China offers unlimited market potential, but what do Chinese people really want?
According to Zachary Zhao, managing director for the State of Illinois, Shanghai Office, here's what's hot:
Industries: Real estate, steel, oil, construction materials, home appliances, mobile phones, automotive and textiles
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Products: Food, apparel and other fast-moving consumer goods; among the nouveau riche, premium-brand perfumes, garments, watches and automobiles
Services: Telecommunications, health care, banking and insurance
Zhao's Best Advice: "Attend an organized trade mission, find the right distributor or agent, and use Chinese friends living in China to make introductions for you."
Bill Liu, vice president of NaviAsia Consulting Group Inc., a China strategy, sourcing and supply-chain consulting firm, shares his picks:
Industries: Automotive, railroad, transportation, construction, fashion, beauty and health care
Products: Automobiles, semiconductors and electronics
Services: Banking, consulting and legal
Liu's Best Advice: "As a first step, source some products in China. The cost savings will allow you to use the extra cash to either source more products or search for a partner for market entry. To realize profits, use China as your factory."
Originally published in the April 2006 issue of Entrepreneur Magazine