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China has changed. It is billed as being one of the countries that has had the most economic growth in recent years. Its economic growth has exceeded both the USA and Europe despite the downturn in global economies. China is a producer, it produces and exports at phenomenal rates, it is a industrialized economy as it relies on production of consumer goods, whist the USA and Europe are post-industrial economy, mainly relying on imports and the majority of the populations employed in the service industries. This type of economy is going to have an impact on Walmart and their expansion plans. Walmart currently has the monopoly of a major part of the economy in both USA and UK (ASDA Walmart).
We have already touched on the fact that China is now a leading producer of cheap goods this is mostly due to cheap labour.
Chinese manufactured goods are beginning to dominate world trading. They are no longer producing ‘cheap trinkets; they are producing larger goods such as fridges and TV’s. China now has the infrastructure and transportation to export to most of the world mainly through Hong Kong.
More recently there has been competition for eBay and Amazon. In China the development by a teacher of a trading site Alibaba has outgrown its once major competitors (eBay and Amazon) to become a safer and more reliable way of trading internationally. This has also had an impact on Walmart who have in the last few years expanded to include internet shopping to its portfolio.
Remember that both the USA and UK are post industrialized societies, the majority of people in China do not as yet have the same purchasing power for the sophisticated gadgets the are producing. Walmart have been trading goods that meet a need in the economy, but they are going to have to get more competitive if they are going to compete in a bigger global market.
Shoppers want quality for their hard earned money and Walmart seems to rely on the fact for a lot of people they are the only store available. This may change.
Walmart also tends not to pay its workers very well. It also does not offer a competitive and comprehensive health plan. In fact the Chinese workers are probably getting a better financial deal than Walmart employees.
The rise of China as a global producer and exporter has gained an interest in people learning Chinese, in particular Mandarin. This interest initially was mainly by students who intended to work in the financial markets and trading but this interest has no extended to fashion and commerce as China continues to gain momentum in the global market place.
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