NewsJuly 4, 2014
China is no longer resting on its ‘Made in China’ laurels. These days, China’s main economic driver is the ICT industry, including smartphone manufacturers and gaming firms, as well as the e-commerce and internet search market sectors. CKGSB Professor Li Wei said, “To highlight Chinese ICT companies’ common reasons for success, their customer-oriented businesses have correctly anticipated what a good portion of Chinese customers want and have strived to serve them. A significant percentage of Chinese customers are well-educated, but their income is not as high as their western counterparts. They want smartphones that have high-end specs, incorporate the latest designs and best implement software elements. Some of them have the technical skills to redesign or tinker with a phone's hardware and software. This has given rise to Xiaomi, whose business model is fundamentally different from global brands such as Samsung and Apple.”