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China’s economy keeps transforming

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China's economy keeps transforming China Business

About 13 years ago our work in China started. After more than a decade the changes in the economy are more visible than ever before.

The pace of economic change in China has been extremely fast since the start of economic reforms which are more than 25 years ago. According to statistics, the economic growth has averaged 9.5% over the past two decades and seems likely to continue at that pace for some time. Even more impressive is the growth rate of the national income which has been doubling every eight years. Such an increase in output represents one of the most sustained and rapid economic transformations seen in the world economy in the past 50 years.

It is no surprise that China is slowing down but it has created market leaders in many industries over the past two decades. Long known as the world’s manufacturing hub, it is starting to be known as a rising tech hub but also the service industry keeps growing and SMATRA Group is right in the middle of it.

2o18 has been another growth year so far. Sourcing activities remain steadily growing but the consulting business has more than tripled compared to the previous year. Chinese clients are starting to be more concerned about their brand and this trend is not just happening among the larger corporations. SMEs from China are increasingly following strategies for their brand as well and SMATRA Group’s services fit perfectly their needs.