Why china develop so fast. First off, the government support given to both individuals and organizations, as well as the loosening of the rules for permanent residence, deserve a great deal of credit for this progress.
On March 1, 2016, the Chinese government implemented about 20 measures to entice managerial-level professionals, Chinese born abroad, entrepreneurs, and recent overseas graduates.
In addition to this, the Chinese 3.0 leadership, as we refer to it, emphasizes the significance of developing new growth factors that will eventually replace the problems with the older economy.
China’s various industry-related policies make this abundantly evident; they are even now tacitly endorsing foreign investment in the technology sector.
This has been observed over time and in business activities like the tacit endorsement of foreign technology investment.
Chinese business owners are eager to hire foreign workers because it enables them to forge closer ties between their enterprises and outside markets.
From novice business owners to Nobel Laureates, China is increasingly being sought after as a source of business ideas.
Why china develop so fast Encouraging a “revolving door” approach
Second, China is adopting the USA’s policy of supporting a “revolving door” in politics to promote an easy flow of ideas between the government and non-governmental organizations.
In the US, think tank employees frequently work for the government, and former government employees’revolve’ to take their place as think tank employees in the organization.
This has had a significant impact on US business and technology growth. On the other hand, China had a’revolving door’ culture, but only to a limited extent; there were never any instances of former government personnel entering think tanks.
However, the initiatives taken by the Chinese president, Xi Jinping, are changing the situation right now. He has been actively working to create Chinese think tanks over the past two years.
In one of his lectures from April 2016, he even mentioned the Chinese government’s desire to hire party officials from the community of think tanks.
This has sparked a new surge of admiration among the think tank community, who now see China’s rapid economic growth as a result of their commitment to supporting the Chinese business environment.
China is luring firms and talent from around the world.
Thirdly, China is emphatically stating that it is on a strict reformation mission. The Chinese economy has expanded more quickly than the world markets.
China set a goal to quadruple its GDP by the end of the 20th century when it adopted a three-step growth strategy in 1980.
Not only has China’s successful implementation of this program brought its economies up to par, but it has also left the nation with surplus resources and goods to trade with the rest of the globe.
China is luring talent and companies from around the world in its pursuit for prosperity.
What a young entrepreneur named Nils Pihl has to say about the nation’s support system for foreign nationals can help explain why China is expanding so quickly.
Beijing provided us with affordable housing and food, a network of seasoned mentors willing to put in the time to assist, consistent access to some of the best engineering talent in the world for a sixth of the price of a junior engineer in Silicon Valley, and access to a sizable client base.
Nils Pihl, a native of Sweden, first tried his luck in Silicon Valley and New York before settling in Beijing to launch a digital firm.
There are enough instances of such young people from both rich and developing countries who are prepared to settle in China.
Such a policy aids the nation in promoting the sharing of ideas among its youth.
Despite the language barrier, young people in China are learning about international trends and developing products for foreign markets.
Why china develop so fast An improvement in the residents’ quality of life
Fourthly, China is keen on enhancing the quality of life for its inhabitants and addressing problems like the wealth gap and pollution in addition to emphasizing quick development.
President Xi Jinping has ordered the multinational corporations doing business in China to focus on employee welfare and raise their living standards.
Global companies like Intel, Ford, and others have profited from the benefit of being good corporate citizens throughout the years by sharing expertise with local residents through research centers and startup participation.
Weiwen Han
Greater China managing partner at Bain & Co. in Shanghai, stated that “multinationals and local businesses will need to cope with this agenda of more balanced growth and the focus on quality of life.” “When they see China as an opportunity, they cannot seek growth as the primary target,” he continued.
Starbucks Corp., a global coffee company with more than 2,800 locations in China, has pledged to offer health insurance that covers both the employee and their spouse as well as the employee’s parents.
In addition, the widespread concern over rising pollution has given electric car manufacturers like Tesla and Anhui Zotye Automobile Co. a chance to push for economic growth.
Even established automakers like Ford are now considering entering the market for hybrid vehicles.
Why china develop so fast loosened restrictions on international partnerships and FDI
Last but not least, China provides adequate data for analysis for the businesses with its sizable population and high rate of smartphone and social media usage.
The generation of Big Data is a strategy being used by technology leaders to feed algorithms and spot patterns. These trends will significantly shape how brands define client personalisation.
Additionally, the Chinese government has recently loosened restrictions on foreign direct investment and international collaborations, making it a desirable location for business.
