If you are looking East with a view to international expansion, doing business in China could be an exciting prospect with the world’s largest population to trade with.
Its booming economy over recent years is another plus point for exporting to China. It grew 10 times faster than than of the USA in the decade to 2013. In 2010, China surpassed Germany as the world’s largest goods exporter.
A note of caution though – China sits at #96 in the World Bank’s Ease of Doing Business index, and if you are looking to establish a local presence, starting a business there and taxation can be tricky.
See other key stats for business in China below:
|Size of Economy (GDP)||2||$9.2 Trillion|
|GDP per Capita||82||$9,844|
|Ease of Doing Business (World Bank)||96||61.51/100 DTF Score|
|Global Language Popularity (native speakers)||1||Mandarin: 995M Global Speakers|
|Area in Square KM||5||9,596,961|
|2013 Human Development Index (and Change since 2011)||101||Same Ranking as in 2010|
|Internet Speed (Ookla)||38||22.24 Mbps|
Naturally, China has strong trade relationships with other countries in Asia, particularly Hong Kong, Japan and South Korea. However, despite being its main economic rival, the USA is the #1 destination for Chinese exports, accounting for 17% of goods sent overseas.
China’s top export products are:
- Clothing and textiles
- Iron and steel
- Optical and medical equipment
With such a large population and it’s strength in the electronics sector, it is no surprise that its has the highest number of active mobile phones, as well as internet users.