What can we expect

in China in 2020?
With domestic consumption powering economic growth, companies
should consider stepping up their activities in 2020.

By Gordon Orr

December 2019
 Introduction from US universities; many others will self-select
2019 in China brought together long running out or simply not come to the US in the first place.
challenges, such as uncertainty over US-China tariff Restrictions on investment from China into the US
levels and ever more intrusive regulation of business will shift from a focus on larger deals, which have
in China, with a few unexpected ones as well: the shrunk to almost zero, to direct and indirect (i.e.
crisis in Hong Kong and the flare up triggered by through funds) investment into technology startups.
tweets from an NBA coach, to mention just two.
Yet for many businesses, opportunities flourished I did anticipate a year ago that we would have clarity
throughout the year as China’s economy grew about tariffs by now, not the ongoing uncertainty
roughly 6 percent. And in multiple key industries, that holds back investment plans in supply chain
the government’s commitment to global leadership and factories. Looking into 2020, if there is finally
started to pay dividends. agreement it seems likely to be narrow and not likely
to be long lasting. Multinationals have suffered least
2020 will offer a similar mix of evolving, often from tariff volatility. They typically send no more
worsening, challenges. Growing separation between than 15 percent of their China production to the US
the US and China in technology sectors seems and have multiple factories around the world that
inevitable. While some companies will evolve they can move production for the US to. Almost none
to remain relevant in both markets, others will of these factories are or will be in the US. Smaller
choose to focus on one. In 2020 this separation businesses, often foreign-owned, that focuses
may become broader, impacting financial markets solely on exports to the US, have been most hurt.
much more directly. China’s economic momentum
will continue in 2020 with domestic consumption Factories do continue to move out of China.
leading the way, selectively creating opportunities. Manufacturers are also consolidating in China,
If China’s priority sectors match those of your doubling down on technology in their remaining
business, 2020 will be a good year to step up as the factories. Indeed, China is rapidly becoming the
taps of government funding remain open for now. world center for the Internet of Things in factories.
These trends preceded the US tariffs and have only
been marginally accelerated by them. More non-
US-China relations Chinese companies than Chinese are shutting down
Multiple areas of growing separation between
factories in China, but not all move production out
the US and Chinese economies predicted in last
of China as they close. A good number outsource
year’s note were largely realized – investment
their manufacturing to a Chinese owned company
flows, supply chain, data flows, people flows,
producing in China, believing that the Chinese
technology procurement, standards. In all these
company will be lower cost than the foreign-owned
areas, further separation will occur in 2020. One
factory, and just as good quality.
example, US government agencies, such as the
National Institutes of Health and the Department of
New areas of US-China separation will come into
Energy, not just the Department of Defense, have
focus in 2020. Financial markets will be front and
been presenting US university administrators with
center. The U.S.-China Economic and Security
hundreds of case examples where they believe
Review Commission’s 2019 report to Congress
non-US academics, largely Chinese, have failed
has as its first recommendation to delist Chinese
to disclose parallel funding for their research from
companies on US exchanges that do not meet four
overseas governments along with commitments to
criteria. No Chinese company listed in the US meets
share their IP discoveries with those governments.
all four, many won’t meet any. This threat covers
Those academics will likely be proactively excluded

2 What can we expect in China in 2020?

around 500 companies with a cumulative market the US (TikTok may not retain its presence in the US
capitalization of about US$ 1 trillion (dominated by for long if US legislators sustain their focus on the
Alibaba). It was smart of Alibaba to get its secondary company); the US giants have long been absent
listing in Hong Kong in place in November 2019. from China.
Companies such as Ping An’s fintech subsidiary,
OneConnect, which has announced plans to list in The pinch point in semiconductors of Taiwanese
New York, may reconsider. After all, less than US$2
contract manufacturers who play a key role for both
billion has been raised by Chinese companies on the
US and Chinese companies will become much more
NYSE and Nasdaq so far this year, down 74 percent
visible in 2020, with greater levels of government to
from last year. Some Chinese tech companies
government pressure exerted on the key companies.
may list domestically within China where listings
generally achieve higher earnings multiples and
Chinese regulators have quietly made it possible for One of the few business-focused outcomes from
companies using the Variable Interest Entity (VIE) the recent 4th Plenum were plans to establish a
structure to list domestically. “new national system for making breakthroughs in
core technologies under socialist market economy
Technology tensions conditions.” This feels very similar to state-driven
The US and Chinese governments continue their industrial policies contained in “Made in China
rush to embrace greater technology separation. 2025”, if not yet with the quantitative targets. In
2020 may be a tipping point. On one side the US some areas, China is likely to achieve goals quickly,
government excludes Chinese companies from for example, as China still represents nearly a
buying US sourced technology components (at quarter of global manufacturing output; taking
least from being able to do so with certainty), from leadership in smart factories should be a no brainer.
investing in US technology companies, and from China is turning its cities into large-scale pilots for
supplying their technology products into the US. 5G-enabled smart cities at a pace that will allow
On the other, the Chinese government has launched China to set de facto standards. Their products will
an over US$20 billion fund to support Chinese not be accepted in the US, especially not as many
independence in a broad range of manufacturing will require access to large scale data sets that
technologies to go alongside its similar sized fund to dwarf those that Chinese companies have been
support developments in semiconductors. blocked from.

