China Market

It’s well-known that China has a large population and vast market potential. Apart from these, what else do you know about China?

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In the future, we will continue to summarize and share data regarding China’s economic development as well as assist companies in creating strategic plans to enter the Chinese market.

**The official language of China is Mandarin Chinese and the official currency is the RMB

China has 4 major cities which include Beijing, Shanghai, Guangzhou and Shenzhen respectively. In total, these cities house a population of 85 million and their overall GDP accounts for 14% of the nation’s total.

There are 50 second-tier cities located in China, most of which are provincial capitals or cities with very strong industrial economics (e.g. Hangzhou, Zhejiang Province which has a population of 9 million and a GDP of over 1 trillion RMB). The population of these cities equates to 350 million and their GDP makes up roughly 31% of the nation’s total.

The number of third-tier cities is 660, mainly including prefecture-level cities (e.g. Heze, Shandong Province, which has a population of 8 million and a GPD of 240 billion RMB). The total population is 350 million and has a GDP equaling roughly 26% of the nation’s total.

There are 2,400 fourth-tier cities, consisting of area similar to that of counties in the United States (e.g. Quzhou, Zhejiang Province, which has a population of around 3 million and a GDP of over 100 billion RMB). The population total is 300 million and the GDP accounts for 10% of the nation’s total.

From the top tier to the bottom tier, income gradually decreases, but the population and market demand continues to rise!