What are the business opportunities in China? Many people or young businesses often ask this question and in a majority of cases it is followed by further questions: How to enter the Chinese market? Marketing strategy in China or How do I create a marketing strategy in China? How to get China Incorporation for my company? How to get China Company registration? How can I Enter the China Market? What is a WFOE? What is the cost of setting up a WFOE? How do I acquire a business license in China? How do I set up a branch office in China?
First, what you need to know:
Where is China?
The word ‘China’ translated means “Centre” of the earth. In the past the people who lived there believed it was the Centre of the earth, so the leaders named the country China. China is located in the continent of Asia, it has around 9,500,000 square kilometers of land, and approx 27,000 square kilometers of sea. The population is 1.379 billion (recorded in 2016). Around 1 billion of the people live in a poor area. According to China Statistical Department, the population is estimated to grow to 1.42 billion by 2020.
The currency used in China.
The currency of China is the Yuan Renminbi (CNY or RMB). In fact, most businesses in China will also accept US Dollars for the purpose of international trade transactions, making China business registration and good idea and also convenient as it can be possible to open a bank account in China online. The people of China are called Chinese. It is most likely that if you are yellow skinned, you will always be regarded as being from China.
Some of the Cities in China.
Beijing is the capital city of China. Historically, Chinese Emperors were located in Beijing in a large Palace. Legal, administrative and political areas were also located there. Now Beijing has a population of 11,716,620. Most culture centers, overseas embassy offices or consulate offices are also located in Beijing major centers ( a great place for setting up a branch office in China).
The financial Centre of China – Opportunities of doing business in China
Shanghai is the financial Centre of China. The major stock exchange location is also located in Shanghai. In the past, Shanghai took the important role of the country’s financial and trade transactions with the rest of the world. Therefore, according to the China major policies, Shanghai controls the financial hubs in the whole of China with many a new business in China.
The international trade Centre in the China Market
Due to historical reasons, Hong Kong was once a colonial city of the United Kingdom until 1 July 1997 when the authority passed this on to China. However, Hong Kong still follows the UK Law by the implementation of a Basic Law of Hong Kong which was signed by the China and UK Leaders decreeing that Hong Kong will not have much change for the next 50 Years. This means that after 2047, the legal, political, and administration will have changed back to the same as that of China.
After the changeover of authority to China, China was still in a pending stage of the Economy. Hong Kong now serves as a hub for the rest of the Worlds countries China market entry. China is also learning from other international countries by copying a lot of systems and practices of Hong Kong. This is why China in a very short time has been able to grow very fast and is now the 2nd Biggest Economy of the world, so for business opportunities you may want to know how to enter the Chinese market.