China’s “secure and control” initiative is encouraging All Chinese and US tariffs could be eliminated
government departments and state-owned tomorrow and only have a marginal impact on these
enterprises to buy technology without US content – trends. Both governments have embraced growing
perhaps 25 percent of the traditional PC and server separation, the only question is how fast and with
market. Chinese manufacturers’ share of the server how much pain is incurred as we proceed.
and storage market had already risen from around
30 percent in 2012 to 70-80 percent in 2018. It is set
to rise higher. In smartphones, four Chinese brands
hold more than 85 percent of the Chinese market
and less than 1 percent of the US. China’s internet
giants, with the exception of TikTok, are absent from

What can we expect in China in 2020? 3

 Global Sports and China growth and a positive year in domestic stock
Reactions in China to the social media post by the markets over the last year, the wealth impact on
Houston Rockets general manager are winding consumer confidence remained positive. More
down. Initial reaction to the post in China was not and more consumer purchases are now financed
surprising; perhaps what was surprising was that it through installment payment schemes, through
has taken so long for this kind of incident to happen. credit cards and bank debt (now well over US$ 1
International criticism of China over Xinjiang and trillion). The average Chinese consumer is not yet
Tibet has occurred for years, but had not triggered
overleveraged (total household debt stands at only
an incident, despite sports figures taking public
60 percent of GDP), but the 20-30 age group who
stances on many issues globally.
borrow most enthusiastically are getting there,
pulling forward consumption from future years.
The incident should make any business that takes
sponsorship from Chinese companies pause. Have These younger age groups also sustain higher
they done sufficient due diligence on the Chinese current spending by not entering the property
company to assess the risk of a player or a fan ownership market. For many, property prices are
base launching a campaign against the sponsor? now so high it is simply not possible until much later
Multinationals with large operations in China should in life. Many realize that renting is a better economic
consider the risks of their China sales becoming plan. A recent JLL report showed the average price
collateral damage if China’s social media nationalists of renting in top Chinese cities was less than half the
decide to blame a corporate sponsor for remarks average mortgage payment. At the individual city
made by a team player or coach. level, these trends could finally trigger a material
downward adjustment of as much as 30 percent in
Where might the next incident happen? Soccer.
specific city property prices in 2020.
Premier League clubs regularly play preseason
games in Mainland China. What would happen in
Multiple consumer sectors suffered significant
China if European soccer fans waved banners in
demand weakness, most notably the automotive
support of Hong Kong or a player made a remark on
a topic deemed sensitive in China? No TV or online sector and smartphones, where a 2020 rebound
coverage of their games, and pressure would be is unlikely. Yet many service sectors are thriving.
put on their Chinese and non-Chinese sponsors to Private education providers with quality facilities
withdraw their support to the team. What would and faculty are one example, especially those with
happen if the impacted team was owned, all or in internationally focused curricula. I recently visited
part, by a Chinese company? (such as Inter Milan by the brand new Whittle School in Shenzhen. With
Suning, Wolverhampton Wanderers by Fosun) its world class facilities, it will attract students who
would otherwise have commuted to schools in
While professional sports see enormous commercial Hong Kong. Second tier cities, such as Suzhou, are
potential in China, it largely remains that – potential.
showing that they can support multiple international
Could European soccer leagues survive without
schools targeted at mainland students, with Perse
Chinese advertisers and broadcast revenues? Yes.
School from Cambridge, England adding to those
The NBA, the same. Some teams may have to.
present. Lego announced that it is building the
world’s largest Legoland theme park in Shanghai at
Consumers in China
the cost of over US$625 million, locating it alongside
Consumer retail spending in the first 10 months of
Disneyland Shanghai, creating an international
2019 rose 8 percent year on year, ahead of income
theme park cluster. And it has plans for many more.
growth of roughly 6 percent. Over 10 million new
jobs were created. With moderate house price

