P&G commits to raising level of China offering

Global household giant Procter & Gamble Co has committed to investing and growing in China to become more high-end, officials said Monday, pushed by increased competition from local brands and premium products.

At the end of last month, the US-based consumer goods firm reported quarterly net sales of $16.9 billion, a drop of 9 percent, which it blamed on the impact of foreign exchange movements.

China accounted for around 8 percent of all net sales, the lowest of the company's six major global markets.