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Chinese market still offers huge business opportunities

CHINA MEDIA GROUP | Updated: 2023-09-18 07:40

Visitors shop for durians from Malaysia at the 20th China-ASEAN Expo in Nanning, Guangxi Zhuang autonomous region, on Saturday. [Photo by Peng Huan/For China Daily]

In the past two years, China accounted for 91 percent of the global demand for durians. Thailand, the world's largest durian exporter, has seen how a consumption boom in China can fuel a rapid rise in demand. No wonder some fruit dealers in the Southeast Asian country said that any new fruit trend in China may bring huge business opportunities.

Retail sales of consumer goods in China rose 4.6 percent year-on-year in August, 2.1 percentage points faster than the previous month. This is a sign of China's steady economic recovery. China's huge market remains a key reason why foreign corporations still regard China as an indispensable part of their global business map, despite Washington's attempts to get them to view the country otherwise.

That China's consumer market is constantly transforming and upgrading can bring stable returns to multinational enterprises. In August, the Chinese people went on more trips, and their consumption of catering, accommodation, transportation and other services continued to expand. The national catering revenue increased by 12.4 percent year-on-year, and the business activity index of transportation, accommodation and other related industries remained in a boom range.

At the same time, digital consumption and green consumption have gradually become the new trend of consumption upgrading. Not only has the consumption of e-commerce and online entertainment boomed, but offline smart shopping, such as hyperrealistic makeup using augmented reality technology and naked-eye 3D display experiences, has also attracted a large number of customers.

Statistics show that the return rate of foreign investment in China in the past five years is 9.1 percent, much higher than the about 3 percent in Europe and the United States, and higher than the 4 percent to 8 percent average in other major emerging economies. Tesla's Shanghai Gigafactory delivered half of the company's cars around the world last year. Starbucks is opening 6,500 stores in China, adding one every nine hours over recent years.

Meanwhile, China's pro-innovation environment provides multinational enterprises with convenience and support for research and development. Since the beginning of this year, more and more foreign-funded enterprises have set up R&D centers in China. Unlike some Western countries, which often make "sharp turns" in policies, the stability and continuity of China's economic policies have given multinational enterprises more reassurance.


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