4 What can we expect in China in 2020?

Healthier eating Social Credit System not a big deal for
China’s endless food health and safety scandals individuals – yet
along with a growing awareness of personal health Government initiatives to create social credit
(supporting the boom in gyms in China) has led many systems attracted a lot of international attention
middle-class Chinese to embrace healthier eating earlier in 2019, which has since died down. In part
choices. Restaurants are adding more vegetarian this was because the system was neither as new
options, and plant-protein based meat replacements nor as all-encompassing as initially described,
are gaining traction. In China, which consumes and in part because Chinese citizens are currently
more than 50 percent of pork produced globally and mellow about the entire scheme. Data gathered
has seen pork prices rise over 100 percent due to in the system comes almost entirely from existing
disease in the pig population, the need is for pork databases compiled by many agencies covering
alternatives, rather than the focus in the US on beef financial matters, Party membership, regulatory
substitutes. As a result, Asian companies such as and legal compliance. As much as 75 percent of this
Green Common from Hong Kong have taken the data was already publicly available, perhaps just not
lead in meeting this demand. online. For many citizens the question was more
“what has changed?” Calling out individuals who
The government is getting more involved, requiring fail to pay their debts on a public blacklist, making
manufacturers to provide additional labelling you aware that someone you might be about to do
information. In 2020, the government will require business with has defaulted in the past, seems like
that labels on foods show their glycemic index, a good thing. As with any system, there is potential
a rating of how the carbohydrates impact blood for misuse, blacklists can get too long, and they may
glucose levels. The government is acting in an not be objectively created. Evidence from a Jiangsu
attempt to impact the explosion in diabetes and pilot shows that if government gets too heavy
obesity across China. If the experience of launching handed, citizens successfully push back.
this index in Australia provides guidance, food
manufacturers will reformulate their products to And of course, there is a part of the social credit
reduce their GI rating and will market aggressively system that evaluates and black lists government
on the back of having done so, leading to a boom in departments, with more than 20 county level
consumer demand for lower GI products. governments already having been blacklisted as
“dishonest”.
With China’s food delivery services providing
more than 40 million meal deliveries a day and still
growing 35 percent year on year, Meituan and
Ele.me have a key role to play in shaping middle
class food consumption in China. To meet this
demand, they will be promoting healthier options
and providing more information to consumers on
their choices, whether it is lunch delivered to the
office or dinner to the home.

What can we expect in China in 2020? 5

 Rebound of EVs license plate for EVs. Cities are rolling out networks
Vehicle manufacturers in China had a tough 2018 of charging stations well ahead of demand. It is
and 2019. The overall market fell 8 percent by common to see car parks where the only spaces are
volume in 2018 and another 3 percent in the year those next to the EV charging stations.
to October 2019. Looking forward, demand faces
several headwinds. Anyone spending time in a major Middle class consumers who are increasingly
city realizes just how unpleasant the experience sensitive to air pollution are investigating EVs and
of owning a car can be with the lack of parking realizing that their range exceeds that which they
and permanent traffic jams. On top of that, local ever travel in a single car journey. Vehicle OEMs
authorities ration availability and increase the cost are responding: between 2019 and 2021 more than
of getting a license plate to more than the cost of the 200 EV models will launch . EVs represent close
car. Ride sharing is extremely cheap and available. to 5 percent of automotive sales in 2019 (up to 20
It is possible that we have seen the peak of the percent in major cities) and could easily step up to
internal combustion engine vehicle market 7 percent in 2020 if central government decides to
in China. include EV subsidies in any stimulus program.

