Chinese industries have grown rapidly since the past few days at a speed that nobody had thought. Every day they are inching closer towards dethroning the other superpowers in the tech world. At this pace, they would be much ahead of the rest of the world in the coming time. Be it Robotics, Artificial Intelligence, space technology, electric vehicles, high-speed trains you just name the field the Chinese companies are all over it.
Here during this pandemic time, people are stuck with questions like how to record discord audio, making Tik Tok videos. By the way, Tik Tok has also been made by the Chinese firm ByeDance. This app is so popular that my of their competitors were amazed at the amount of success this company has got. The reach of this app was so big and wide and its popularity has been growing day-by-day seeing their jaw-dropping success other have worn their thing cap to do something very similar.
So Here Is Why China Is So Good
- Size Matters
Chinese domestic market is huge which estimated to be around 1.4 billion customers and their average income is around $8000. Due to such a large market returns on investment are going to be good enough to cover the cost of learning new technology. This size of the market encourages Chinese businessmen to access high-priced technology such as nuclear energy, microprocessor, aviation, high-speed cars, and solar energy equipment. Due to its market size, it has not only attracted global tech giants but best brains in the field. A lot of foreign nationals are living in China now days helping in developing the new age technology which is going to be an advantage for them in long term.
- Capability Matters
Chinese local authorities are providing both guidance and resource along with the economic backing for the companies to succeed. From here there is no looking back for these companies they are working with incredible momentum to achieve their target. They have acquired a niche in the manufacturing field which can supply material to infrastructural companies, logistical firms, electronics, renewable energy resources, and many more. Currently, this is in great demand in all the developing countries, due to their size and capability of doing mass production their products are sold at a reasonable rate. This in end is hampering the other world countries. They have put their feet on the accelerator now and moving towards high-end technology which would be a game-changer. No matter which phone you are using there are high chances that it has been made in China. This has been a cause of concern for many leading countries. To give an example of companies such BBK is the owner of Oppo, Vivo, OnePlus, and Realme. All brands are being marketed as if all the brands belong to different companies and the competing against each other. But the reality is that all these brands belong to one company only.
- Finding new market
China has been succeeded in winning new friends across the globe. Earlier they were much dependent on their domestic market a lot now countries in Africa and Asia are now dependent on them. Especially countries like Pakistan, Bangladesh, Nepal. The African continent was always on the radar of the Chinese companies as it is the fastest-growing urban area. It has been estimated that by the year 2050 around their population will twice as it is now and the growth is going to happen in urban areas. So looking at the potential market, Chinese companies have already started to shift their base here as the labor is very cheap. China has is involved in building the African economy that is big to say that any building which is more than 3 store or any road which is more than 3 Kilometers then is mostly to have Chinese involvement in that. China built the majority of stadiums, universities, hospitals, railroads this given all big Chinese companies a big opportunity to earn more not only from China and elsewhere too. That is why these companies are afraid of investing in upcoming technology even do the rates are on the higher side.
The day is not far when China would become a superpower in the upcoming days and a leader in the latest technology-related and research and development. These companies are planning to reach their goal in the upcoming days.