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China to Become Major Producer and Exporter of Technology Products: Survey
In the next ten years, China is likely to become not only the world's largest market but also a major exporter of a number of technology products, according to a survey by Salomon Smith Barney Monday, December 18.
"Although China is still a low-income country, in many tech areas, such as cellular, it is already the largest market in Asia. The number of people that can afford most tech products in China will likely to grow from the current 350 million to 630 million in 2005 as incomes rise and costs fall. Soon China should become the world's major market for most tech products," the survey said.
The survey pointed out that China's coastal region is likely to become a new global center for tech production because of its low costs, massive foreign investment, reasonable skill level and the upcoming WTO accession.
With appropriate policy backing, China is expected to become a major tech exporter in 2010, overtaking not only Singapore, Taiwan and Malaysia, but also Japan.
The markets for mobile phones, PCs, semi-conductors, cable TV, and Internet access is expected to expand dramatically and have a dominant role in the growth of the new economy, the survey added.
It also pointed out that financial reform will play an active role in promoting high-tech industry development including the setting up of a healthy capital venture system and second-board market.
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