In 2020, as Tesla breaks ground on its 100 percent- China’s EV market is already 3-4 times the size of
owned factory in Shanghai, the industry bright spot the US market. This multiple will grow, giving market
will be electric vehicles. Again, local governments leaders in China the opportunity to become world
play a critical role along with changing consumer leaders in developing and manufacturing EVs, their
tastes. Cities are switching their bus fleets to batteries, and charging infrastructure.
electric (close to 25 percent of all buses sold in
China will likely be electric in 2019, perhaps 35
percent in 2020) and are mandating that taxi fleets
shift to electric and reducing the cost of acquiring a

Exhibit 1
Electric vehicle share of new vehicles in selected metropolitan areas for 2015-2018
2015 2016 2017 2018
2015 2016 2017 2018
25%
25%
21%
21%
vehicles

20%
18%
vehicles

20%
18%
15%
of new

15%
15%
of new

15%
12% 12%
share

11% 12% 12%

share

11% 10% 10%

10% 9% 9%
10% 10%
vehicle

10% 9% 8% 9% 8%
vehicle

8% 8%
6% 6%
Electric

5% 6% 6%
4%
Electric

5% 4% 3%
3%

0%
Shanghai Beijing Shenzhen Tianjin
0%
Shanghai Beijing Shenzhen Tianjin
Source: Electric vehicle registration data are from IHS Markit, Norsk Elbiforening, and China Automotive Technology and Research Center
Source: Electric vehicle registration data are from IHS Markit, Norsk Elbiforening, and China Automotive Technology and Research Center

6 What can we expect in China in 2020?

Realizing Parts of the Greater Bay Area Beyond infrastructure the GBA plan contains
(GBA) Initiative hundreds of softer goals, giving cities in the
The GBA initiative remains a priority for President Xi GBA priority sectors to focus on and creating
Jinping. As the region covers around 15 percent of mechanisms for cities that have historically
China’s GDP and is the center of innovation for many competed aggressively to work more closely
of China’s priority industries, the GBA’s success is together.
also important for national economic growth.
Businesses need strategies for the GBA in 2020
The Greater Bay Area will become more concrete that focus on two things. One – how to take
(literally) in 2020 as key pieces of its physical advantage of new regional infrastructure. Two – how
infrastructure are built. Bridges, roads, and railways to shape still evolving GBA policy to their advantage,
to connect its east and west more closely will start rather than reacting once policy is defined.
construction. This will bring previously remote areas
in the West of the delta much closer to existing Policies
economic hubs in the East. Developers will follow Many companies saw 2019 as a year when more
quickly to build homes, factories, and business and more regulations piled on to them. CEOs who
parks in the West. Homes are critically important were the legal representative for their company
as this will take pressure off housing prices in in China got increasingly nervous as legal teams
Shenzhen, allowing more of China’s young talent to updated them on their personal responsibility under
migrate into this vibrant hub for work. Factories that new regulations. Unfortunately for them, 2020 will
relocate to the Western side of the region will still be see more new and evolved regulations targeting all
able to get their goods to Hong Kong or Shenzhen companies operating in China.
airport within an hour for shipment globally, using
the new (and very underused) Hong Kong Zhuhai
bridge.

Exhibit 2
GBA macro economic performance 2018
GDP (RMB bn) GDP/Capita (RMB 000)
GDP (RMB bn) GDP/Capita (RMB 000)

