Why Selling in China
The Chinese Economy
China’s economy has enjoyed over the past 30 years an explosive growth, leading China to become the world’s largest economy. In 2017, growth of China’s GDP was over $23 trillion, the largest in the world. Even though China’s growth rate has slowed compared to the double-digit growth rates before 2013, there is still a strong upwards trend especially in second and third tier cities.
China has fueled its growth with massive government spending, and also by controlling strategically-important companies that dominated their industries. Also, the focus on technology exchange was an important growth driver, which enables China to quickly catch up with other international leading companies. The massive growth quickly leads to higher domestic spending and a fast-growing middle and high-income class especially in big cities.
The Growth of Consumption in China
Facts about E-Comemrce and M-Commerce in China
National E-commerce turnover: 29.16 trillion ¥ | Growing by 11.7%
National online retail sales: 7.18 trillion ¥ | Growing by 32.2%
Revenue of the E-commerce service industry: 2.92 trillion ¥ | Growing by 19.3%
Employment by E-commerce shops and platforms: 42.5 million people | Growing by 13%
Payment transaction by mobile payment systems : 143.26 trillion ¥ | Growing by 44.32%