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China’s Beauty Industry: Current Performance, Opportunities and Challenges(No.51, 2017)

( drc.gov.cn ) 2017-06-05

By Li Lan, Institute of Public Management and Human Resources, DRC

Research report No.51, 2017 (Total 5126) 2017-5-3

Abstract: In recent years, China’s beauty industry has expanded rapidly, taking a large number of employees on staff. The systems of beauty products and the industrial chains have become fleshed out and Chinese native brands have become more recognized and influential than ever. With the improvement of its innovation capacity, the beauty industry has pushed ahead with upgrading the developmental patterns. It should be pointed out that this industry is facing both opportunities and challenges. Favorable opportunities for development have been created through increasing market demands, upgraded consumption, technological innovation, industrial reforms, enforced self-regulations and the implementation of national strategies. But the industry is also restricted by the limited scales, inadequate investment in innovation, low quality of the employees and an inadequate developmental environment. Besides some related sectors lay more emphasis on administrative review and approval while neglecting relevant regulations. This paper suggests that the government should move faster to work out the developmental strategies of China’s beauty industry and improve industrial standards, policies and regulations. In addition, efforts should be made to give full play to the think tanks of this sector, encourage relevant investigations and studies, and create a favorable media environment to ensure a sound and sustainable development for China’s beauty industry.

Key words: beauty industry, current performance, suggestions