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I am writing to inform to you of recent changes to a few remote environmental factors as it relates to China within recent years.
As our company continues to grow, it is important that we operate around the macro-environment that is constantly shifting and changing around us. The following changes to our remote environmental factors are outlined for additional review and analysis:
Economically, China has been performing at an all-time high.
They have been the world’s second largest economically speaking at it relates in terms of Gross Domestic Product or GDP (Mulyadi, 2015). Currently, the GDP growth rare has significantly increased from past decades. Recent reports predict that China may surpass the world’s current economic powerhouse, which happens to be the United States of America (USA), this year (Mulyadi, 2015). Through continual development, China is close to reaching the top spot due to various economic factors, which may include an increase number of skilled laborers, export business and urban growth (PESTLEanalysis Contibutor, 2015).
As the population continues to increase, the cost of labor continues to decrease. Increase in population results in the increase of consumer purchasing power. In addition, inexpensive labor costs have given China a competitive advantage over competing countries. Due to the changes that have occurred within recent decades, China is now becoming a greater hot spot for other countries to seek labor and opportunity more than ever before. Another factor that contributes to economic evolution of China is concerning
Social changes have definitely have taken place in China within past decade.
As demographic characteristics constantly change, cultural values and social trends tend to change along with them. This includes factors such as age variations, population size and growth rate (Thompson, 2018, p. 48). China has a population growth rate of 0.39%, making it the most populous country in the world with a total population of 1,433,783,686 and counting (World Population Review, 2020). Other factors that have constantly changed include lifestyles of consumers, religion, and education. In regards to the education in China, it happens to be at an all-time high with a literacy rate of over 90% and growing (Mulyadi, 2015). China takes great pride in education and considers education to be an “investment in human capital” (Mulyadi, 2015). Urbanization is also influencing socialization and it has been predicted that China may begin to lean more towards internet-based purchasing in the future.
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