China is the most populated country and the second-biggest economy in the world. For years, its position as a global power has grown, and it currently stands as an excellent market for foreign goods and services.
Forty years of economic growth with average GDP growth of nearly 10% a year has transformed the country into a global technology and manufacturing leader. China is among the top 10 fastest growing economies globally, ranking in second place after the USA with a nominal GDP of USD 14.14 trillion.
In China, start-ups valued at over USD 1 billion – known as unicorns – has seen a sharp increase over the last few years. The top four unicorns in the world today are Chinese, and according to the Hurun List, as of 2020, China has fostered a total of 227 unicorns. China is also building a giant tech hub comprising 11 cities to rival Silicon Valley. The Pearl River Delta, home to nearly 70 million people, will be united into a huge megalopolis known as the Greater Bay Area.
Affordable manufacturing costs made China an ideal country for foreign manufacturing companies. Many reputed companies that used to manufacture in-house have been outsourcing to China for years now. In addition to manufacturing, many companies have found their way to China to sell their goods as well, as China will soon become the largest consumer market in the world.