With the completion of the 18th National Congress of the Communist Party of China, the country is signalling that it’s open for business to foreign investors. As China moves from its former position as a global sourcing destination to its new status as a global market, the focus for foreign businesses has shifted from the "emerging labour pool" to the "emerging middle class." It is no longer about benefiting from low cost anymore, but about tapping the world’s strongest sustainable market.
Rapid changes in demographics and market forces are opening up exciting new sectors and opportunities that would never have been thought possible a few years ago, much less open to foreign investment. And foreign business need China, a need reinforced by concerns over the recent global economic slowdown.
With a population of 1.3 billion, China recently became the second largest economy and is increasingly playing an important and influential role in the global economy.China is the largest oil consumer after the US, and the world's biggest producer and consumer of coal. As a member of the World Trade Organization, China benefits from access to foreign markets and invests billions of dollars abroad. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions.
PwC in Mainland China, Hong Kong and Macau work together on a collaborative basis, subject to local applicable laws. Collectively, there are around 490 partners and a strength of around 13,500 people. The offices are located in these cities: Beijing, Shanghai, Tianjin, Chongqing, Dalian, Xi'an, Qingdao, Nanjing, Suzhou, Hangzhou, Ningbo, Xiamen, Guangzhou, Shenzhen, Hong Kong and Macau.