Shanghai L'Oreal International Trade Co Ltd
The China (Shanghai) Pilot Free Trade Zone (SHFTZ) launched a "model company" selection campaign in March 2017, aiming to highlight its innovation and reform achievements over the past years. The six-month long event invited more than 80,000 SHFTZ-registered companies to sign up via self-recommendation or via recommendation from others.
After publication, application, on-site inspection, experts' voting and online voting, the campaign selected the top 10 model companies and six sample enterprises, covering foreign-funded, State-owned and private companies, which served as examples of successfully utilizing SHFTZ's innovative measures to enhance growth and development.
In addition, the SHFTZ has compiled a case book of first model companies for its policy innovation, with the hope of encouraging more companies to turn the Zone's innovative measures and preferential policies into their own advantages and growth points.
About Shanghai L'Oreal International Trade Co Ltd
L'Oreal Group, founded in 1909 and headquartering in Paris, is the world's biggest cosmetics company. It entered the Chinese market in 1997 and settled its China headquarter at Shanghai. It also set up a research and innovation center at China (Shanghai) Pilot Free Trade Zone.
The implementation of filing system helped L'Oreal save a great amount of time in completing approval procedures. In the past, the cosmetics for non-special purposes were allowed to be imported only after gaining the approval from China Food and Drug Administration. It used to always take a long time to go through the procedures. The filing system helped enterprises save at least three months to launch the products in China, so that Chinese customers could also buy the latest cosmetics products produced by foreign companies.
By implementing the filing system for imported cosmetics of non-special purpose, Chinese customers could enjoy more and better foreign products. It would also speed up the transformation of government functions, activate market entities and promote trade facilitation.