In this executive briefing, read highlights and takeaways from the 2013 McKinsey Quarterly special edition on China. A McKinsey Quarterly article.
In early June 2013, several hundred of the world’s leading CEOs gathered in Chengdu, China, and discussed that country’s rapidly evolving business environment: growth is slowing and wages are climbing just as a new upper middle class emerges, a new wave of innovation rises, and a new generation of leaders steps to the fore. Executives at this year’s Fortune Global Forum, in Chengdu, were reading “China’s next chapter,” a special edition of McKinsey Quarterly, now available in digital form. What follows here is a snapshot of highlights and takeaways: ten critical issues that will be facing China during the years ahead and what they mean for you. Read it on its own. Or follow the links to delve deeper on individual topics.
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Experts from McKinsey’s Greater China office explore the challenges and opportunities that China faces as it fundamentally redirects its economic model away from export-led capital investment toward consumption, efficiency, and productivity.
Urbanization. Financial reform. Global competitiveness. Social development. Environmental sustainability. Examine any of these challenges facing the world’s second-largest economy and the signs are that China is facing a fundamental reworking of its development model to date. Where it could once generate stunning growth rates from a brute-force approach of export-led capital investment, the country’s task now is to master the hallmarks of a modern economy: replacing capital with productivity, encouraging domestic consumption for its expanding middle class, providing its people security and services in a safe urban setting, moving up the manufacturing value chain, and competing in a digital era.
In this video, experts from McKinsey’s Greater China office explore why China can no longer rely on old models for its future growth and discuss the opportunities and challenges that await as the country writes the next chapter of its remarkable development story.
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I once took a friend, about to return home to China after several years in the United States, on what I thought would be a uniquely American tour of Colonial Williamsburg in Virginia. We stopped in, on her request, at one of the specialized stores that sells only Christmas-related knickknacks. As she poked through the Santa ornaments and engraved placards, I asked her what Christmas was like in China. She sighed, inspecting a porcelain Frosty the Snowman. “It’s too commercial.”
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