economic development

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How China’s development can benefit you

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Since China decided to open up their market to the world, known as 改革开放,Gaige Kaifang in 1978 major trade opportunities have developed from having access to such a large number of clients.

China is a country that loves technology and is developing faster than anyone could have predicted. As the country becomes richer, so does it’s people and thus their desire for modern products and fashionable items grows. The picture above highlights the level of development in only 20 years.

Major brands such as Apple, Intel, and Gillette and taken the country by storm, offering high quality products. Furthering this, there is a growing sense of consumerism here with locals opting to spend more on luxury items, such as coffee. Thus whilst China is still a developing country, even those who don’t earn a lot are willing to pay for high end, luxury products.

The fashion industry has also become highly popular among the richer population, with designer brands being displayed in every shopping centre. These brands often use western models and designs, which attract customers who want to show off their wealth. Beauty products, especially for women have taken off as some of the most popular foreign items for women,often being seen as better quality than their Chinese counterparts.

If you are looking to expand your business, the Chinese market is probably the best way to go. Locals are willing to pay top dollar for products which they believe are trustworthy and valuable. This creates a market for expensive goods in China, as it provides locals with an outlet to demonstrate their wealth and success.

By cleverly marketing your products as high end, expensive and with a modern feel, you’re business is likely to boom in the Chinese market. And remember, for many Chinese , when buying luxury items, west comes out best.

For more Chinese business insights, check out one of our interns blogs at https://chinesebusinessblogblog.wordpress.com

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Chengdu: The New Land of Opportunity

“Why Chengdu?” is the question most people will ask when you mention you’re interning in China. Hardly the first city that comes to mind, most would wonder why you aren’t in Shanghai and Beijing, China’s press darlings that receive most international attention.

Source: https://www.unesco.org/new/en/culture/themes/creativity/creative-cities-network/gastronomy/chengdu/

As China continues to grow at a blistering pace in its 4thdecade of consistent economic growth, the Chinese urban landscape has begun to change. While Beijing and Shanghai once represented the nexus of business and economic development for the country, opportunities have begun to spread beyond the East coast corridor further inland, resulting in a role reversal between the periphery of Western China and the once dominant metropoles of Shanghai/Beijing. Chengdu now is one of China’s fastest growing cities and is the center of the government’s push to branch development beyond the coast.

Source: https://www.chora.tu-berlin.de/?page_id=175

Destined to become both the Motor City and Silicon Valley of China, Chengdu’s growth trajectory over the past decade has been beyond phenomenal. With over 14 million people (projected to be around 20 million by 2020), Chengdu currently is China’s 4th largest city[1]. Conveniently located in between Western China and Eastern China, the city is now home to a mix of manufacturing, IT, and finance while simultaneously acting as the primary hub for businesses trying to expand westward to gain further access to China’s untapped markets. Chengdu is now home to over three hundred of the Fortune 500 companies, ranging from automobile giants in Toyota and Volkswagen to global manufacturers in GE and Foxconn Technology Group. While the average growth rate for China as a whole has roughly been between 7-10%, Chengdu’s GDP has expanded by 15% on an annual basis in recent times, making it one of the most exciting cities in the country labelled as the new “land of opportunity”. With seemingly limitless business prospects, the question has become why aren’t you in Chengdu!

[1] https://www.gochengdu.cn/investing/chengdu-economic-overview

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