This year’s Economist Innovation Summit in Hong Kong brought together about 200 industry luminaries, entrepreneurs and venture capitalists to debate one of the hottest topics regarding China: will China become an innovative economy and what will it mean to the world?
One of the themes that emerged was Chinese consumers have become a driving force for global innovation. In 2015, China’s industrial sector barely grew, but its service sector saw higher than usual growth at 12%. Latest data indicate that consumption accounted for more than 60% of China’s GDP.
“I don’t think that there is a consumer in the world now that is more demanding than the Chinese consumer,” said Victor Fung, chairman of Fung Group, a business consultancy based in Hong Kong. Continue reading