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In what Chinese trade officials called "an important turning point" China's exports and imports for December exceeded expectations. Exports grew by 17.7% a long way ahead of the 4.0% rise forecast ending 13-months of year-on-year decline.
Imports also grew 55.9%, compared to 31.0% shrinking China's trade surplus by about $1 bill, down to $18.4 billion.
The analysis is that output in December grew by more than 25% on 2008 and that GDP growth in the fourth quarter exceeded 11%, slightly up on the expected we 9+% mentioned below!
In 2009 China overtook Germany as the world's biggest exporter indicating that China is still going to be the place to be and will play a significant role in re shaping the international economy.
On the slightly down side, China's imports of crude hit a monthly record, iron ore was the second highest and copper also increased markedly.
The surge may raise the spectre of overheating again prompting the government to revisit some of its regulations, especially related to currency and exchange rate.
However the Spring Festival holiday [Chinese New Year Feb 14th]is rapidly approaching with a 10 to 14 day shut down so we don't expect much to happen until end of March, the much awaited first quarter of 2010.
During 2007 and 2008 China's economy grew by almost 12 and 10% respectively
The forecast, yet to be realised for 2009 is 7%, partly due to a natural slowing of the economy and partly to the economic meltdown beginning tail end of 2008.
Expectations are that part way through 2010 the China motor will regain some of its lost momentum and growth of 9%+is expected for the year.
Current predictions are that China is still on track to become the world biggest economy by 2015, 2020 at the latest, growing by an average of 7% annually.
2008 will long be remembered as year the global economy faltered, yet during that time China remained a relatively bright light, indeed apart form the fallout to her export industries, the domestic China market hardly, missed a beat.
China is still the place for overseas companies searching for ways to reduce costs, whether it be by sourcing or China market entry for their goods and services .
As her economy grows so will domestic demand and by 2020 at the latest it is expected China will be back as the world number one economy.
Back in 2008, Fortune magazine said;"
From a marketing and SME perspective this simply translates as China develops, her standard of living increases and the already huge demand for consumer items will steadily increase.
China's affluent middle class are growing, there are already more millionaires than in USA and with current government polices beginning to favour social justice, harmony, the environment and consumer protection the future looks brighter.
Added to this, the 2010 World Fair and the government's policy of developing the south western regions we can expect new growth future opportunities for many SME's.
But China is, as they, a double edged sword.
Balanced against the huge potential opportunities, there are also risks to un-witting and ill prepared foreign enterprises trying to establish a China business.
We have already discussed threats to your IP, dishonest partners or representatives the complexity and opaqueness of government regulations in Agents but other factors such as the rapid pace of change here, consumer preferences change, new competitors spring up like mushrooms and regulations are amended or new ones introduced.
Differing language, cultures and business ethics can also stand in the way of success.
Market entry can be costly at best, company registration, hiring of personnel, and simple administration activities but when you are learning as you go, often from mistakes the cost is prohibitive.
For foreign businesses just finding information can be a daunting task, often it is incomplete, out of date, or misleading.
Many foreign companies come here with a dream, lured by the "Romantic Fairy Tale" of a huge untapped market, but sadly, without adequate preparation and profession support there can be no "Happily Ever After."
WPBeijing China Marketing's goal is to assist SME;s and foreign enterprises to maximise their opportunities their opportunities in the China market.
We are a small but highly experienced company, we are flexible to your needs and demands and can move quickly to adapt to changing market circumstances.
our directors take a hands on approach and a personal interest in every case, you can always speak to someone who can give you answers, in your language.
We have established good "Relationships" with relevant industry groups and local bodies, we are multi lingual, fluent natives in both Chinese and English so can work easily with eastern and western thinking.
We provide professional, cost effective services as:
But since China's "Opening Up" policy in the 1970's and entry into the WTO China has performed what some see as an economic miracle emerging as one of the most important economies of the world. Some see it as a threat, others an opportunity but be that as it may, China is certainly an economic power house.
In 1997, the Gross Domestic Product of China totaled US$957 billion. According to Standards and Poor's DRI, a private international forecasting firm, China's GDP is projected to grow at an average annual rate of 7.2% between 1998 and the year 2015. This indicates that China will likely double its GDP every 10 years, making it an economic superpower of the 21st century.
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