economic stability, growth in the fashion world, the outcomes of the PESTEC analysis
The determination markets remains an essential factor in promoting the performance of different industries. There is a need to consider the various elements of the different markets that will determine the usefulness of these areas. Every market operates based on the demand and supply elements of the market. There is a need to explore the different elements that would promote internationalization of these markets. It is imperative that vital considerations are explored in assessing the viability of the different markets in relation to the performances of the various sectors. China remains a key target market, primarily based on its ready market and availability of labour. These are fundamental elements that define every market. The attractiveness of china is hinged ion issues such as economic stability, growth in the fashion world, the outcomes of the PESTEC analysis and the competitive nature of the country.
Economic stability
The stability of the Chinese economy remains an essential element that highlights the strength of the economy in general. According to Ahmad et al. (2019), the Chinese economy has recorded significant growth over the years, and it has managed to reach the top levels of world global markets. For instance, Garnaut et al. (2018) note that the Chinese economy now enjoys increased maturity, and there is the continued improvement of the people livelihoods and welfare. These are vital indicators that highlight the potential of every economy. Issues such as quality of life are essential factors in understanding any economy in the world.
The discussion of the economic stability in china requires an exploration of the different factors that indicate the stability of the given economy. According to Ma et al. (2018), technological advancement is one of the indicators of economic stability. Research indicates that a stable economy enjoys increased innovation and development of technology (McKay 2016). China is one of the leading exporters of technology and its related products across the globe. The country is one of the leading manufacturers of electronics and innovations that integrate technology (Naughton, 2018). These are indicators of the level of stability of the Chinese economy.
Increased labour inputs is also an indication of stability. The Chinese economy operates on a 24-hour schedule that reflects the increasing demand for labour in the country (Chow 2017). Different companies have established branches in China. While there is an argument on the access to cheap labour, the impact of these developments in the local market reflects the relevance of the conducive market that exists in the country. For a company to operate in a foreign country, the benefits of such operation must outweigh the risks and threats to the operation of the given institution (Rithmire 2018). Companies like Samsung are among the world-leading brands found in the Chinese market. The Chinese economy enjoys increased stability.
The performance of the Chinese market is also an essential element that highlights the economic stability of china (Ma et al. 2018). The emergence of China as an economic powerhouse reflects the potential growth that the economy has witnessed. Stability creates an environment that promotes growth and increased industrialization (He et al. 2019). These are elements that are evident in the Chinese economy. For instance, China is considered as the world’s factory and the largest trader (Chen 2019). This is a reflection of the strength of the local economy through the different companies and factories operating in the country.
Growth in the fashion retail market
The performance of China is based on the increased presence of different companies in the country. The leading industry in China is the apparel industry that boasts of over 24000 enterprises (Ma et al. 2018). The industry also employs about 8 million people (Ahmad et al. 2019). these figures highlight the centrality of the fashion industry in China. It is essential to recognize the relevance of the apparel industry based on the available statistics. As such, the growth of the fashion industry is one of the defining elements of the Chinese economy. For instance, Del Giudice et al. (2019) discuss that the growth in this industry has significantly increased both in the local economy and in the outside markets. The performance of locally made products has improved ion the different markets where Chinese exports are taken. According to He et al. (2019), the increasing household incomes in the country have been cited as the main reason for the increased growth of the fashion industry.
The emergence of a relatively young population is also a key element in the growth of the fashion industry. Ma et al. (2018) cite that younger individuals are more adept in fashion issues, and as such, the spirit of innovation is rewarded in the country. The cumulative effect leads to marked growth in the fashion industry. Sznajderska (2019) noted that one of the evidence of stability was the integration of technology across many areas of the economy. Technology has also led to the growth of the fashion industry by exposing the citizens to other lifestyles that promote creativity and desire for innovation in the apparel industry (Naughton, 2018). The exposure that comes with technology has been integral in enhancing the growth of the Chinese fashion industry.
PESTEC Analysis
Increased competition in the world remains the primary source of issues for the country. However, there is a need to recognize the diverse efforts that the Chinese government has employed in defining its place in the global economy. Chow (2017) notes that the growth of China as a significant market is based on the choice of policies that have been developed to increase the relevance of the country in global economics. For instance, opening its borders for foreign investment, lower tariffs for investors and incentivization are key policies that have led to better management of competition from other markets (Naughton, 2018). Development of political ties and increased investment in technology are some of the strong points that the government has resorted to in boosting the position of the country as a leading economic hub (Garnaut et al. 2018).
Competitive nature in China
According to McKay (2016), there is significant competition in china, and it is viewed as part of the culture of the local populations. The different companies have to compete for their stake of the local and international markets. As such, the race for quality remains a critical factor that has led to a difference among the companies in the economy (Naughton, 2018). For instance, companies such as Samsung, Huawei are critical players in the global business environment due to their competitive nature. There is an increased level of competition in the Chinese economy, and this has led to the emergence of different brands, all seeking a piece of the cake.
In conclusion, China is a key economic player in the world, and it has become an important market both in terms of consumption and production. These are vital functionalities that define the ideal market for all goods and services. The performance of the fashion industry reflects a growing niche; thanks to technology and innovation. China, therefore, paints the picture of a viable market for internationalization based on the results of the different The determination markets remains an essential factor in promoting the performance of the various industries. There is a need to consider the different elements of the different markets that will determine the usefulness of these areas. Every market operates based on the demand and supply elements of the market analyses and assessments.