Chinese market still cherished by foreign firms

China has a unique advantage that is recognized by the world: its huge market. China has a population of more than 1.4 billion, larger than the combined population of all developed countries today. It is predicted that in the next 15 years or so, China's middle-income group will grow from 400 million to 800 million.

McKinsey Global Institute estimates that in 2020, 55 Chinese cities could be classified as high-income cities, covering 27 percent of China's population. By 2030, the number of high-income cities in China will increase to 93, which will be home to 44 percent of the population.

China is the biggest engine of global growth and is expected to contribute to one-third of global growth this year. The International Monetary Fund has raised its forecast for China's gross domestic product growth rate this year to 5.4 percent. Goldman Sachs, Union Bank of Switzerland and other foreign financial institutions recently released reports on China's economic outlook in 2024, projecting that the Chinese economy is expected to continue to recover and improve.