Looking to scale up quickly? China may be the smart move for your company! The trick to smart global expansion is to look for a location that matches its business climate to your growth needs. More specifically, pay particular attention to key factors such as the country’s economic status, quality of workforce, and industrial strength to help shorten your list of places for prospective expansion.

With more than 1.4 billion people, China is the world’s most populous country. China used to contain the most people in poverty, but its government lifted an impressive 800 million people out of poverty since 1981, slashing its 88% poverty rate to almost 0%. While China currently is the world’s second-largest economy, it is also the fastest-growing and predicted to be the world’s largest economy by 2028.

The Chinese labor force is also the world’s largest and has a consistently low unemployment rate. The government does require foreign companies to hire local labor agencies to hire and manage local workers. Mandatory employee benefits are state-administered, but social insurance obligations can vary considerably depending on the city in which the contributions are being made. Recently, China has been making large strides in regulating work hours and overtime, putting an emphasis on a healthier work-life balance.

China plays a prominent role in international trade, leading the world as a top importer and exporter of goods. Manufacturing, retail, and e-commerce are major sectors of industrial strength.

There are risks associated with investing in China, so investors should seek expert guidance and look for opportunities they understand. In addition to the Chinese business climate being very inviting to international business, this diverse economy is strong and predicted to continue to grow.

For more information, please download our Destination Guide: China below and imagine what China can do for your global development.