China: Opportunities and Strategies for Doing Business
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China: Population 1.3 billion growing rapidly - 1 child policy used in the past
Most population in middle/middle-high income. Therefore spend a lot on luxury goods - more than any other country. Manufacturing hub Fashion industry - open to overseas brands, willing to spend a lot (not price sensitive) GDP growing fast, huge economy, dynamic & successful TRADE - surpassed US as a trading nation, rely heavily on emerging markets such as Brazil for exports but these EM cannot compete with their huge success and dominance. E-commerce industry is huge - no Facebook Whatsapp or Google, they use their own, WeChat has 900 million users. Use phones for everything. “Belt Road Initiative” - extend trade routes & integrate the economy. Opportunities in China Current → Food, education & e-commerce. Midterm → Healthcare & renewable energy. Long Term → Manufacturing & urban development
Doing business in China: Friends first, business partners second
Respect and obey elders, know the history of China, informal negotiations. Article: DriverXO moving to China from Spain, appealing to Chinese consumers → round tables/booths as it's more sociable, all share food in the middle, hot drinks served, be welcoming. Chinese are already a fan of Spanish food and not afraid to try something new.