The Inside Story in China

More than a year after the broad crackdown on technology companies, the Chinese Technology industry is bracing against new challenges as major cities deal with a resurgence of coronavirus cases in the second quarter of 2022.   

 

 

In spring 2020, global border closures resulted in unprecedented root-up shutdowns of supply chains worldwide. While many had predicted that the coronavirus would result in an exodus of companies from China, the situation in 2021 is markedly improved on these forecasts, with China’s exports surging 32.3 per cent year-on-year in April. 

As both domestic and international corporations recover from coronavirus-inspired setbacks and prepare for the future, China’s technology industry is looking up once more, with the watchwords for the coming year being ‘slow transformation’. Key to this progression is the utilisation of domestic IT products.

 

Moving into the last quarter of 2021, the convergence of a favourable political, social, and financial environment for biotechnology and pharmaceutical companies is driving the buoyant life sciences market in China.

 

China’s renewed focus on owning technologies and designing products rather than just manufacturing them has led to exciting developments in the space and enormous government support to attract more such businesses.

The accountancy and finance sector in China matures to catch on with their western counterparts.

 

 

China, the second largest economy and leading provider of manufacturing services in the world, has recently seen troubling developments in its ever-growing export markets. 

The ongoing global economic slowdown contributed to 2019 being a year of uncertainty for many countries in the ASEAN region, shaking even the comparatively stable and developed economic landscape of China.

China, a superpower known for many superlatives in the global economy, has been responsible for the rapid development in AI technology and being home to a third of the world’s corporate unicorns.

For almost thirty years the phrase ‘Made in China’ has been analogous with the low-cost manufacture of consumer goods.

 

 

With a branch seemingly on every street corner, the opening of a new Starbucks does not often generate headlines. However, when the Starbucks Reserve Roastery opened in Shanghai in December, people took notice.

Data privacy and lawtech –– otherwise known as a technology that aims replaces traditional legal services –– continue to be the main areas within China that are shaping the world of legal professionals within the country.