China's economy has entered a new phase which presents
even better opportunities for businesses outside of China.
China's middleclass could number
As China’s domestic firms shift to higher-margin business, they are open to foreign companies to supply them with high-value goods and services and can tap into the rapidly growing Chinese middleclass.
China’s state-owned enterprises (SOEs) are investing outside China, creating opportunities for internationally minded companies to participate in massive capital projects in Asia, Africa and Europe.
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China's economic focus
China’s economic focus is now on boosting domestic consumption, private and service sector activity and higher-tech more value-added manufacturing, reducing reliance on heavy industry and labour-intensive manufacturing.
China's economic transition involves:
- Global economic growth fueled by investment of China’s vast sovereign wealth outside of mainland China
- Clustering of higher-margin high-tech manufacturing and service-oriented businesses on the Pearl River Delta
- The Belt and Road Initiative is investing trillions of dollars in physical infrastructure and financial institutions linking China’s businesses to the rest of Asia, Africa and Europe
- Internationalisation of the renminbi, an inevitable consequence, as well as policy mandate, of externalising China’s investment.
By 2020 RMB will be an important trade settlement currency, investment currency and a reserve currency.
Helen Wong, chief executive officer, Greater China HSBC
How will China’s growth plans impact your business with and in Asia?
Speak to your HSBC relationship manager to find out more or email us.