Chinese Economy Grows Beyond Manufacturing Industry

China is now facing new challenges in attracting foreign investment due to rising labor costs. Many global companies are shifting their business elsewhere, such as Mexico and Vietnam. But, China’s “resilient” domestic demand still remains highly attractive for some foreign investors.

They’re shifting their focus from traditional manufacturing industries to alternative sectors. China might be losing its edge in cheap labor costs, but the vast domestic consumer market still remains a strong magnet for investors overseas. Consumer goods giant "Unilever" is one of them.

The maker of Lipton tea and Dove shampoo is now aiming for a "sustainable growth" in China. Their goal is to boost its China business five-fold in less than 10 years. Alan Jope, president of Unilever North Asia, said, "In 2010 we said we wanted to increase our business five times in the next ten years, and I’m happy to report that we are on track for that, and it remains our objective to really grow our business substantially here in China."