(Yicai Global) Oct. 19 -- The heads of over 40 multinational corporations have confirmed their commitment to China, the only economy to achieve growth amid the Covid-19 pandemic, at the 32nd International Business Leaders' Advisory Council for the Mayor of Shanghai held virtually yesterday.

China is ahead of the rest of the world when it comes to economic recovery from the pandemic, said Carmine Di Sibio, chairman and chief executive officer of the UK’s professional service provider EY, formerly known as Ernst & Young. This gives multinational companies the opportunity to reinvest and drive growth in China, he said.

London-based EY will continue to invest in China and will take part in the third China International Import Expo that will be held in Shanghai next month, Di Sibio added. EY has been closely working with the Shanghai government and both local and foreign companies based in Shanghai, especially many tech start-ups. Business is growing despite the pandemic and the firm will continue to hire people, he said.

Shanghai has a great track record in driving regulatory changes to welcome foreign investors, said Jean-Paul Agon, chairman and CEO of French cosmetics giant L’Oreal Group. It is the most advanced city in China in terms of consumer behavior, modernity, new services and business environment, he said.

The Clichy-based company is very upbeat about the second half, after logging 17 percent growth in revenue in the first six months of the year against a 11 percent global slump, largely due to an increase in e-commerce.

The firm, which is the number one beauty company in China, will present more than 100 new products at the CIIE. “The CIIE is a window on everything we at L’Oreal do in terms of innovation, development, technologies, digital activity and sustainability,” Agon said.

“It is a great opportunity to show Chinese consumers everything L’Oreal does in China and in the world,” he added.

Initiated in 1989, the IBLAC is an annual forum convened by the mayor of Shanghai to solicit opinions from top executives of multinational companies regarding the future development of the Chinese financial hub.

Editor: Kim Taylor