Facing stagnant developed markets in North America, Europe and Japan, Chinese manufacturers and suppliers are shifting away from the traditional developed markets in the west, and more than 55% are actively developing new customers in developing markets.
According to the survey by Global Sources, which covers the period from July to December, Chinese manufacturers continue to be cautiously optimistic. This is very much in contrast to the markets of the United States and European Union, which are showing slow, if any growth at all. The survey reinforces the trend that growth in the West will be slow, and the major growth focus will be in other markets.
The survey says that Chinese are most optimistic about South America, especially Brazil. In the next four years, Brazil will be hosting two major sporting events: the FIFA World Cup for soccer/football in 2014 and the Olympics in Rio in 2016. Both events are expected to provide a major boost to the Brazilian economy, and raise the country’s international visibility. Earlier this year, Brazil overtook the UK as the world’s sixth largest economy.
China now has the world’s second largest economy, behind only the US. In some sectors such as auto manufacturing, it is already the world’s leader, ahead of even the US.
Compared to economic surveys from the US and Europe, this survey is more optimistic about the outlook for China’s manufacturers. To read the full survey, please go here.