Changing with China
China is adapting a “new normal” with slower growth.
But this does not necessarily mean fewer opportunities. They are just changing and the new developments will hold plenty of opportunities for the Maersk Group due to the Group’s trusted name in China.
Within the next decade, the term “made in China” may have a new meaning. That is because China is adapting to a “new normal” with slower growth in global trade. The country, known as the world’s manufacturer, is progressing towards a new phase driven by domestic consumption, as indicated by the Beijing government.
Today, the Maersk Group is helping Chinese companies to go global and Chinese importers to capitalise on the growing domestic demand. According to Silvia Ding, Managing Director of Maersk Line’s South China Cluster, China is experiencing a fundamental restructuring of its economy. This means that Chinese companies are shifting their roles on the international market.
“China has aspired to going global in many ways,” Ding says. “It does not only want to be the world’s manufacturer. Besides producing branded goods for many of the big international retailers, it also wants to be known for its national brands. So in recent years, more Chinese companies are selling their goods on their own labels, setting up manufacturing units abroad and selling directly to the market.”