A revelatory, insight-filled playbook for doing business in China and a probing look at why the country, despite the challenges it faces, still possesses unrivaled prospects for growth and entrepreneurial opportunity--by two leaders who, over the course of decades, have taken turns helming McKinsey's management consulting practice in China. In just forty years, China has transformed from a closed economy into a global powerhouse. Riding the tailwinds of its massive labor supply, aggressive infrastructure investment, and ingrained work ethic, the nation became a haven of opportunity. However, more recently, shifting demographics, less torrid growth, and an increasingly complex geopolitical environment have caused some to wonder: Where lies the next China? The authors of this book have a bold and unequivocal answer: the next China is
still China.
There is no substitute for the Chinese market. China accounts for a staggering 30% of global manufacturing and 18% of global GDP, surpassing the European Union and trailing only the United States. With nearly five million STEM graduates each year (more than the total number of US degree graduates across all fields!), China is well-positioned in an era of technological automation, artificial intelligence, and data-powered innovation. However, the strategies that once propelled businesses to success in China are no longer sufficient. A new playbook is needed.
The Next China Is Still China will answer a range of provocative questions, including:
-Will China with its aging population fall into a Japan-style stagnation, or can it maintain its superpower trajectory?
-What is exciting about the country's vaunted "China speed," and how can multinationals continue leveraging it for outsized profits?
-What is the key to pleasing China's "hyper-switching" consumers who have little brand loyalty?
-Amid rising nationalism and geopolitical risk, should global firms rethink their China presence or, instead, double down?
-As America's tech giants make massive investment in AI, can China's fast-adapting innovation ecosystem keep up?
The Next China Is Still China upends conventional wisdom, providing fresh actionable strategies for winning in the years ahead.
