In this article, we’ll look at an overview of Chinese technology and manufacturing, as well as show a way that foreign businesses can tap into this growing market.
China’s Manufacturing and Tech Industries at a Glance
According to the newest Reuters report, China’s economy has been exceeding expectations, growing an impressive 6.8% in the first quarter (January – March), and continuing on this trend with a 6.7% increase for the second quarter (April – June). This has been due, in large part, to China’s manufacturing and tech centers.
China continues to dominate the world as the largest exporter of automobiles, putting out 32 million units (as of 2016 data). This is on track for predictions that state China’s continued market dominance and auto sales (foreign and domestic) will grow to 40 million units as of 2020.
As of 2015 stats, the manufacturing/ industrial sectors contribute 40% of China’s GDP. Among China’s lead in output, the country is the world’s leading manufacturer of chemical fertilizers, steel, and cement.
With China’s mass migration to the Internet (growing 208 million users from 2013, with only 54% of the population online), there has been a massive boom in China’s tech industry, with huge potential to grow as China shifts towards urbanization. Additionally, R&D spending in China has shown growth of 14% in 2017 (at USD 279 billion). With this spending, China’s technology companies are leading these investments by channeling money into innovation-campus environments to create the ideas of the future.
Tapping into Chinese Tech and Manufacturing with Virtual Phone Numbers
Even from a brief overview of China’s manufacturing and tech growth, businesses and entrepreneurs are sure to take note of the potential to expand to the country’s robust markets. The only question remains — How?
If you’re looking to access these markets for your B2B efforts, you may want to explore virtual phone numbers. Virtual phone numbers are phone numbers powered by cloud computing and VoIP (“Voice over Internet Protocol”). When they are dialed, they instantly route the call from the virtual phone number to another phone number, known as the “destination phone number.” This means that for foreign businesses that want to reach Chinese businesses, they can use virtual phone numbers to open up lines of communication. With “normal” phone numbers, international phone numbers may be blocked by Chinese service providers or they may charge users exorbitant long-distance fees for the ability to get in contact with foreign businesses. With China virtual phone numbers, these barriers are overcome with ease. Best of all, virtual phone numbers instantly transfer calls without delay — something that had plagued global communications before recent advancements in Internet-based technology.
For businesses in China, Chinese virtual phone numbers offer a gateway to reach foreign businesses. That’s because when virtual phone numbers are paired with an add-on known as “outbound calling,” foreign businesses can reach Chinese businesses with phone numbers that are familiar to the country (+86 XXXX XXXX) and appear on the recipient’s caller ID with a recognizable number (versus the problems of the past, which had virtual phone numbers listed as an incomprehensible series of digits and letters).
Lastly, virtual phone numbers are phone numbers that are enhanced by the versatility of the Internet through add-ons and features. For instance, if you’re looking to add a toll free number that routes calls from China to your US-based business, you can use something called ITFS numbers (or, “International Toll Free Service numbers”). These numbers not only give your potential clients and customers a toll free way to get in contact with your business (you, the subscriber, picks up the fee) but give your business a professional look that shows others that your organization is optimized to handle global commerce. And, for those that are located around the world but want to accommodate calls on China’s time zones, there’s “time of day routing” which routes calls to different destination phone numbers based on the time specifications that make your business more accessible (ex. routing calls outside of 9 – 5 EST to an India-based call center from 5pm – 9am).
by Tom Senkus
Author’s Bio: As a world traveler and international business owner, Tom Senkus understands what it means to gain a competitive advantage in the global marketplace. For more information on his list of writing services and published work, visit www.tomsenkuswriter.com