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  "documentTitle": "The China growth opportunity",
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      "text": "To succeed in China over the next decade—and effectively manage risks—international businesses need to craft more-sophisticated strategies.",
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      "text": "global trade share: 17%",
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      "text": "China’s National Statistics Bureau reported that retail sales rose by 12.5% in 2021 compared with 2020, after declining by 3.9% in 2020. However, many consumer service sectors, such as restaurant dining, entertainment, travel, and tourism, have not yet returned to pre-pandemic levels. The most recent outbreak in 2022 brings further uncertainty in consumption trends.",
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      "text": "Foreign brands need to refresh their thinking on localization if they want to continue to meet Chinese consumers’ changing needs. Products, marketing content, and consumer engagement must all be tailored to local demand. Brands also require state-of-the-art digital solutions and features. Payments through mobile apps have become so commonly accepted, for example, that many taxi drivers in Shanghai no longer accept cash or credit cards. Brands also need to connect with local ecosystems and organizations and adapt management methods to local cultures.",
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      "text": "China’s entry into the World Trade Organization in 2001 accelerated its takeoff as a trade power. The country now accounts for some 17% of global trade, compared with just 4% two decades ago. China’s export machine gained further ground during the COVID-19 pandemic, when it was fast to reopen its factories and became a critical source of medical supplies and consumer goods. But geopolitical frictions, the Chinese government’s growing emphasis on self-reliance in strategic technologies and industries, changing cost",
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      "text": "To succeed in China over the next decade—and effectively manage risks—international businesses need to craft more-sophisticated strategies. They need to recalibrate their engagement with China as a market, as a part of their value chains, as a source of innovation, and as a competitor in third markets.",
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      "text": "the need to find new drivers of growth in an economy that has been propelled by massive infrastructure investment and migration from rural areas to cities.",
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      "text": "© 2023 Boston Consulting Group",
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      "text": "A More Inwardly Focused Consumer Market",
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