The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
In the last few years, China’s economy has seen an increase in stability and prosperity. Their middle class alone is bigger than the entire population of the USA. Additionally, the use of smartphones and other electronic devices by the middle class means that there are more people to reach with a marketing message than ever before. The numbers don’t lie: China is an opportunity for the smart entrepreneur.
Typically the red tape and bureaucratic process involved with starting a company anywhere in China has limited the number of businesses willing to create a startup there. But due to certain restrictions in Hong Kong being lifted the opportunities for expanding your own business there might be easier than you think.
In Hong Kong smartphone penetration hit 87% by the end of 2012, compared to 78% in the US. But Hong Kong is puny with barely 7 million inhabitants. Shanghai is moving toward a population of 24 million. Beijing has passed 22 million. And China as a whole is nearing 1.36 billion. China is big. There are a lot of people there. Yeah, you know all this, even if you don’t know the exact numbers.
Here’s what you might not know. Internet penetration in China is 42.1%. At the end of 2012 there were 564 million Internet users in China, 330 million of whom were using smartphones to access the Internet. By the end of 2013 the number of mobile Internet users in China will surpass 500 million. Hong Kong is a well-connected city when it comes to the Internet. China is catching up, and the stakes are much higher.
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About the Author
Josh Steimle, the CEO of MWI.com compiled the data and facts found in this infographic. Josh is moving his family, and opening a branch office of his firm in Hong Kong because of the data he has found and put together in the infographic above.