Learn all about the opportunities, market barriers and entry strategies in our latest Your Journey to China: Identifying the Opportunities, Market Barriers and Entry Strategies whitepaper.
China is a global force with bountiful opportunities. Chinese consumer spending is predicted to more than double in the next 10 years, reaching USD$12.7 trillion by 2030.
These opportunities stretch across multiple sectors. The country spends USD$530 billion per annum on research and development and is leading on AI adoption. Industries including online gaming, e-commerce and medical device manufacturing are also growing, to name a few.
China arguably has the world’s largest manufacturing workforce and accounted for one-third of global sales of luxury goods pre-COVID. This ratio only accelerated post-COVID.
The reasons why businesses should explore China’s potential are abundant and clear – and that’s why our Asia Accelerator service is vital to accelerate your digitization in China and the wider Asia region. But how did the country achieve such a strong economic position and how is it continuing to fuel this growth?
China’s economy kicked into gear in 1978, the year that (then) leader Deng Xiaoping defined and implemented four ‘modernizations’ across agriculture, industry, the military, and science and technology.
Between 1988 and 1998 China then became the world’s largest producer of textiles, furniture and toys with several special economic zones set up in the early eighties to establish market models and openness to overseas investment.
Now, China is increasingly a producer of high-end information-age products and developing its skills base accordingly.
The factories that helped to generate China’s growth still play an important role in the economy – although manufacturing is moving from the Eastern seaboard to the center and west of the country and even elsewhere in Asia and the world – with new industries developing at an astonishing pace. This diversity continues to broaden the attraction of China to foreign investors.
Various initiatives have been implemented to drive China’s position as a technology leader, including the 1,000 Talents Plan, a program designed to attract skilled people – not just technologists – to live and work in China.
These efforts are paying off. Four cities in China were named as top tech innovation hubs in a global study. China is now the world’s largest patent generator and a major participant in global intellectual-property trade.
The Chinese economy is predicted to overtake the US by 2028, five years earlier than previously forecast. Things are changing fast – and the time for savvy businesses to act is now.
The rapid development of technology – particularly the digital sector – is an increasingly dominant theme in China.
The country has more Internet users than any other country, prompting its rapid development of e-commerce, cloud services and payments solutions, serving both the business-to-business and consumer markets.
This creates markets for foreign tech companies and provides businesses in all sectors with an opportunity to develop within a dynamic, innovative culture. For all these reasons, China is a compelling investment proposition.
It’s also a complex market to enter, especially for businesses that aren’t established in the country. That’s where our Asia Accelerator and China Gateway 2.0 solutions can help, whether you need to start a business, migrate to the cloud or accelerate your success in China.
Alibaba Cloud is a world-class cloud provider and the No.1 public cloud service provider in China and Asia. To find out more about the burgeoning market and how your business can succeed in China, download Your Journey to China: Identifying the Opportunities, Market Barriers and Entry Strategies whitepaper today.
Or learn more about our Asia Accelerator program at: https://www.alibabacloud.com/asia-accelerator
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