Earlier this year, China's commerce minister Wang Wentao introduced the term "Chinese People's Economy" to showcase a fresh way to measure success. Instead of focusing only on GDP, this vision zooms out to GNI – Gross National Income – bringing overseas earnings into the spotlight. 🌐
1. From policy to practice: the China+N strategy
Dubbed the "China+N" strategy, companies are keeping China's manufacturing heartland as HQ while launching bold overseas moves. Pop Mart's designer toys are selling out in new markets, Haidilao's hot pot is creating mix-and-match flavor trends, and Luckin Coffee is brewing success by blending Chinese efficiency with local tastes. 🚀☕
2. Building global support
To fuel the expansion, the Chinese mainland is rolling out cross-border financial services, aligning regulations with international norms, and upgrading bilateral investment treaties. Enhanced consular protection helps business travelers navigate new rules, while overseas Chinese networks act as cultural bridges – remember, the diaspora has driven over 60% of foreign investment in China since 1979. 🤝
3. Corporate transformation
Global growth today demands more than exports. Top firms are localizing with "value co-creation," forging partnerships that generate jobs and share tech know-how. Compliance and risk management are now boardroom must-haves as geopolitical twists add complexity. 🎯
4. Facing challenges, seizing opportunities
Protectionist barriers and the balancing act of domestic stability are real tests. Yet with 50,000+ enterprises in 190 nations and $3 trillion in outbound investment, China's global footprint is undeniable. As overseas earnings flow back home, they bolster GNI and bring the "people-centered" model to life. 📈
Global implications
The "Chinese People's Economy" marks China's shift from globalization participant to architect. It's no longer just about building roads – it's about weaving innovation into local markets and creating win-win value chains. The big question: can China and its companies deliver on this grand vision? Time will tell. ⏳
Reference(s):
The "Chinese People's Economy" goes global: From policy to practice
cgtn.com
