SHANGHAI - Global cosmetics giant Shiseido Group will enhance investment to boost its innovation capabilities in China, the company said in a statement.

The company will continue to invest in building its second-largest research and development center in the country to cater to the demands of its largest overseas market, according to its new growth plan released Tuesday at a reception marking the company's 150th anniversary.

The company will see more investment in local innovation in China, bolstered by the establishment of an innovation fund worth up to 1 billion yuan ($142.12 million).

To accelerate its green growth and support China's circular economy, the company plans to have over 150 refillable products on the Chinese market by 2023, the statement said.

"We are full of confidence in the huge potential in China and are even more committed to our long-term investment in the market," said Shiseido Group CEO Masahiko Uotani, calling China "a key growth engine" of the company's growth.