Chinese new consumer brands are emerging
In 2020, though the Chinese retail industry might seems to be faltering, the expansion of new consumer brands has not stopped. The rise of short videos, live streaming, and 5G has provided substantial opportunities allowing these new brands to grow stronger. According to Alibaba, 70% of the new trending brands on Tmall are of Chinese origins. As China advocates the new economic development pattern of "dual circulation", which is defined as “taking the domestic market as the mainstay while letting internal and external markets boost each other,” more and more new consumer brands will emerge in the future.
China's 14th Five-Year Plan for 2021-2025
China proposed development targets for the 14th Five-Year Plan period, including making new strides in economic development and improving the well-being of the people to a higher level. The plan also deleted the rhetoric of "family planning" in the previous five-year plans while putting forth the concept of "inclusiveness" in fertility policy for the first time. It is a signal of the country’s relaxation on birth restrictions, which is conducive to developing the maternal and infant industry, such as infant formula. The plan exemplifies huge Chinese market opportunities, which is expected to become the world’s largest consumer market by the end of this year. To meet Chinese people’s consumption demand, China will continue to open up to the world and welcome overseas companies to play a key role in that demand.