The relationship between China and the US has grown more complex in recent years, posing challenges to business relations. However, experts say many American companies still find the Chinese market attractive. In fact, one US company is now devising new targeted strategies that aim to capture the attention of Chinese consumers. Cao Chufeng has the story.
Hamilton Beach, an American home appliance company with a history of over a century, has recently launched new business strategies targeting China.
This includes a plan to shift from selling the same products in China as in the US to creating tailored products specifically for the Chinese market.
LI XIAOXIONG CEO, China Marketing Center, Hamilton Beach "Our new product strategy involves utilizing a Chinese team and supply chain to develop a series of products that are better suited for Chinese consumers."
Although the company's sales figures in China still lag behind those in America, they are optimistic that the new strategies will attract more Chinese customers.
And they view China as an important market with huge potential.
LI XIAOXIONG CEO, China Marketing Center, Hamilton Beach "The US market is our present, while the Chinese market is our future. In 2022, our company sold 32.05 million units in the United States. China's population is over four times that of the US, with 400 million middle-class consumers, presenting us with a significant opportunity."
Hamilton Beach is not the only US company seeking for more business opportunities in China.
Despite discussions of potential economic decoupling, the economic relationship between the two countries remains robust, as evidenced by record-high bilateral trade in 2022.
According to a business consultant, China's large client base and manufacturing capabilities continue to be attractive to foreign businesses.
GUILHERME RAPOSO Business Consultant, Dezan Shira & Associates "Your potential client base is enormous, that's one reason, the other reason is if you want to manufacturing in high-end products, at large scale, then China is the place to be, because you can do high-end manufacturing in Japan and Korea, but not at this scale."
CAO CHUFENG Guangdong Province "Complete economic decoupling between China and America is unlikely to happen in the near future. However, experts say that harmonious Sino-US relationship is crucial for fostering a favorable business environment between the two countries. Cao Chufeng, CGTN, Guangdong Province."