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Macro Environment and Impact on Business Activities in China Market
Introduction
Business leaders need to be aware of the factors that might affect organisational performance. A macro environment will encompass the major factors defining a given economy. Some of the key attributes investors need to consider include employment, social factors, fiscal policies and inflation. The purpose of this presentation is to analyse the Chinese macro environment and outline some of the forces that impact business activities and performance.
Digital Revolution
Since the 1950s, a new era emerged whereby new innovations led to the introduction of superior computer technologies and systems. Such developments have ended analogue and mechanical ways of doing things. More companies, households, individuals and government agencies are embracing this Digital Revolution (Wang et al., 2019). The impact on economic performance and business activities in different parts of the world has been immense.
Impact on Production
The Digital Revolution wave is impacting production in a number of ways. For instance, more companies are finding it easier to innovate, manufacture and market superior products in different parts of the world. Such corporations can now market their items across the globe. Such products also resonate with the changing demands and expectations of the targeted buyers (Tundis et al., 2018). These developments are transforming the business environment in a positive manner. This trend means that more companies will find it easier to compete and achieve their goals in the Chinese market.
Impact on Consumption
The Digital Revolution is presenting various transformations in the area of consumption. Customers can identify the most appropriate services and goods in the market and make informed decisions. Marketers can also consider the demands of these individuals and address them using personalised support systems (Mou, 2020). Chinese companies can also innovate and produce items that can improve the experiences of all stockholders and the targeted customers. These achievements indicate that the Digital Revolution is changing the macro environment in different ways.
Impact of Technologies
The impact of emerging technologies on business activities in China is a field stakeholders need to examine carefully. Companies should consider the available innovations and implement them to achieve a competitive edge (Yang et al., 2018). Firms ignoring this force will have higher chances of becoming obsolete in the Chinese market. The level of competition is also increasing due to this trend. Business leaders need to consider these trends and engage in actions that can deliver desirable outcomes.
Impact of Cybersecurity
Cybersecurity is a complex issue that different stakeholders should address from a multifaceted approach. Most of the businesses and consumers are finding it hard to deal with this challenge. Some firms might lose their savings and customers have their personal details stolen (Rashed and Un, 2016). This issue is related to cyber-bullying and identity theft. Proper mechanisms and strategies are, therefore, needed to address this concern.
Ethical and Sustainable Growth
Ethical and sustainable concerns form the foundation of the Chinese macro environment. Companies need to formulate business models that are acceptable and conserve the natural environment (Froese et al., 2019). Investors should take the issue seriously by relying on the use of renewable energy sources, providing healthy and safe working conditions and providing competitive wages. Firms that ignore these trends and requirements might have their licences revoked.
Economic and Social Development: Past 5 Years
Within the past 5 years, the economy of china has been expanding steadily. The government has been relying on foreign direct investments (FDIs), exports and innovation to support and sustain drivers of the economy (Steinbock, 2018). The provision of proper incentives and policy initiatives are supporting this new development or trend. Customers and investors need to be aware of these critical trends.
Continuation
The economic growth gains recorded in this country do not reflect the social experiences and developments of the citizens. Most of the policies are dictatorial in nature and non-progressive. Most of the people are unable to voice their concerns or pursue their goals freely. Foreign investors and buyers should, therefore, be aware of these social development issues.
Conclusion
This presentation has outlined some of the issues defining the Chinese economy. Modern technologies and the Digital Revolution are impacting different aspects of this country. The implemented policies have promoted sustainability and innovation. However, there is a need for the relevant agencies to consider new ways to support and improve the level of social development in this country.
Reference List
Froese, F.J. et al. (2019) Challenges for foreign companies in China: implications for research and practice, Asian Business & Management, 18(1), 249-262. Web.
Geldart, J. (2019) Doing business in China. London: LID Publishing.
Guo, T., Wang, G. and Wang, C. (2017) Empirical study on the effect of environmental factors on enterprise growth comparative analysis of Chinese large scale industrial enterprises and small/medium industrial enterprises, EURASIA Journal of Mathematics, Science and Technology Education, 13(11), pp. 7549-7559. Web.
Mou, J. (2020) Research on the Impact of COVID19 on global economy, IOP Conference Series: Earth and Environmental Science, 546(1), pp. 1-6. Web.
Ram, J., Zhang, C. and Koronios, A. (2016) The implications of big data analytics on business intelligence: a qualitative study in China, Procedia Computer Science, 87(1), 221-226. Web.
Rashed, S. and Un, N.A. (2016) Doing business in and with china: the challenges are great, but so are the opportunities, Global Journal of Management and Business Research: B Economics and Commerce, 16(2), 1-8. Web.
Steinbock, D. (2018) U.S.-China trade war and its global impacts, China Quarterly of International Strategic Studies, 4(4), 515542. Web.
Tundis, A. et al. (2018) Challenges and available solutions against organized cyber-crime and terrorist networks, WIT Transactions on the Built Environment, 174(1), pp. 429-441. Web.
Wang, K. et al. (2019) A costbenefit analysis of the environmental taxation policy in China: a frontier analysisbased environmentally extended inputoutput optimization method, Journal of Industrial Ecology, 24(3), pp. 564-576. Web.
Yang, N. et al. (2018) Economic growth and pollution emission in China: structural path analysis, Sustainability, 10(7), pp. 2569-2583. Web.
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