China, one of the commercial and business giants is a hotbed of opportunities. From a business standpoint, China offers an immense potential, with its 1.4 billion population and a leading position in cutting-edge technology and innovation. If you are a company seeking to expand into China and take advantage of the many opportunities this superpower has to offer, you need to have a thorough background research as well as the support of a reliable translation partner for delivering Chinese translation services. Here are some of the business opportunities that can be used to propel your business growth in China:
Supplementary Education and English Language Teaching
China, being one of the most populated areas also boasts of the largest education systems in the world. In fact, investment in education accounts for approximately 4% of the total GDP in China. This makes China an ideal location to start for supplementary and online education classes. Apart from the online education, the provision of English language classes is also one of the opportunities companies or individuals across the globe can cash on. Many of the people in China are willing to go the extra mile when it comes to learning English language—all the more reason to set up an online business to teach in English language.
Healthcare Products and Services
The Chinese healthcare market is an ideal place for business growth and with the changing health dynamics globally, this healthcare market is growing every day. Perhaps this growth in China is also fueled by the population boom in this country—which ultimately leads to high demand. This is why a pharmaceutical or healthcare company can grow as well as expect exponential growth in this region. Although a pharmaceutical company will have to go through the rigors of obtaining a license as well as hiring a translation agency for quality Chinese translation services, the returns are likely to be much higher than setting up pharmacies in developing countries.
E-commerce and Online Retail Business
The E-commerce sector is one other avenue for growth in China as this region boasts of one of the largest E-commerce and online retail market. With a huge internet penetration rate and a population willing to shop online, the E-commerce business is set to take a huge leap in the future as well. According to some statistics, in 2018, the annual value of Chinese E-commerce totaled USD 1.33 trillion and is forecasted to surpass the combined E-commerce markets of United States, Germany, Japan, Britain and France. As internet connections and usage increases along with a greater use of smartphone, the Chinese customer is willing to spend extra bucks on online shopping. If you are a business with a presence in online retail sector, you have a huge chance of growth in this part of the world as China is also seeking to strengthen its stronghold in the digital market.
Clothing and Fashion Apparel Brands
As the world progresses towards changing fashion and apparel trends, the Chinese market is witnessing a boom in this sector as well. According to statistics, China’s adult garment market accounted for approximately 1457.8 billion RMB in 2017—an indication of the expected growth this sector is likely to see in the future. Moreover, as the internet penetration rates increase and more brands join the online mainstream, the demand for fashion apparel is also increasing. The growth opportunities that this sector presents are huge—as is the Chinese population willing to spend on online apparels and clothing. If you own an apparel business outside of China, you will be surprised how much revenue you are likely to get by marketing your products in this part of the world—all you need is a marketing strategy and a backup of a reliable agency delivering quality translation services to make it big.
As with all other regions of the world, urbanization is increasing in China as well. With the shifting demographics and more people shifting to big cities, the infrastructure development presents a host of opportunities for companies across the globe. A more urbanized China means a significant impact on environment, which is why companies can take advantage of the increased inclination towards environmental conservation and infrastructure development the “green” way, through construction of buildings and infrastructure. A company having expertise in urban development and infrastructure management, therefore, is likely to have a bright future in China.
Financial Services and Investments
The financial and investment industry is one of the fastest growing industries of the world and China is no exception. With a GDP of $13.37 trillion in 2018, China is all set to become the highest revenue-yielding region in the future. This is the reason financial and investment companies stand a huge chance of growth in China. As Chinese incomes rise and standards of living improve, more people are likely to need banking, insurance, financial consultancy services and investment tools—all the more reason for financial companies and banks to invest in China. Companies belonging to investments, securities, insurance and funds management can also take advantage of the favorable investment opportunities in China for setting up businesses here.
The tourism industry is another flourishing industry to look for in China. With a large number of inbound tourists coming to China for recreation, the tourism industry holds an immense potential for growth. Perhaps the extent of growth of this industry can be gauged by the fact that in 2018, the total number of inbound tourists arriving in China was 415 million with a growth of 7.6%, breaking the previous year mark of CNY 513.9 billion. This number is likely to grow over the next few years, owing to favorable visa conditions for tourists across the globe. This is why companies delivering recreation activities can easily make a name for themselves in China—all they need is a thorough business research and the support of a reliable agency for Chinese translation services.
Agriculture and Processed Food
Just as digital companies in China are making a mark globally, the agriculture and food businesses are also not far behind. With a sizeable portion of the country involved in agricultural farming, China is predicted to account for 43% of global growth in demand for agricultural products by 2050. The foods that are predicted to be in demand in future are beef, lamb, fruit, dairy and vegetables. The food exporters from across the globe can take advantage of China’s growing demand for quality agricultural products and its growing need for food security. Other than that, companies delivering inputs such as animal feeds also stand a good chance of growth in the upcoming years.
The Last Word
China, considered as the superpower in both digital and technological world holds immense opportunities for firms across the globe for investments and trade. With the right tools in place—business feasibility research, investment, and the support of a translation agency delivering quality Chinese translation services, the day is not far when companies across the globe will have their offices in China as well.