Watch Out for These in 2020: 5 Growing Industries in China

Thinking what are the thriving industries in China? Whether you want to start from scratch or develop your strategies, here’s a good read for you. 

It can be daunting to keep up with the latest trends in China. For 2020, most of the growing industries are related to the internet and technology. 

China’s ambition to be a world leader in AI by 2030 is unfolding before your eyes. Foreign companies overlook opportunities as they grow their businesses globally. 

The fast-paced digital environment proves that there are endless opportunities for foreign companies. Developments in different industries can give birth to new trends, shaping the markets. 

5 Growing Industries in China: Let’s take a look at these industries and see where you can position yourself this 2020 and beyond.

Healthcare and Medical

The healthcare and medical industry are growing at a rapid pace. The urbanization, increase of wages, and living standards are contributing factors to growth. 

Plus, the increase of the aging population also shapes the demands of citizens. The Chinese government is serious about investing in the high-technology sector and innovations. It has built the world’s largest network for basic medical insurance. The network is accessible to healthcare services systems in rural and urban areas. 

The healthcare industry has grown because of the economic rise of China. With improved lifestyle and income, affordability, and accessibility to healthcare services follow. 

Other contributing factors of growth are the established and unified ecosystem, WeChat. It can gather data and connect citizens to its robust network of participating hospitals. Book an appointment with a doctor, no problem. WeChat is a super app that offers possibilities and opportunities.

Live Streaming and Social Commerce

The popularity of short video apps has transformed how consumers use the internet. Live streaming isn’t for influencers or vloggers. If done right, it’s also applicable to online selling, including social commerce. 

Consumption comes with short videos and interaction that makes online selling unpredictable, too. More and more shoppers are keen to know more about products and services via these short video apps. 

Online sellers are capitalizing on these new ways of selling and interactions. SEO and traditional selling are still relevant in the e-commerce space. But 2020 is also the year of live streaming and social commerce. Brands should be ready to adapt and be more creative. 

China’s IoT or Internet of Things

There’s another booming industry that is unlocking opportunities for foreign companies. Here’s China’s Internet of Things or IoT. There’s so much going on when it comes to this arena. 

Cloud computing, big data, AI, and smart cities. These are popular words in the headlines. Homegrown companies are taking advantage of IoT. How? They have constant development of products/services that will serve best the citizens. One example is the scenario given in the healthcare industry. Where there’s the convergence of data, analytics, and services.

The digital economy of China is growing at an average annual rate of 20% since 2017. Such growth also paved the way for innovative solutions that links other technologies. 

The government is also promoting industrial upgrade and new infrastructures across cities. The development of smart cities, transportation, education, medical care, finance, and among others. 

AI or Artificial Intelligence Sector

The Economist dubbed China as the land of facial recognition. Cameras in the streets of Shenzhen and Guangzhou can extract face prints of citizens. This technology sparks privacy and security concerns. But there’s no doubt that China is a world leader in this arena. 

In 2017, the Chinese government released its plans to be a leader in AI and emerging technologies. The AI industry in Beijing was expected to reach an advanced level by 2020.

The success of China isn’t just about the technology itself and the people behind it. China’s AI has relied on good data that has affected other industries’ development. 

Two of the most successful players in the AI field are Megvii and SenseTime. Their technology relies heavily on machine learning. According to The Economist, the face recognition software is much easier and cheaper to deploy than human recognizers, all you need to make it work is software, powerful computers, and data. 

Pet Care Sector

When it comes to dog ownership, China is on the third spot. More than 27 million people have dogs as pets. 7% of Chinese households have dogs. On the one hand, millennials are raising more cats at home. That’s why feline products are also becoming popular and in-demand these days.

Chinese pet owners are picky when it comes to pet food and also how they buy their products. Most of them would like to use online shopping because of the convenience and ease. E-commerce is still king, and natural pet food and organic products are the norms in online stores. 

Most of the leading brands of pet food and pet care products have teamed up with e-commerce platforms such as Tmall, JD, and Amazon to increase sales and provide better pet owner’s shopping experience. Mars Petcare, Bridge PetCare are some of the brands that invest in online shopping and innovative marketing strategies to win the hearts of pet owners. 

Most pet owners in China love pet foods that aren’t odorous, which is why they prefer dry pet food products. 

So, what’s in it for you?

Are you running a business related to any of these industries? Don’t miss the opportunity to grow and build it this year. There are plenty of ways to start even if you’re not in China. For example, website translation in Chinese can be the first step to generate traffic. Think of it as a way to introduce your brand with language solutions. 

You can start with WeChat marketing to increase brand awareness. As you all know, WeChat is the universal app in China and is popular among netizens. From setting up an account to campaign management, there’s always something to explore. 

If you need help with digital marketing and business consultancy services, let us know. LIMPID provides insiders’ tips and has worked with different industries since 2008. Start your journey with us today.