DURING the 2008 Summer Olympics, China dazzled the world with Beijing’s posh athletic venues and revamped urban landscapes. And as the US and Europe have struggled with economic crises in the years since, China’s prodigious economic growth rates convinced many that it was only a matter of time before it became the globe’s economic leader. But there are many reasons to be skeptical. Critics have cited China’s income inequality, poor urban migrants and political corruption as reasons to doubt China’s ability to maintain its rapid growth. Often lost in the discussion, however, is the fact that the cards are stacked against the Chinese entrepreneur.
The potential market for Chinese entrepreneurs is huge. Millions of Chinese have foregone certain purchases due to cost, accessibility and convenience. And millions of Chinese innovators would love to flood the market with smaller, cheaper more convenient products that don’t appeal to the mainstream market’s performance expectations.
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