ownership, as well as a packaging company. We anticipate these acquisitions will be accretive to our annual results and will be meaningful contributors to our future success.

    Haiwainet: What do you think the current China-US trade relations will bring to the development of NU SKIN?

    Ritch N.Wood: China is the largest developing country while the US is the largest developed country. The bilateral ties have made historic progress and bring benefits to the people of the two nations since the establishment of diplomatic relations about 40 years ago. China-U.S. trade volume grown above 16 percent to some 580 billion U.S. dollars in 2017.. Win-win cooperation and stable development are the basis of China-US trade relation.

    NU SKIN, as an American corporation invested in China, focuses on the healthy development of bilateral trade relations. Cooperation exists together with competition. China has become NU SKIN’s largest market in nearly 50markets, accounting for nearly 32%of our 2017 revenue. NU SKIN consistently supports the policies of China’s opening and contributes to the economy, trade and technology cooperation. In the future, we are committed to doing our small part to help foster the kinds of connections between our two countries that will lay the foundation for both sides to seek common ground, enhance cooperation, and work together for development.(Xiaofei Fan,Jianyu Zhu)

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