Canon's revenue in China will maintain its annual growth rate of 30 percent over the next few years, the world's largest camera-maker said yesterday.

Canon, which launched seven products in Shanghai yesterday, generated more than US$1 billion of revenue in the China market last year, according to Howard Ozawa, Canon China's president and chief executive.

"China is still Canon's fastest-growing regional market this year, despite the snowstorm and earthquake disasters," said Ozawa.

Canon has high expectations about the Chinese market, Ozawa said, especially in the current global market environment.

The company reported that its second-quarter profits fell 13 percent from last year, because of sluggish sales in the United States and Europe, and a stronger yen, which eroded the value of overseas sales.

In China, Canon has faced intensifying competition from rivals such as Panasonic, Nikon, Kodak and Sony, but Ozawa said the firm wouldn't get involved in a price war.

Instead, he said, it would provide customized products and better services.

In the first half of 2008, 4.94 million digital cameras were sold in China, a 31-percent growth year on year.

Canon held the No.1 position with a 28.2 percent market share, followed by Sony's 21.7 percent and Samsung's 14.7 percent, according to CCID Consulting, a Beijing-based research firm.

Canon, which has seven manufacturing plants in China, is looking to expand into the medical, display and office automation device sectors, it said.

(Shanghai Daily September 24, 2008)