Burgeoning Chinese millennials promise more investment opportunities
- Zhang Liying
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E-mail China.org.cn, October 21, 2018
Burgeoning Chinese millennials promise significant opportunities for foreign investors and traders from countries who continue with an open, innovative and collaborative approach, according to former Australian minister for trade and investment Andrew Robb.
He made the remark on Saturday at the 2018 Optics Valley Sino-International Entrepreneurs Summit, held at the Optics Valley of China (OVC) in Wuhan, capital of Hubei province.
According to Robb, China has around 300 millennials, born between 1980 and 1994. They are now entering the middle-income class, spending more and saving less than their predecessors, while also spending money on things different from the previous generation.
It is this generation, with different aspirations and spending habits from their parents, are prompting a massive societal change, rebalancing China's economy and, in turn, reshaping the global consumer market, he said.
Thus, Chinese millennials would accelerate the country's transition to a domestically-focused, service-based economy with increasing technological advancements.
Robb said the trend had opened up more opportunities in areas such as entertainment, food safety, personal financial services and health care services.
However,the uncertain times the world was undergoing would likely to last for a long time, where the escalation of American trade barriers and attacks on the traditional global supply chain would likely intensify to create a headwind for the world economy, increase currency volatility, and possibily derail the process of globalization.
Despite these uncertainties, Robb noted, demographic growth trends, especially within the millennium generation in Asia led by China, should generate considerable optimism.
With the theme "Openness, Innovation, Win-Win Cooperation: Building a Global Innovation & Entrepreneurship Center," the summit is seeking to advance the internationalization of Chinese enterprises, increase the connectivity between Chinese and foreign business communities as well as forge more solid, practical and innovative partnerships between Chinese entrepreneurs and their foreign counterparts.
The event, organized by the OVC and the Sino-International Entrepreneurs Federation (SIEF), has brought together more than 500 government officials, business leaders and professionals from international institutions.
It was announced that the OVC would become a permanent venue of the annual SIEF summit. The OVC, also known as Wuhan East Lake High-tech Development Zone, is China's second national independent innovation demonstration zone after Beijing's Zhongguancun and the country's largest optical communication technology R&D and manufacturing base.
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