Chinese Future Challenges (and Spanish-Speakers Opportunities)

It's no secret to anyone that China has taken a global advantage in the race during the pandemic to lead the economic system. After a first and second quarter with GDP of 12.3 and 7.9 percent respectively, Xi Jinping's projection of achieving annual growth of 6% seems possible, knowing that it will be able to "jump" to 8% according to several experts.

?We can assume the growth pattern will continue and for many, that it will be influenced by the 'dual circulation strategy' first set forth by President Jinping during the Politburo Standing meeting committee on May 2020. In that case, the IMF projections confirm that between 2028 and 2031, China will have ousted the United States as the country's leading economy, shaping the complete global order at last.

In a context where time speeds up, and information networks are expanding, China is still perceived by an important part of western populations as the 'rigid' area of the world, with a distant and millenary culture, overcrowded cities, where a 'Big Brother', personified in the communist party, has control on most human aspects. As well, it is seen as a place of 'multiple dualities' where capitalism and socialism coexist among the countryside and megacities, wealth and poverty, ancestors and consumerism; all of the above marked by an aura of a strict military discipline.

And given the growth in the cultural and racial confrontation exacerbated by 2020's significant changes, the Chinese strategy seems to turn, where 'Soft Power' evolves from relationships establishment under economic support (China provides the largest volume of loans to Africa with $153 billion to public sector borrowers between 2000 and 2019. DW), towards a contemporary cultural expansion that reflects a place that lives 'ahead of time,' where mass consumption takes advantage of technology, and cultural richness evolves constantly.

To achieve it, the Chinese public/private system (after managing the pandemic with greater agility thanks to restriction fulfillment), faces four challenges in the quest to make economic and cultural massification succeed in the years to come:

China will seek to maintain its structure, independence, and privacy concerning data management in opposition to global trends and standards.

Recently, local cyberspace regulators confirmed that any company with data for more than 1 million users must undergo a security review before listing its shares overseas; Beijing will continue distancing its positions regarding data use (and not use) for the maintenance of the system. A barrier that all the west tech titans and newcomers will face.

Influence mentalities around the role of China in the creation and expansion of the virus that generated the Covid-19 pandemic.

According to a survey in 13 countries of the central European institute of Asian studies, more than a half of people in Sweden, the United Kingdom, Germany, and France thought that COVID-19 has been created and spread "due to unhealthy Chinese people eating habits, including eating bats and wild animals." Among conspirators and skeptics, the country will have a long reputational recovery.

Expand its digital commerce access ecosystem in a highly uneven global recovery environment.

Alibaba achieved a historic milestone of one billion annual active consumers globally in the fiscal year that ended last March 2021. Its largest consumer outside China is the United States, with a 91% growth year-on-year. Primary motivations are frugal; however, taking the features of the Chinese commercial system overseas will be the next step and area of opportunity.

Inspire the arrival of the future by reflecting the constant transformation of China as a 'window' for it.

Just this week, a MagLev (Magnetic Levitation… literally like floating!) Bullet train that can reach a speed of 600 kph has made its debut in Qingdao. Such is just another expression of the Chinese unprecedented continuum transformation, which shows to the world that the possibility of reaching a futuristic reality will always be present. This is the ultimate Chinese legacy to postmodern globalization.

And speaking about globalization, in a context where cultures and languages have transcended borders, the Spanish language has established itself as the fourth most spoken in the world, with approximately 534 million speakers, from which 460 million are considered native. Spanish-speakers worldwide influence a considerable part of the economy, society, and culture from a 'Latino' point of view which, under the strong influence that the United States historically had above the region, have minimal knowledge about China.

However, the ability of Spanish speakers to survive in a system based on inequality makes them resourceful and keen to discover the opportunities (and disadvantages) that business with China offer. According to estimates by the Atlantic Council, China’s participation in Latin American trade between now and 2035 will reach between 15% and 24% of the regional total.

Which brings us to the question, how can the Spanish Speakers of the world influence the evolution and expansion of the Chinese system in the near future?

To begin, the strong impact and internet traffic that the Spanish language has in the global digital conversation is hard to ignore, specially when you consider Mexico’s numbers. Also, there is a growing need from Latin countries to accelerate their public-private economies in areas where resource access is crucial, alongside an opportunity for reputational expansion and boost of Chinese industries and products in local emerging and middle-class consumers. These are just some examples of the great opportunity windows that China could grasp in the coming years.

If China 'is the future', it's crucial to explain to Spanish-speakers the benefits of this change world order; at a time where globalization is highlighting unity and opposing separation, finding similarities between China and the Spanish speaking world will contribute that the next leader of the global economy is finally understood.

Original Article in Spanish https://www.forbes.com.mx/china-retos-a-futuro-y-oportunidades-hispanohablantes/