Current state of the economy in China
Immediate opportunities for Hawaii to capitalize on the growing Chinese market lie in tourism, retail sales and real estate, said one China expert.
Manny Menendez, chairman and CEO of MCM Group Holdings Ltd., has been doing business with China for decades and presented his thoughts at Friday morning’s PBN event “Doing Business in China.” He packed his 90-minute presentation with tons of facts on the current state of the economy in China.
On the tourism front, Menendez said the biggest concern for Hawaii is, are we ready for them? The Chinese have different characteristics than other travelers. He also noted that flights and airlift between Honolulu and mainland China should increase. In his personal experience, he has seen that Hawaiian Airlines’ flight between Honolulu and Beijing is flying full.
Related to tourism is retail as Chinese shoppers will shop, especially for high-end goods. Top retail areas include clothing, health care and cosmetics, electronic devices, computer equipment, jewelry and watches. Apple products are very popular, with some visitors buying them at stores here to sell in China. He noted that Chinese travelers like to buy luxury products abroad because they know they are not counterfeit.