Right now, most of the world is busy rebuilding and recovering from the coronavirus pandemic. Meanwhile, and perhaps a little inconspicuously, China has been making rapid progress. The country is nowhere near being the largest economy in the world, accounting for around 20% of world GDP in 2050.
In addition, China will become the world’s largest consumer market, fueled by a population that has rapidly increased its purchasing power. Where the disposable income per capita of its population has increased massively in 20 years by 425%, which has led to a significant increase in wealth in terms of spending capacity. So, selling your products in China could be extremely attractive.
In recent years, the economic power of that country has changed from depending on manufacturing to being driven by exports, investment (domestic and foreign), and domestic consumption. While its expansion of Free Trade Zones and increased imports allow for greater foreign participation.
As China strives for high-quality growth, innovation and technology will have a profound impact in all fields. At the same time, the Chinese government has reiterated its determination to continue reforming and opening its market for the participation of foreign players in its territory, with policies that reflect an open and transparent market. It can only be seen in the type of products that are sold in some neighborhoods of Shanghai.
The innovation ecosystem has been a focus of development. China is making great strides in the field of AI development. According to the 2019 China New Generation Artificial Intelligence Development Report from the Ministry of Science and Technology, as of the end of 2018, China had 3,341 AI companies and led the world in number of AI research papers published. This experience in artificial intelligence helps process large volumes of data and helps people to explore new business models and lifestyles, models that for the development of the world should be adopted as exportable to other regions of the world.
In 2018, China held its first international import exhibition (CIIE) on world import themes that shows government support for the transition of the economy from a period of high growth to an era of high-quality development. Through a combination of greater market opening, the integration of technologies and the improvement of the economy. The second CIIE held in 2019, attended by people from 181 countries, showed China’s continued advocacy for liberalization of international trade and support for foreign investors despite the slowdown in globalization. Delegates from more than 181 countries, regions, and international organizations, and more than 3,800 companies attended the event, resulting in more than US $ 71.13 billion in expected signed agreements. He also highlighted the opportunities that arise from regulatory support for the transition to a new economy.
If you want to attend this Fair or analyze ways to grow your business, go to Puente Negocios where we will teach you the best way to export your business to China.