China’s economic and business environment:
China’s economic and business environment has changed over the past few years. In the past, the focus and strategy for foreign companies were to establish production in mainland China and exporting their goods at lower cost.
Nowadays, the scope of business activity has been increasingly re-oriented towards having a presence in the internal Chinese market.
Due to the slowing growth of western economies, especially during the pandemic that hit all countries since early 2020, foreign enterprises have begun to understand that the Chinese market is a wise choice for those looking to expand their enterprise.
According to China Internet Watch, a recent study revealed that buying power of Chinese consumers has grown about 50% to $6.5 trillion in 2020. Undoubtedly, this means that the mainland is the perfect market to be for businesses wanting to grow within the next few years.