5 attractive features of the Chinese market
According to an exclusive document prepared by ConnectAmericas, China’s role has been rising sustainably over the past decades. This represents an enormous opportunity for the products and services from Latin America and the Caribbean.
- Huge population and workforce: China is the most populated country in the world and is home to approximately 1.4 billion inhabitants. This means that roughly 1 out of every 5 individuals in the world live in this dynamic economy. Also, its workforce amounts to 806.5 million and is the main driver of its economic growth.
- Economic leadership: China’s share of GDP in relation to global output went from 2.5% in 1980 to 17.2% in 2015.
- Importance of international trade: International trade is embedded in the DNA of the Chinese economy, representing 47% of its GDP. It is the largest exporter of merchandise and the second largest importer.
- Rising middle class: As of 2015 China has the largest middle class in the world, exceeding that of the United States. The wealth of China’s middle class has increased six fold (600%) in this century, compared to the 115% increase in the rest of the world and the 280% increase in India.
- Increase in consumption: In absolute terms, its capacity grew faster than in other countries. China’s retail sales of consumer goods, grew 10.4 percent year on year in 2016. Total retail sales of consumer goods hit 33.23 trillion yuan ($4.84 trillion) last year.
If you are interested in knowing more about the Chinese economy and the possibilities for Latin America and the Caribbean, we invite you to read the following document: “China: A unique opportunity for LAC businesses”.