For Australia, and Australian businesses in particular, has there ever been an opportunity like China? China is Australia's biggest trading partner, and its large and diverse market presents a lucrative opportunity for Australian enterprise.
With a middle class that is expected to reach 70 per cent of its population by 2030, and annual two-way trade with Australia reaching more than $150 billion, China represents a massive opportunity for Australian businesses. There is great potential for Australian businesses to create long lasting and highly valued commercial partnerships in China.
It is also anticipated that the China-Australia Free Trade Agreement (ChAFTA) will be brought into effect soon.
China is home to more than 1.36 billion people – about 56 times the population of Australia
China is the world's number one trading nation and manufacturer (by output)
In 2015, China's GDP topped A$11.3 trillion, second only to the United States
China's GDP growth rate over the past three decades has consistently exceeded 7%, and often passed 10%.
As the Chinese economy matures, annual GDP growth is still tipped to exceed 5 per cent
Household incomes in China are soaring, with more than 300 million people now considered middle class
China's middle class is expected to reach 70 per cent of its population by 2030
China is Australia's biggest trading partner by a significant margin
The Chinese Government has continued to introduce policies aimed at raising standards and encouraging more trade and investment, both inbound and outbound.
In recent years the central and provincial governments in China have launched a variety of free trade zones, special economic zones, export processing zones and technology development zones. Depending on the nature of the zone or region, foreign businesses receive various administrative and trade incentives, such as easier licensing processes, tax concessions and advanced infrastructure to encourage the establishment of businesses and industries. There can also be advantages relating to trade
Globalization does affect China in a way. However China is taking action to maintain the economic growth such as laying out some policies related to the foreign investment to boost the national economy. This CEO survey report comes from PWC which comprehensively reveals that China could be the main stage for market entry. Moreover CEOs emphasize the recent problem about talent gap which can be solved by man and machine work together and it could be a long way to go. Yet finding an agency can be one of the best ways to narrow the talent gap. Talent Spot can help you with your HR solutions in China as well as Asia Pacific Region includes Singapore, Hong Kong, Taiwan, Japan, Korea, Thailand and Vietnam.