China is to become a global innovation powerhouse thanks to improved education quality, input in research and development, and policy support for innovation. The internet sector capitalises upon infrastructure, user bases, a unified language and talent. Artificial intelligence (AI) research in China is also progressing rapidly.
If you are looking for evidence that Chinese consumers are confident, look no further than the one-day online sales phenomenon known as Singles Day, initiated by China’s largest e-commerce company, which falls every year on 11 November. Chinese consumers are transitioning from “having” to “having more” and “having better”. As a result, services that improve the quality of life and high-end goods that provide real consumer differentiation are seeing increasing demand.
In the last few years, we have seen a transition in which many companies have reinforced their market positions in China. Consolidation has occurred in sectors such as mining and materials, where there was persistent overcapacity, slowing investment demand and environmental challenges. Industry consolidation has also been observed in internet-related sectors, consumer goods and services sectors and in insurance. This trend is strengthening as the country’s structural economic rebalancing continues.”
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