China actions to fight Ebola, setting up a 100-bed facility in 30 days in Liberia, was one of the recent examples the country is not wasting a lot of time in getting things done, whenever it has made up its mind. Author Mario Cavolo of China: The Big Lie?: The Truth of Trillions in a Culture of Cash dives into the factor speed of China´s expansion.
China gets things done and gets them done fast. As I read in author Jason Inch’s book, China Supertrends, it took 8 years for the new airport in London to be completed at double the planned budget, while China routinely completes such super modern airport terminals in half the time at half the budget. There are countless other examples of how in China, bureaucratic red tape and bipartisan politics seem to stand far less in the way of growth, progress and expansion.
So can we say Chinese leaders and Chinese companies are sitting on their heels or resting on their laurels? Certainly not. China’s expansion, reforms, and challenges can be regarded as mega-level at the very least. Both domestically and internationally, in terms of economics and politics, what is happening on the China front matters more than ever to the world. And on the development front, we have countless examples of how China is a full speed ahead train steaming down the tracks, regardless of the many problems in tow that have to be dealt with.
China’s private sector is wasting no time. With 70% of businesses across China being millions of SME’s, the private sector is now the largest % contributor to GDP. Exports are down to only 11% of GDP from 23% in 2004, manufacturing is a declining % of GDP, ergo, China’s growth is less impacted by any slowdown in those areas offset by the rise of the domestic economy elsewhere. Looking at business reform measures, March 2014 saw the passing of much easier rules to register both domestic and WFOE companies, with as low as zero capital requirements, making it even easier for Chinese households to turn their business dreams into reality. Liberal tax laws with respect to deducting a variety of expenses against business income make registering your own business a very attractive option able to be run out of your home with minimum expenses.
Next week, the mainland and Hong Kong stock exchanges will be linked, creating the world’s 2nd largest exchange behind the NYSE, making it possible for international investment into mainland stock exchanges including the Shanghai Exchange. Drop in the continuously expanding yuan currency trade with Sydney the latest international yuan hub on the heels of Seoul, Paris, Luxembourg, London, Franfurt, Singapore, Hong Kong and isn’t there a massive ICBC bank in Manhattan a couple blocks from the General Motors building the Chinese purchased? What we have here is a “reality TV” view of global revolution and evolution that is hard to keep up with.
More in Mario Cavolo´s weblog.
Mario Cavolo is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers´request form.
Are you looking for more experts on innovation at the China Speakers Bureau? Do check our recently updated list.