Authors’ note: Russia’s invasion of Ukraine has heightened geopolitical tensions and uncertainty. We believe that China will continue to be strategically important for MNCs and that the core analysis and recommendations in the article will remain valid and useful for many companies.
With the global economy in flux, companies must rethink their ways of doing business in China if they hope to keep current with the world’s largest contributor to GDP growth.
The COVID-19 pandemic has slowed China’s economic ascent, but the country remains on a trajectory that few global businesses can ignore. It is projected to contribute at least 25% of global growth for the rest of this decade and is on track to catch up with the US as the world’s largest economy in nominal GDP by 2030. Around 10 million people—roughly the population of Sweden—are joining the ranks of the affluent each year. China is the leading global market for most commodities and consumer goods, ranging from soybeans to cars, and the biggest user of e-commerce platforms. It’s the world’s largest manufacturer in a broad range of industries.
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