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^₁st Quarter Newsletter 2020

SALARY OVERVIEW

Hong Kong - China - Singapore - Thailand 

China

Industries to look out for in China 2020

Despite the difficult start to the year, there are a number of areas of optimism in the Chinese market for 2020, with some key industries expected to see significant growth.  In the second article of this newsletter titled ‘China Consumption Growth,’ Consumer Goods and Electric Vehicles are being highlighted as two key areas of expected growth for this year. In addition, there are likely to be significant opportunities in the following areas: Healthcare, Solar and Renewable Energy Technology and Automation.

1. Healthcare
This area is receiving the most attention given the current situation in China, but even before the start of 2020, many analysts were predicting huge opportunities for growth in healthcare for this year and beyond. China has a rapidly aging population but lacks the infrastructure to provide a lot of the healthcare services needed for an elderly population. The growth in the middle class in China over recent decades has meant that there is a growing demand for the most modern healthcare practices from medicines, technologies and end of life care. The current crisis has merely highlighted the need for massive investment in healthcare across the board to provide clean, high quality and modern services for the world’s largest population.

2. Solar and Renewable Energy
China is already leading the way in solar and renewable energy is now the world’s largest producer, exporter, and installer of solar panels, wind turbines, batteries and electric vehicles. China is also the world leader in renewable energy Research & Development, with over 30% of the world’s renewable energy patents being held in China. China wants to extend this lead in renewables by seeking partners with technologies from around the world that can help push their use of clean technology even higher. There are big opportunities for companies who have expertise in wind energy, battery technology to bring their products to China and find an open market.

3. Automation
As in many industries, China is also a leader in industrial automation and smart manufacturing. In 2018, the southern city of Dongguan, often referred to as ‘The World’s Factory’ invested over USD $56 million in the development of automation technology in its factories. With rising labour costs, a shrinking workforce and the sheer scale of production needed to meet both domestic and global demand, automation is seen as the answer. The industries leading the way in their use of industrial automation are consumer electronics and car manufacturing. Yet despite this demand for automation, China still lags behind some of its key competitors in terms of the number of robots per 10,000 workers (97). Compared to the USA (almost 200 robots per 10,000 workers) and South Korea (over 650 per 10,000) there is still a demand for greater investment in industrial robots. This gives international companies a potential opportunity to play their part in the growth of industrial automation in China. 

If you would like to receive advice on how to develop your business in China, then please contact us!

Source: CBRE

Demand for Electric Vehicles and Consumer Goods to grow in 2020

After a difficult 2019, China is expected to see growth in two key areas of its economy – Electric Vehicles and Consumer Goods. Despite other areas of the economy facing uncertain and challenging times, domestic consumption is holding strong, which should lead to positive impacts in the purchase of electric cars, food, beauty products, and electronic goods.

The past 18 months have seen a cloud over China’s economy as the trade war with the US has rumbled on, but with the recent signing of a Phase One trade agreement between the two nations, there is some cause for optimism. The cause for optimism comes from the growth in “Young, free-spending consumers in lower-tier cities” according to McKinsey’s China Consumer Report 2020. These consumers have seen a huge rise in their disposable incomes over the past ten years and have not yet faced the challenges of their counterparts in Tier-1 cities due to the high cost of living in places such as Shanghai and Beijing.

Some of the growth areas for consumer goods include fresh dairy products, sports apparel, and energy drinks. This is a reflection of a desire amongst younger consumers to lead a more active and healthy lifestyle. For international consumer brands, there are great opportunities to target these audiences by having a focused message that appeals to their values and aspirations.

Turning to electric vehicles, whilst there have been concerns regarding the government’s reduction in subsidies for the purchase of electric vehicles, it seems the demand for cleaner and more efficient vehicles continues to grow. With Tesla recently rolling out its first cars to be made in Shanghai in late 2019, then it shows the opportunity for international companies to get involved in the EV market.

Source: China Consumer Report 2020

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