Why China?

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The other day I made a list of why SMEs should do business in China. Here it is:

  • China is the world’s second largest economy – will overtake the US by 2027 (or earlier)
  • A population of 1.3 billion plus a middle class of 400 million, and rising
  • 800 billionaires and 4.4 million millionaires
  • An economy driven by domestic consumption (80% of GDP)
  • 613 million online consumers, and rising
  • Almost fully urbanised (61.4% of the total population live in urban areas, a dramatic increase from 17.92% in 1978)
  • The world’s manufacturer (China accounts for 28% of global manufacturing output, i.e. US$4 trillion)
  • A global leader for investing in innovation (In 2019, China spent 354.3 billion yuan (US$52.8 billion) on R&D and science and technology innovation, up 13.4% year-on-year
  • 5G to be rolled out throughout China by end of 2020
  • China is the World’s Major Trading Partner – 128 of 190 countries regard China as their No. 1 trading partner
  • China is the world’s largest investor in renewable energy (China contributes almost one third of  total global renewables investment)
  • China has 9 of the world’s 20 biggest tech companies
  • In the decade to 2030, China’s economy will add more new purchasing power to the global economy than the US, Japan, India and Indonesia combined

I’m sure you’ll agree it’s a compelling list and highlights the importance of China to the global economy, post Covid. Am I missing anything? 

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