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.
Business lunch or dinner etiquette in China.
How to protect your business from fraud when working with suppliers in China.
Doing business in China means having good Guanxi and Mianzi.
How to request a sample from China using a supplier on Alibaba
It’s a global phenomenon: Veem makes it simple to pay – and get paid – by connecting businesses to verified buyers and suppliers in 100 countries around the world.
Not the country you’re looking for? Read our other International Business Guides.