China has a huge market, rapid economic growth, stunning technical accomplishments and a thirst for things American that make China a fascinating business opportunity.
China’s population of 1.38B is a huge market. (For example, there are 1.36B cellphones in China). China’s cities are large: Beijing is officially 21M and Shanghai 24M, and medium size cities include Tianjin (8M), Xi’an (7M), Wuhan (11M) and Shenzhen (12M).
China’s ‘opening up’ started in 1980, and per capita GDP grew from $205 in 1980 to $8523 in 2016, with overall GDP growing from $202.5B in 1980 to $11,780B in 2016. China’s middle class – currently about 520M – will grow from 4% of the urban population in year 2000 to a projected 76% by 2022, and they will become more affluent. This middle class growth has been part of China’s 12th Five Year Plan and the current 13th Five Year Plan.
China’s GDP growth was about 14% in 2007 and declined (as did most countries’ GDP) to about 8% in 2012 and has stayed relatively flat between 6.8% and 8% between 2012 and 2017. In contrast, the U.S. GDP growth has hovered around 1.5-3.0% in the past few years.
China has built modern cities and additions to cities with amazing speed.
Example: Shanghai development 1987-2013:
Photos of Shanghai-Pudong Development
China builds cities fast. When Tech Bridge visited Xi’an in central China in 2013, they were building an addition to the city – Xi’an’s Aerospace City. (See the photo of the city model below). Our guides said they would complete it within 3 years of starting construction. The Aerospace City is designed to provide living and work locations and facilities for leisure activities for 850,000 people.
Xi’an Aerospace City
1st Generation 2nd Generation Current
China has built a high speed rail network beginning in 2003 that now is 14,000 miles long and has gone through 5 generations of train set designs, most of which now routinely travel at speeds up to 305 kph (189 mph).
Click here to watch CCTV YouTube videos on China's high speed railways.