In a recent media interview, Yuan Liqun, vice president of Midea Group and deputy head of the National People's Congress, revealed that the company plans to invest 1.5 billion yuan in the smart home industry over the next three years. During this year’s Two Sessions, she also called for improvements to the "Anti-Unfair Competition Law" to combat "defective brand" practices and advocated for the establishment of a unified certification standard for smart home appliances.
Midea is embracing the internet as a key driver for innovation in the new economic normal. With China’s demographic dividend declining, many companies face challenges in maintaining competitive advantages and expanding globally. The shift in consumer behavior due to digital transformation has forced businesses to rethink their strategies.
Yuan Liqun highlighted how Midea adapted by focusing on three core strategies: product leadership, efficiency-driven operations, and global expansion. The company increased R&D investment, optimized product design, and restructured underperforming assets to improve overall efficiency. She emphasized the importance of staying agile, user-focused, and open to global collaboration. Midea is also exploring investments in startups, with an initial allocation of 800 to 100 million yuan.
Since 2014, Midea has been developing its smart home strategy, centered around four intelligent systems: Air Wisdom Manager, Nutrition Wisdom Manager, Water Health Wisdom Manager, and Energy Security Wisdom Manager. These systems aim to create interconnected, intelligent home environments. By 2016, the company aimed for over 80% of its products to be smart, significantly boosting market presence.
Despite growing interest in smart home technology, Yuan pointed out that the lack of standardized regulations remains a major obstacle. She urged the government to introduce comprehensive standards, including safety protocols, to ensure the industry’s sustainable growth. With strong collaboration between businesses and policymakers, China could lead the global smart home revolution.
In addition, Yuan raised concerns about the misuse of well-known trademarks by unscrupulous actors. This "defective brand" practice, where counterfeiters exploit popular brand names to mislead consumers, harms both businesses and end-users. She suggested updating the Anti-Unfair Competition Law to clearly define penalties for such violations and protect the integrity of well-known brands.
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