Australia urges business innovation towards Chinese market

Global Business

australia-urges-business-innovation-towards-chinese-market

Australia is urging its businesses and companies to think innovatively when considering China, which is in the midst of shifting from an economy that relies on manufacturing to one that encourages innovation.

Economists said that this shift is opening up a world of possibilities for quick-thinking entrepreneurs from down under.

CCTV’s Greg Navarro reports.

Australia urges business innovation towards Chinese market

Australia urges business innovation towards Chinese market

Australia is urging its businesses and companies to think innovatively when considering China, which is in the midst of shifting from an economy that relies on manufacturing to one that encourages innovation. Economists said that this shift is opening up a world of possibilities for quick-thinking entrepreneurs from down under. CCTV’s Greg Navarro reports.

Founder and CEO of Stashd, Jess Wilson holds her success to an observation about the way she and other 20-something-year old consumers were being treated.

As an online shopping mobile phone app,  Stashd aimed at meeting the needs of people her age. And once she combined her ability to spot trends with a tech savvy co-founder, she set her sights overseas.

Similar business ideas were shared at a recent business forum, which included government and business leaders, was held in Sydney, with a focus on China’s commitment to becoming a global powerhouse in innovation and technology.

It also explored how Australian businesses can take advantage of that economic shift, and China’s growing middle class consumers.

Experts said all of this points to the fact that for Australian tech-based companies, now is the time to take a good, hard look at China and the rapidly expanding job opportunities, especially considering the increasing competition from other countries.

By targeting a growing market of young consumers no one really bothered to pay enough attention to before, Wilson said they were just seeing where they can provide a solution when seeing a problem.


Hans Hendrischke discusses China-Australia economic ties

For a more detailed look at Chinese investment in Australia, CCTV America’s Rachelle Akuffo spoke with Hans Hendrischke, professor of Chinese business and management at the University of Sydney Business School.