From an explainer on fast fashion success story Shein to a deep dive on the Chinese whisky market, these were the top 5 China business stories that captured the most attention on FOCUS this year.
A rapidly growing demand for whisky in China has seen UK exports rise substantially, but the big players are not just looking to bolster their selling power to China… now the race is on to create the first Chinese whisky, as Tom Pattinson reported in this long-form exploration of the Chinese whisky market. Is China’s market a challenging one? Without doubt. But are the risks worth the seemingly endless rewards? For both big players and emerging makers, it seems so.
Since exploding in popularity in the late 2010s/early 2020s, fast fashion retailer Shein has captured the attention of millions of shoppers worldwide with its rapid trend cycle and rock-bottom prices. However, its exponential growth has raised concerns within the business community and among consumers. In this article, FOCUS delved into the background of Shein, its remarkable growth, concerns surrounding its business model, and the implications of its expansion for British companies in China and beyond.
3. British youth need to understand China better – here’s why
An adjustment to Beijing’s work permit rules earlier in 2024, removing the requirement for foreigners with university degrees to have two years of work experience when applying for a work permit in Beijing, offered some much-needed positive news for young Brits looking to develop their early careers in China. In the wake of that change, CBBC’s Managing Director for China, Tom Simpson, explored what is being done to help revitalise exchanges aimed at developing an understanding of China among the UK’s next generation.
Even for seasoned China hands, some aspects of how business is done in China can be downright confusing. Luckily, journalist and author Ralph Jennings has attempted to demystify Chinese work culture in his new book, 50 Useful Tips on China. Paul French spoke to him about meeting etiquette, overtime and the concept of “chabuduo”.
In mid-March 2024, the State Council and the People’s Bank of China released the ‘Guide to Payment Services in China’, which details a number of payment options for foreign nationals, from international bank cards to mobile options like WeChat and Alipay. The latter are particularly important for visitors trying to navigate China’s largely cashless society and are only likely to become more important in 2025 and beyond.
