Here are this week’s news and highlights for China:
Chinese Consumers Will Change the Global Economy: China is already the biggest export market for 43 countries; The United States is the biggest for just 32.
Opinion: Why China’s Shadow Boycott of South Korea is Self-Defeating: China’s retaliatory measures against Seoul could disrupt Beijing’s aspirations to win market-economy status from the WTO, hurt Chinese exporters to Korea and domestic development, undermine China’s investment environment, make other nations rethink their future ties with China and sow the seeds of ill will, if not hatred towards China in Korea.
Exploring the Dreams of China’s Pampered and Restless Millennial Generation: Chinese Millennials are a restless generation raised in a system that has provided them with unprecedented personal opportunities while denying them political ones. According to some, Chinese young men face a “crisis of masculinity.” China’s ministry of education has even issued a handbook — called “Little Men” — to encourage China’s boys to be, well, boys.
5 Key Takeaways from the Asia Pacific Business Outlook Conference: The Skinny was at the Asia Pacific Business Outlook Conference in Los Angeles last month. Here are some of the key takeaways that apply to US and other foreign exporters to China.
Tencent Emerges as Musk’s China Booster With 5% Tesla Stake: Further boosting Tesla’s fortunes in the world’s biggest auto market, Tencent has paid $1.8 billion for a 5% stake in the company. Tencent will also act as an advisor to the company.
Chongqing VPN Users May Now Face Fines of up to ¥15,000 ($2,200) for Jumping Over Great Firewall: Last month the municipal government of Chongqing published a confusing and troubling regulation which would appear to make anyone who uses a VPN to jump over the Great Firewall subject to fines that are 200 times the amount for not wearing a seat belt.
Food Fight: To Beat China Fakes, New Zealand and Australian Produce Firms Raid Tech Larder: Widespread technology adoption, lower cost technology and apps like WeChat are creating more accessible options for providing tracking and anti-counterfeit tools for food and beverage imports in China.
Healthy Snacking on the Rise in China: 40% of urban Chinese consumers eat more nuts and seeds today compared to six months ago. 58% say that nuts and seeds taste good and 44% note that they are convenient to eat, while only 9% believe nuts and seeds are unhealthy according to Mintel. 17.5% of snack products launched in China between 2014 and 2016 were nuts. 63% of Chinese consumers are eating more fresh fruits and vegetables as snacks, and 42% are eating more dairy-based snacks compared to six months ago. 42% of urban Chinese consumers are interested in buying imported snacks they’ve never tried before.
Changing Chinese Tastes for Sheep Meat: An increase in Australian lamb exports to China while mutton is decreasing are representative of an overall trend to more premium food imports.
The Art of Becoming a Sommelier: Nearly one-third of Burgundy’s Dijon wine school’s 135 students are Chinese, willing to pay up to $14,000 for the coveted expertise as being a Sommelier becomes a well-respected profession in China with plenty of job opportunities.
China Southern Profits Climb: Asia’s biggest carrier China Southern Airlines has reported a 35% leap in profit in 2016 to $731 million on the back of increased domestic and international travel from Chinese, at a similar time when American Airlines invested $200 million for 8.83% of the airline. China Eastern grew passenger numbers the most, including a 16.8% increase in international passengers, but with Air China saw a slight drop in profit.
Reebok Enlists “Hottest Grandpa” as it Reveals Strategy to Become China’s Best Fitness Brand: 80-year old model Wang Deshun who made global headlines after he walked the runway at Beijing Fashion Week in 2015, will front Reebok’s marketing activity across China alongside actress Yuan Shanshan and actor Wu Lei in the “Be More Human” campaign. The company also plans to open 500 ‘FitHub’ stores across China by 2020, with 50 stores scheduled to open in 2017 with its local retail partner Belle.
US Children’s Wear Maker Looks to Open 200 Stores Across China: Carter’s Inc plans to expand its current 12 stores and Tmall store in China by opening 200 stores in the market by 2022, with at least 40 new outlets this year with a focus on Beijing, Shanghai, Hangzhou and Chengdu.
Shanghai? Shenzhen? Sydney!: Almost 80% of foreign demand in Australia’s NSW and Victoria comes from Chinese investors and it is only going to grow according to Credit Suisse. Chinese make up 25% of all property purchases in Sydney, contributing to the city having the world’s second most expensive house-to-income ratio. A leading factor is the gross rental yield in Sydney – over twice that of Shanghai.
Hyundai Motor Sales in China Halved Over THAAD!: Hyundai’s March sales were 44.3% down on last year and Kia Motors down 68% following the THAAD issues. Hyundai and Kia jointly sold nearly 1.8 million cars in China last year, accounting for some 22% of their total global sales.