Tuesday, March 31, 2020

'Thais should study China's new reforms'

Jun 15. 2014
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By Petchanet Pratruangkrai

Opportunities are seen in changes being implemented
With China now reforming its economy, Thai traders should study deeply its trade policies in order to increase business opportunities and penetrate the market more effectively, according to the Commerce Ministry.
Markets that traders should focus on are environmentally-friendly goods, the service business, online business and the young generation in China. 
Permanent secretary Srirat Rastapana said last week that the economic reforms in China would be more liberalised and allow the market mechanism to do its work. This would open up a window for Thai traders and investors.
China today emphasises environmentally-friendly products, organic foods and goods, healthcare products and innovative goods, as it has a policy to protect the local market and consumers.
“Thai enterprises, which have high efficiency in manufacturing value-added products, should consider China as one of the potential markets to sell their wares. 
“Chinese consumers have more purchasing power, and they are willing to purchase goods and services with high quality,” she said.
With the growth of young generations from the relaxation of the one-child policy, and an ageing population, many Thai products and services have more chances of expanding in China, such as restaurants, health and medical care providers, and children and senior service centres.
Online trading or e-commerce shows promise in China, particularly for low-budget SMEs trying to penetrate the Chinese market by themselves. Chinese shoppers like to go online and purchase merchandise on the Internet.
The ministry hosts a website at www.thaitrade.com to match local traders to international buyers.
However, to ensure smooth operations, Thai firms need to study carefully about online trading, payments on the Internet and shipping methods so that both traders and buyers will have confidence to do business via the Net.
In doing business with China, traders should use the yuan to reduce risk from fluctuating exchange rates.
Thai firms are encouraged to invest in border provinces to serve the development of road and rail linkages between China and Asean countries, she said.

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