Shanghai is one of the most popular cities in China, willingly visited by numerous tourists from around the world. Some of them decide to go on a tourist trip, while others plan to stay there for a little longer. Many people choose to study in this big city because of the wide range of universities. There are also many people interested in working in Shanghai. So how does life look like in Shanghai? What is the cost of living in Shanghai?
Mastercard has obtained preliminary approval to create and operate bank cards in RMB. Mastercard’s activity in China is gaining access to the $27 trillion payments market (2018) as part of the financial opening of China. The new Mastercard project is a joint venture with NetsUnion Clearing Corporation (NUCC), a Chinese company that operates a payment platform for foreign companies. The preparation must be completed within one year for Mastercard to apply to the People’s Bank of China for formal approval of the start of operations.Continue reading
China is the largest e-commerce market in the world. The Chinese shop online much more often than the rest of the world. Among the products that citizens of China buy online are clothes, cosmetics, electronics, and even food (more than 50% of customers). At the moment, the Chinese e-commerce market is worth over 1 billion dollars and is continuously growing. The middle class in China is growing, and so is consumption. Online shopping became very convenient, particularly when using extremely popular mobile payments. New trends and interest in foreign and luxury goods also contribute to the rapid development of e-commerce in China. Domestic products cannot meet these needs. E-commerce gives foreign suppliers an opportunity to sell their product and speed up procedures, benefit from favorable tax policies and, what’s most important, they don’t have to license their operations.
We present to you an interesting infographic „10 facts about e-commerce in China”.
The Chinese market is still opening up for foreign products. The development of global brands in China is gaining momentum. Leading companies have plans to open a large number of branches in China in the upcoming years. Foreign brands are popular especially among the Chinese middle class and the young generation. The Chinese are craving for American lifestyle which results in the popularity of such brands as Starbucks, Apple and KFC. Purchasing American products is an indication of social status and high life.
The infographic below shows the most popular global brands in China. Among the foreign companies with the most significant number of branches in China, we can find examples of the American chains (KFC, McDonald’s, Starbucks), the European chains (H&M, Carrefour, Sephora), as well as Japanese ones (Uniqlo, Lawson).
During the last weeks several new webpages in China were blocked: the long blacklist was expanded to include Wall Street Journal and Reuters, these are not the only English-language webpages, which cannot be accessed from China.