According to an exclusive document drafted by ConnectAmericas, China’s role in global business has been rising steadily in recent decades. This constitutes an enormous opportunity for products and services from Latin America and the Caribbean.
- Huge Population and Labor Force: China is home to approximately 1.4 billion people, making it the most populous country in the world. This means that almost 1 out of every 5 people in the world live there. Its labor force stands at around 806.5 billion people and is the driver for its economic growth.
- Economic Leadership: The share of China’s GDP in the global total has gone from 2.5% in 1980 to 17.2% in 2015.
- The Role of Foreign Trade: Foreign trade is encoded in the DNA of China’s economy and represents 47% of its GDP. It is the world’s largest exporter of goods and the second-largest importer.
- Growing Middle Class: Since 2015, China has had the largest middle class in the world, outstripping even that of the United States. The wealth of this middle class has increased six-fold this century, in comparison with an increase of 115% worldwide and 280% in India.
- Increased Consumption: China’s consumption capacity has grown much faster than that of other countries in absolute terms. Between 2000 and 2010, it went from US$650 billion to US$1.4 trillion. The increase in household income and discretionary spending are two factors that have driven consumption in China, making it an attractive market.
If you would like to know more about the Chinese economy and the possibilities for Latin America and the Caribbean, why not download the ConnectAmericas document “China: A Unique Opportunity for LAC Businesses”?