Policymakers and investors often refer to battery, new energy vehicle (NEV) and renewable energy as the “New Three” of the Chinese economy, in comparison to the “Old Three” such as furniture, home appliance and clothing in Chinese exports; or property, infrastructure and processing trade in the overall economy. NEV and battery production, as well as renewable energy capex, have seen significant increases in recent years and are expected to continue growing rapidly in coming years, adding to headline GDP growth in China.
Gift giving is becoming a daily habit, with Chinese people gifting more often and casually. Gifting is vital in strengthening roles within harmonious relationships. Health/wellness are rising in popularity as gift givers seek ways to support the wellbeing of others. Personalization/customization, interactive experiences, and an “expensive yet sophisticated” look can make products more appealing. Festive occasions, notably the Chinese New Year, let brands showcase their cultural understanding through gifts. Gift givers rely on social media as a source of gifting inspiration
China now dominates the strategically important industries in ITIF’s Hamilton Index, producing more than any other nation in absolute terms and more than all but a few others in relative terms. Its gains are coming at the expense of the United States and other G7 and OECD economies, and time is running short for policymakers to mount an industrial comeback.
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