China‚Äôs business landscape is always evolving. But our client work across different industries in Greater China gives us grounds to believe that today, we are witnessing a historical turning-point with particularly deep implications. In China 2.0, foreign businesses will have to rethink their strategy from the core.
On an organisational level, China 2.0 is about the shifts happening within domestic and foreign businesses. Homegrown startups are going from cost-cutting imitators to disruptive innovators, while foreign enterprises are facing tougher competition and more moderate growth than when they first entered the market.
This is happening against the backdrop of regulatory, economic, and demographic change. In China 2.0, government policy and rising costs are driving automation, while the country‚Äôs new consumers – digital, wealthier, and more globally-geared than before – are powering fresh business models. The goods and services that China wants are changing, and so is the way in which consumers discover, purchase, and pay for them.
As a result, foreign companies are having to step out of their comfort zone. As technology and high-quality become increasingly commoditised, and as the Chinese market sets trends at a dizzying pace, how can they stay ahead?
In this issue of China Focus, we interview three companies from the machinery, consumer goods, and medical equipment sectors, to get a glimpse of how far China 2.0 is being felt across different industries. They all agree on one thing: it is time to learn from China‚Äôs speed.
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