Innovation drive: Competition pushes companies to innovate in products, services, and technologies to gain a competitive edge.
Lower Prices for Consumers
This is what China is doing because they are no longer solely focused on product quality, but rather on how to dominate the trade market so that their products are in demand because they are considered necessities at a more affordable price. Innovation can be the basis for China's ability to dominate markets in several regions of other countries with a few superior products, even if they cannot dominate the global market. If we look at China today and 10 years ago, perhaps their trade market is not as broad as it is now, but they are now able to reach a wider region thanks to the implementation of several strategies.
It seems that in difficult times like these, many other countries will learn from China in terms of expanding their markets and also in creating affordable products with unique features. I am also quite impressed with the way China is implementing its products, especially in terms of marketing and establishing its influence in the global market, so that they continue to be known as a manufacturer of quality goods at affordable prices for all levels of society. They also create more choices so that everyone can compare products from other countries.
That's why the America imposes high import tariffs on Chinese products, as they are more affordable yet maintain quality. If America made it easier, it's almost certain that most goods in the country would be dominated by Chinese products. When it comes to marketing and global competition, many countries should learn from China. But what I admire most is their mentality. They aren't afraid to compete, even though many countries impose high tariffs, and they win because their production costs are much lower.