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View as HTML version PSI Journal 5/2016 EDITORIAL CHINA IN TRANSITION First of all, it should be noted that China is not driving, China is pursuing a strictly self-serving strategy, wanting more global power but little global responsibility. In addition to the internal strategy of “go west”, which calls for more and more production to be relocated further inland, China wants to move away from being the workbench of the world to becoming a high-tech location, away from production toward being more service-oriented, and away from being financed and subsidised by the state toward more domestic consumption. Certainly not an easy task, particularly when the average economic growth of the past decade simultaneously falls from 9.9 per cent to now only about 7 per cent, and when 5 per cent by the middle of the next decade is considered to be realistic. At the same time, energy production and consumption are diverging more and more. Wages are rising, the inequality of the population is taking a dramatic turn for the worse, corruption is flourishing, foreign demand has been falling since the financial crisis and the people are becoming more and more aware of the environmental problems. The effects of smog are already the fourth most common cause of death in the country. Not an easy task for those in power in the party and the administration whose Manfred Schlösser only business model so far has been foreign demand. China is also by far the main supplier for the international promotional products industry. Hence no easy future task for an industry whose margins are increasingly coming under pressure for a wide variety of reasons: higher purchase prices, increasing tax burden, more and more compliance rules, more and more economic concentration. But this change also provides opportunities (see Focus starting on page 8). Striving for sustainability and a growing demand for quality products provides new opportunities for European manufacturers, particularly in the economically weaker fringe regions and for the EU’s neighbours. Morocco and Portugal were once excellent textile suppliers. Turkey has developed enormously in this area. Eastern Europe is heading towards technical innovation. With a changing awareness, however, China is also of- of fering qualitatively better products developed locally. And it can safely be said that China will continue to be full of surprises. Customers of the promotional products industry will be pleased about that and so will we. When traditional ways are forsaken or at least reformed, there is room for new developments. The promotional products industry is well-connected – especially on the supplier side – and will make the most of it. So let us look forward to something new. With this in mind Manfred Schlösser Editor-in-Chief PSI Journal Your opinion: 1/3 1

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