As if being on the forefront of the global economic development isn’t a strong enough reason. China is the second biggest economy in the world and there’s little doubt that it will soon overtake the United States to assume the top position. The country’s dramatically transformed itself in the last 50 years from a stagnating centrally-planned economy to the international manufacturing, businesses, and now, technology hub. The importance of the enormous cultural heritage and rich national tradition cannot, of course, be overlooked.

Certainly, the sustained economic growth, currently at 6.7%, is one of China’s most prominent features that attracts businesses and individuals from around the globe. So is the sheer size of the market. With China’s population approaching 1.4 billion people, and given the rapidly growing disposable income of the middle class, it represents a source of countless opportunities for businesses of all walks of life. Companies from certain sectors, including technology, can also benefit from the reduced rate of corporate tax.

Quite naturally, manufacturing is still a big reason to invest and do business in China, given the cheap labour and the production capabilities. But it’s by far not the only one. The digital sector in particular is promising. In 2015, the e-commerce revenues hit $634 billion, almost reaching the 2020 target. Trade, health care, clean technology, and food & beverage markets are among the sectors propelling the economy forward. The political environment, despite all the caveats and economic restrictions that come with a socialist state, also results in stability, which boosts business and investor confidence.

Key Facts

Location

East Asia

Population

1.38 billion

Neighboring countries

Afghanistan, India, Kazakhstan, Myanmar, Pakistan, Russia, Vietnam

Average temperature (summer)

81°F(27°C)

Average temperature (winter)

25°F(-4°C)

Languages

Mandarin / Cantonese

Corporate tax rate

15%-25%

Currency

Renminbi

GDP

$11.2 trillion

GDP growth

6.70%

Inflation

1.90%

Unemployment rate

3.70%

Average salary

$10,600

Key industries

Manufacturing; Services; Agriculture; Technology

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