Zhaoqing 220 53

Jiangmen 290 63

Zhuhai 291 159

Zhongshan 363 111

Huizhou 410 85

Dongguan 828 99

Foshan 994 128

Guangzhou 2,286 155

Shenzhen 2,422 190

Macao 544 777

Hong Kong 2,342 312

What can we expect in China in 2020? 7

 Anti-Monopoly Policies to support business should in future apply
The State Administration of Market Regulation equally to both domestic and foreign enterprises.
(SAMR) will be more active in 2020 in tackling Foreign enterprises should also have equal access
anti-trust, anti-monopolistic behaviors. Their to government procurement and to domestic
investigations will have teeth. Fines can be as much standards setting processes. There will be no
as 10 percent of prior year revenue. Inquiries are distinction in how policy is applied to different
already underway. vehicles for foreign investment (WFOE, EJV, CJV).
Great intent, follow implementation closely.
—— 15 courier companies are under investigation
for their alleged anti-monopolistic practices Areas of concern exist. The law details how indirect
based on complaints from customers about investment by foreigners will be treated, but does
coordinated price increases and selective not detail the specific structures or ownership
willingness to bid for business. Companies levels that will trigger review and registration. This
should recognize that inquiries will often be is another area to watch, especially for financial
triggered by their customers, whether with
investors.
legitimate complaints or simply a grudge.
Ensuring that government affairs teams have a
Perhaps the most important change is the revised
well-established relationship with local SAMR
national security review of foreign investment.
officials is a sensible preparatory step.
Reviews are required for any foreign investment in
—— 20 e-commerce enterprises are under national defense security (control not required) and
investigation for requiring exclusive listings on any foreign investment in companies engaged in
their sites, which is prohibited by e-commerce key industries that are somehow related to national
law and anti-monopoly law. Sellers on these security where the foreign investor has effective
sites should check their contracts to ensure control. The second category is more relevant for
they are not enabling behaviors that SAMR may most enterprises. Industries that fall into its scope
find problematic. Businesses will be challenged range from agriculture to energy, infrastructure,
by SAMR on whether they have sufficient technology, culture and the internet. While 50
insight and control over behavior by front-line percent ownership will certainly be seen as a trigger
employees to prevent collusion taking place
of effective control, a company could be deemed
locally. The best Chinese companies’ internal
to have effective control at a much lower equity
control teams deploy up to 100 people on this,
stake if the foreign investor is seen to be driving
and they act against hundreds of often small-
management decisions in areas such as strategy
scale breaches every year. Multinationals tend
to have fewer resources, which may expose them and HR.
to criticism.
NDRC coordinates inputs from multiple ministries
Foreign Investment and National Security and other government stakeholders, convening
an Inter-Ministerial Joint Committee to make
Review (NSR)
decisions. If they do not reach consensus, decisions
New foreign investment laws come into effect in
are pushed up to the State Council as final decision
January 2020 with elements favorable to foreign
maker. Businesses should expect high profile
companies, solidifying announced market openings
decisions to be driven by geopolitics not just
and reducing inconsistency in policy enforcement.
economics.

8 What can we expect in China in 2020?

Data Protection —— Ensure Chinese leadership in AI and IoT – an
Multi Level Protection Systems or MLPS 2.0 have echo of Made in China 2025 priorities.
been front of mind for chief information officers in
—— Apply blockchain at scale in supply chain and
China for much of 2019 as they prepared for the
quality control to dramatically reduce cost.
launch of new data protection standards. Large
foreign companies seem more aware and better
—— Enhance food and drug safety – a broad
prepared for these changes that their Chinese
middle-class priority which the government has
peers. All businesses are required to self-assess struggled with for years.
the data they collect and their protection of this
data. Anyone processing data above a certain —— Accelerate the shift away from physical money,
level of sensitivity must report to their Public to reduce risk in the financial system and direct
Security Bureau. All data breaches or attempted money to places that it wants it to go.
breaches must also be reported. Use of Chinese
hardware and China based cloud services is strongly —— Avoid dependence on the US for any aspect of
encouraged as part of protection protocols. blockchain technologies.

Government inspectors from the Public Security President Xi’s recent speech on blockchain closed
Bureau will have unrestricted access to data stored with two reminders. One to government officials
in and passing through corporate servers to ensure to get on top of regulating this area, and one to
that companies have registered themselves and innovators to focus their innovation on approved
implemented protections appropriately. This areas. In 2020, the most visible outcome of the
oversight of compliance is not theoretical. In Jiangsu speech will likely be local governments setting up
province alone, around eight cases per day have funds to invest in local blockchain businesses.
been processed and 140 enterprises have been
deprived of their business licence over the last two Business in Mainland China
years. For many industrial businesses, 2019 has been
tough. Profits lower across the board – light and
Blockchain heavy industry, state-owned and private businesses.
The government is determined not to fall as far Labor costs rising while ex-factory prices are not.
behind in regulating emerging blockchain based Access to debt restricted. The gap between high
industries as it did in the early years of the Internet. performers and laggards widened further, with
The strategy of just launching a business and leaders raising capital expenditures 20 percent plus
begging forgiveness later will not be tolerated. over last year as they double down on deploying
Regulatory priorities are not to enable unfettered robotics, IoT, blockchain, and other productivity
innovation, rather they are to ensure social stability enablers in their supply chain. Laggards are edging
and centralized control. The People’s Bank of China closer to bankruptcy.
(PBOC) recently announced that it had shut down
over 170 crypto platforms in 2019. Specific priorities There are strong signs that we will see more
include: bankruptcies in 2020. More banks will be allowed
to fail beyond the four shuttered so far in 2019. The
PBOC declared in its 2019 Financial Stability Report

