China is positioning itself to overtake the US as the second largest global economy by 2020. There was $576.8 billion in trade between the US and China in 2016. Goods imported from China totalled $462.8 billion in 2016. If you’re not importing from China, you might be missing out.
The good news is that having your products read “made in China” doesn’t carry the stigma it used to. Importing doesn’t necessarily strip the US economy. Research from the Federal Reserve Bank of San Francisco indicates that for every dollar spent on Chinese imports, 55 cents goes to US businesses for services related to the product, such as sales and marketing.
This money can be poured into the US economy because Chinese imports are so cost effective. This doesn’t mean “cheap,” although savings can range from 30% to 200%. This is because there is an atmosphere of hypercompetition in China, with most industries fragmented into many competitors who largely compete on price.
The ultimate guide to doing business in China
Download the ultimate guide
Read more about China