In this, the Year of the Snake, many well-established companies are finding the dramatic changes in China to be a serpent that is hard to grasp. Myriad rapid social, economic, and governmental evolutions in this turbulent economy have left many executives scratching their heads and, in some cases, feeling bitten. Multiple economic and industrial factors have changed in China, including the following:
- Government growth priorities are shifting towards a more domestic focus with greater environmental concerns
- The contrast between traditional values and modern habits is becoming more pronounced, between the graying China’s population – an estimated 40% will be over age 50 by 2020 – and the younger generation’s rapid adoption of the Internet, e-commerce, and social networking
- Increasing wealth and the emerging middle class are fueling greater mobility and urbanization, resulting in new housing and infrastructure in development for approximately 300 million new city dwellers
Read more…
