(Yicai Global) Nov. 6 -- Panasonic's China and Northeast Asia division will provide health and pension solutions for Chinese customers as it targets 40 percent revenue growth in 2021 over this year, its Chief Executive Officer Tetsuro Homma said today.

"We will strengthen our existing businesses and focus more on lifestyle to provide consumers with comprehensive life-oriented solutions," Homma said in an exclusive interview with Yicai Global at the second China International Import Expo that started yesterday in Shanghai.

Panasonic products exhibited at the expo include a range of health appliances designed for the elderly that help them sit, lie down, move and monitor their health data in real time. The company is also showcasing various devices that keep food fresh, including low-temperature warehouses, refrigerated display cases and cooking appliances.

Homma is upbeat on the growth potential of China's smart home market, as Chinese consumers increasingly pursue a quality lifestyle and develop greater demand for Internet of Things technology and products. To this end, Panasonic will develop related businesses based on the features of China's market, Homma told Yicai Global. As for the firm's business-to business segment, it will provide products and solutions for the 2022 Beijing Winter Olympics in addition to its other fresh food supply chain segments.

The CIIE is an ideal platform for Homma to meet and interact with key figures in the Chinese government, state-owned enterprises and private companies and introduce Panasonic's overall concepts to them, meet prospective partners and pin down statements of intent to cooperate, he said.

Panasonic's China and Northeast Asia division formed in April to integrate the firm's China business, streamline the decision-making process, and make business judgments in the local area.

"All our business decisions were made in Japan before April, and thus these often failed to keep up with China's market changes in a timely manner," Homma added.

Editors: Tang Shihua Ben Armour