This is China's consistent efforts that it is ruling the technology marketplace all over the World. The GDP record quotes that China enjoyed its peak progress in the tech market between 2004-2007 when the percentage of home-based factories claiming an exceptional growth in the gross domestic product. If we flashback for almost 40 years when the US had the highest 15% of the progress rate, China broke that in 2007.
However, its the collective effort made by all the departments to make China the economic ruler. Here are the 10 most prominent reasons why China is the leading tech marketplace in the marketplace?
As mentioned earlier, China enjoyed much success between 2004-2007 time period. But that means to cause, China has grown its middle-class population thrice since 2007 defined as $10,000 per year.
The economic boom in China produced the percentage of the middle-class population ever. The effect of this population is that they spent largest of $260 billion in the recent years compared to other parts of the World. They have a number of home-based factories that they carry to lift up their country technology marketplace.
One of the main reason why China is the leading marketplace is that they have a defined system for facilities across all the cities of the country. More importantly, they impart a special better opportunity to the rural areas so that the people might not lose their talent in the huff of poverty.
Chinese startups are focusing more on the rural areas for business. For example, the areas like Tier 3 and Tier 4 have experienced an expected spike in their population increasing the internet penetration and the disposable income up to 35% in the last 5 years. An estimation claims that the rural areas to account for the 71% of the e-shoppers in the upcoming time. Obviously, more startups and companies to follow.
Over the last 5 years, the percentage of Chinese people buying products from the overseas has increased rapidly. The credit goes to the Internet that the people don't have to invest their times going by themselves to for the dealing. As Chinese buyers are eager to buy the quality products from foreign countries, the cross-border make up the 9% of the overall invested e-commerce.
It is expected that the cross-border will jump up to $140 billion by 2021 which is currently standing at $100 billion per year. So the business around the World is looking to hold their customers based in China, which is again the strong evidence of its tech marketplace leadership over the last decade.
China is now the World largest producer for a number of products like automobiles, gadgets, cement, daily life stuff like utensils etc. in nearly third of the most producing sectors.
Researches show that already number 3 economic country China will overtake the US economy glamour by or before 2020. It is obvious that the product demand is growing day by day Worldwide which is the biggest for the Chinese habitats to meet with those demands.
Among few of the emerging countries, China has also the independent, disciplined and organized governing plan that spread the independence. China is now promoting "indigenous innovation" after being progressed to a 20 percent annual growth in research and development investments. Now it is heading on to triple that rate by 2020, because of the share in domestic product R&D expenditure since 1999.
The Geely's acquisition of Volvo and BAIC Group of the intellectual property of Swedish automaker Saab, in 2010 are the valid samples of China's increasing tech marketplace value.
At the end of the day, China will keep up to reap the benefits of globalization for the bright future for their nation.
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