Resilient China's economy helps lift all boats
Updated: 2011-12-26 10:12
SINGAPORE - While the world's economy is grappling with economic jitters stemmed from Europe and the United States, Asian countries are painstakingly tapping Chinese market as China's strong imports post as a dose of confidence amid the faltering external demand.
The resilience of the world's largest developing economy prompted many, including a World Bank economist, to recognize it as a positive factor for the Asia Pacific region, while Moody's Analysts said in a recent report that a "rising China lifts all boats" in the region.
Singapore's food and beverage retailer BreadTalk, which runs business in bakery, food court and franchised outlet, opened its 215th outlet in China recently.
The food retailer is just an example of the many foreign companies that have successfully grown their businesses by thriving in the Chinese mainland. Notably, they include not only infrastructure businesses but also consumer brands that explores the different tiers of cities.
The outlets of BreadTalk in China are distributed across the first- and second-tier cities. Shanghai and Beijing led with 33 and 25 outlets, respectively, while the number ranged from one to 13 for 40 other cities. It even started four outlets in the northern city of Harbin and five in the western inland city of Urumuqi, a provincial capital in Xinjiang.
George Quek, chairman and founder of BreadTalk, has said that the company would like to have 1,000 outlets by the end of 2012, of which at least 550 will be in China. Now it has about 500 outlets, of which 215 were opened in the Chinese mainland within eight years.
Many of the consumer brands from Singapore are quickly expanding their businesses beyond the first-tier cities in China. Brands such as Charles & Keith, Bee Chen Hiang and OSIM are eyeing the Chinese market, trade promotion agency International Enterprise Singapore said.