What can we expect in China in 2020? 9

 that it had closed 1000 P2P lenders in 2019 and that Businesses clustered in industries in and around
they evaluate close to 600 smaller banks (13 percent the financial markets have been less impacted.
of the total) as “risky”. Their solution will have Financial markets have not closed and IPOs are
“Chinese characteristics”: failing banks will almost still happening. But changes are being considered.
all be bailed out through merging with one of China’s While they won’t make overnight changes to a
larger banks. successful operating model, many are now starting
to think through the what ifs and could act on them
More property companies will find they are in 2020.
financially extended beyond the level at which
black-market lenders will support them. Industry For some multinationals, asking the basic question
consolidation will be the main solution. Investors will of why a large regional headquarters is in Hong
see more dramatic falls in share prices for specific Kong and why it is of the scale that it is can return
stressed listed companies in the mainland and Hong slightly uncomfortable answers. For a good number,
Kong, along the lines of the 90 percent plus falls at the answer is little more than it has always been like
Kasen, ArtGo and Tibet Water in recent weeks. This that – a location decision that was made rationally
is a positive, companies that had been clogging up 20 or 30 years ago had not been challenged since
their sectors are finally being cleared out. Business then. Plus their senior executives like the low tax
will need to be alert to the financial state of their rates on offer in Hong Kong.
customers and suppliers.
For China focused businesses, more regional
High growth sectors in 2020 will be clustered in activity could be undertaken in the mainland,
consumer facing services, many internet-enabled. without material additional cost. Asean and North
Healthcare, education, travel, and leisure will Asian businesses may have grown to the scale to
all remain strong. Sectors where the Chinese justify their own regional hubs. With mainland visitor
government actively encourages investment have numbers to Hong Kong looking unlikely to recover
been clearly laid out– from semiconductor, to AI and soon, luxury brand businesses are questioning just
smart cities, to manufacturing IoT, to biotech and how many outlets they should retain in Hong Kong.
advanced materials. Making money in these sectors
directly in the short term may be tough, but making If clients from the mainland now prefer to meet
money out of supplying to these sectors can be very in Shenzhen, it is straightforward to upgrade a
attractive. Shenzhen office, to accommodate more permanent
staff. Shenzhen or other local governments may
Hong Kong and business even offer GBA policy incentives to do so.
Hong Kong entered a recession driven by the
downturn in tourists (nearly 1 million fewer travelers Looking forward into 2020, business leaders in
through Hong Kong airport last month with 20 Hong Kong face tough organizational challenges
percent fewer arrivals from mainland China) and such as sustaining a culture in which mainland and
by locals pulling back on spending. More than 50 local staff work effectively, and persuading Hong
conferences and exhibitions have been postponed Kong staff to continue to take opportunities in the
or moved elsewhere. Popular hotels and restaurants mainland.
have utilization down below 40 percent, even with
40-60 percent discounts, and are putting staff on Few corporate leaders in Hong Kong are well
unpaid leave. Retailers from clothing to jewelry have prepared for these fundamental people challenges.
sales down as much as 50 percent from last year. There will likely be public instances where they fall
short in 2020.

10 What can we expect in China in 2020?

Closing
2020 is the final year in China’s decade long
challenge to double its GDP. The government will
be able to declare success (potentially with a little
support from statistical revisions). US tariffs will
continue to have minor impact on Chinese growth.
Domestic consumption and investment will remain
the key economic drivers, and China will deploy
targeted stimuli to maintain momentum.

Many businesses will find 2020 a challenging,

stressful year in China – more bankruptcies, more
regulation, more unpredictable risks to reputation,
and more selective consumer consumption. Yet
China will only grow in importance to the majority of
global businesses – as a source of global demand,
of innovation, of capital, and of newly emerged world
class competition. In spite of external pressure
to deglobalize, global businesses will evolve their
supply chain, their operating model, and even their
ownership structure if needed to remain relevant in
China.

Gordon Orr is a senior partner emeritus and senior advisor to McKinsey & Company.
The views expressed in this article represent those of the author.

What can we expect in China in 2020? 11