The phenomenal growth of the Chinese market continues to amaze the global business community. Most companies who trade internationally know they should get a piece of the action if they can, but the first difficulty is knowing where to start.
There is particular potential for several key sectors:
Food safety – After several highly publicised food quality failures, from tainted milk to expired meat, many Chinese people are focused on the quality of their food. Forbes says “while the quantity and quality of China’s food supply is one of the country’s most pressing problems, it also presents one of the biggest profit-making opportunities for companies and investors alike.”
Healthcare - An ageing population is raising new issues. Medicines, medical equipment, and any products designed to help the elderly stand a chance in the Chinese market.
Retail - A wealthier population has led to an increased demand for luxury goods. Companies willing to invest in a localised eCommerce system will benefit more than companies who don’t make any effort.
IT & Telecoms – There are more mobile phones in use in China than in any other single country. Statista, in October 2014, found that China had over 1.2 billion mobile phones. Compare that to 327 million in the US, and you can see how massive the Chinese market is.
China is not in need of customers, but in need of technology & services to meet consumer demands. Yorkshire has strong food safety, healthcare, retail and IT sectors, so by reaching out to China, Yorkshire-based businesses have massive growth potential.