Chinese per capita growth is a bigger story than China being the number 2 country by GDP. This map comes from an even better graphic projecting Chinese top notch growth to continue. See it all here on Wikipedia.
China’s Gini Coefficient has some of the same problems as the US with an increasing gap between the rich and the poor, but China has and is continuing to lift people out of poverty like the US has not.
The result is that more and more people have excess money to buy things that we Westerners provide. I reported earlier that China has 300 Million middle income people, and this number continues to grow.
Chinese Per Capita Growth is also along Western lines
The material point about China’s trajectory is that it is so similar to what the Western Companies are already providing.
I have been a prophet for China for over 20 years, I once, in 1992, showed a class of international students in China pictures of food in a grocery store in the US. They could not tell me what these items were as they bought chickens live and used no packaged food to speak of.
I told them they would all buy these things in China in their lifetime. They scoffed at me, but that prophecy came true 10 years ago for most of them if they are still in China.
Even the suburbs are now growing in China. Suburbs were where the migrants live but now with the arrival of the car culture people are getting houses with a yard. More and more Chinese people are looking for and buying the same things that we Americans have been buying all our lives. In the business to business realm, even Chinese companies have realized that they need Intel inside. It is a shocking growth market for American businesses.
I know many people have stumbled in China, and I personally have helped many get up. I also have watched those who did not want help go down in flames.
In each case, they could solve their problems by spending the money on getting the right people on board. They often stoutly defend the people who are driving down their Chinese ship. Emotionally driven, subjective loyalties have driven countless investments here to mediocrity or ruin. The right people exist. They cost money as do the recruiters that find them. But your business losses are worth much more than you will ever spend trying to fill the whole you have do to have the wrong leadership.
China is growing like we could not dream of in the West. We should be prospering from this. We should not avoid China or be mediocre here. Let’s get it right.