Friday, May 24, 2024

The High Potential Industries in China to Consider When Expanding to the Country

China is the biggest emerging market economy in the world, both in terms of total economic product and population. It is the most important industrial producer and manufacturer. In fact, the industrial production and manufacturing sectors account for over 40 percent of the country’s GDP. The country stands as the second-largest importer and the largest exporter in the world. 

Therefore, whenever the country is mentioned, most investors will see a business hub full of many opportunities. It has a large market, supportive administration, and inland container ports (ICDs). If you are planning to invest in the country, we have a list of the high potential industries you should try. Here is the list. 

  • Internet Services Industry 

The Chinese technology industry has been growing rapidly within the last few years. Today, it stands as one of the high-potential areas to consider when expanding your business operations to China. The industry grew by 25.4 percent in 2020 and generated over $803.1 billion, thanks to the increasing demand for internet services. The growth is expected to hit 34.9 percent within the next five years

Therefore, the internet services industry is a good choice. You can start selling direct internet or the related equipment. Further, you can offer your products or services to the neighboring countries and other countries. Most of the technology companies in the country are exporting their products to Africa, Europe, the USA, and South America. 

  • Online Shopping 

Online shopping is growing in both China and western countries. Most people are enjoying the thrill of ordering goods from the comfort of their offices, homes, and any other place. 

Further, online shopping has allowed people to do their shopping both day and night. The Chinese online shopping industry is expected to grow by around 18.5 percent in 2021. You can ride on the high growth for the success of your business. 

The high growth rate is associated with the growing eCommerce popularity. The number of internet users is also increasing due to the large internet coverage. Therefore, if you want to start a business and make more money, consider the online shopping industry in China. 

  • Medical Devices Manufacturing Industry 

The medical devices manufacturing industry is another fast-growing industry in China. The fast growth rate has resulted from the improving living standards and the growth of health facilities’ purchasing power. Moreover, demand for better medical diagnosis equipment has been increasing. The industry is expected to grow at an annual rate of 12.5 percent for the next five years. 

The great news is that the neighboring Far East countries are also experiencing everything that is happening in China. That means you can expand your medical devices business to Singapore, Japan, India, or any other neighboring country. 

  • Online Games Industry 

Online Game Industry players in china design, develop, and operate online games. Still, others create the games and sell the licenses to agencies that operate them. The revenue from this industry is expected to grow at 15.2 percent within the next five years to $49.2 billion. 

The popularity of online games in the country has been growing rapidly within the last few years due to the large number of people who can access the internet. Statistics show that around 58.4 percent of the Chinese population uses the internet. 

Registering Your Company in China : WFOE

The above list represents a few of the high-potential industries in China. China has many potential industries such as auto, hospitality, and movie production. However, you can only start your operations after registering your company or a WFOE

The process of registering a company in China can be a challenge and tedious if you choose to complete it alone. Therefore, the best thing to do is work with an agency of experts. Such an agency will help you register your company and comply with all legal requirements. What’s more, some experts will help you do the accounting, bookkeeping, and other administrative tasks. 

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