From Time Magazine: “The China market is finally for real. To the country’s new consumers, Western products mean one thing: status. ”
“Americans have dreamed of penetrating the elusive China market since traders began peddling opium to Chinese addicts in exchange for tea and spices in the 19th century. War and communism conspired to keep the Chinese poor and Westerners out. But with the rise of a newly affluent class and the rapid growth of the country’s economy, the China market has become the fastest growing for almost any American company you can think of. Although Washington runs a huge trade deficit with Beijing, exports to China have risen 76% in the past three years. According to a survey by the American Chamber of Commerce, 3 out of 4 U.S. companies say their China operations are profitable; most say their margins are higher in China than elsewhere in the world. “For companies selling consumer items, a presence here is essential,” says Jim Gradoville, chairman of the American Chamber in China. ”
The full article is here.
