Word: chengdu
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...Ericsson. U.S. bearings producer Timken is investing $15 million in a factory that will start production this year. Intel has poured $525 million into two chip-assembly and -packaging plants, one of which opened in 2005, while the second will start production this year. These facilities ship from Chengdu's airport to customers around the globe. Overall, foreign direct investment in Chengdu totaled $1.9 billion from 2001 to 2005. The results have been spectacular. GDP growth in Chengdu averaged 13.3% between 2001 and 2005, outpacing Shanghai's 11.9%. In 2005, per capita GDP reached $2,700, still only a third...
Consumers in Chengdu are taking a page from the American book on spending, since they appear less interested in saving and more willing to take on debt to indulge themselves. Despite having lower incomes, Chengdu ranks among China's three largest cities in the number of privately owned cars clogging the roads. GM's sales in Chengdu grew about 40% in 2006, twice that of Beijing. Zhao Jinhui, vice president of Chengdu-based Eastern Kingo Auto Group, a large Chevy dealer in China, says that 22% of his customers finance their purchases, compared with only 5% nationally. "In Beijing, when...
...Chengdu's car-crazy locals chalk up their carefree spending habits to the city's more laid-back atmosphere. It's China's L.A.; the stressed-out Type A lifestyle is, like, so Shanghai. But also at work is their desire to catch up to China's wealthier metropolises. Like many nouveau riche, people in Chengdu have got into a keeping-up-with-the-Wangs mentality. Jin Jin, 27, a staff member at a local university, says he spends 10 times more each month than he did two years ago, especially on branded sportswear from Nike, Adidas and Reebok...
Another problem is staffing. Cities like Chengdu don't have enough managers with global experience. HSBC, a company with a vast history in China, opened a branch in Chengdu in 2005 to service corporate customers. It would like to begin retail-banking operations in the city, but a dearth of local talent is one factor holding it back. "It is not easy to find staff who are familiar with foreign operations but also have a good understanding of the local market and customs," says Henry Han, manager of the Chengdu branch...
Many foreign consumer companies are undaunted by such problems, and competition between them is heating up. Helena Tan, general manager of a Buick dealership in Chengdu, says that when she first started managing the business eight years ago, she had three competitors. Now Tan is fighting it out with 15, from Nissan, Toyota and Volkswagen to local players like Chery. Tan provides all kinds of extras to keep Chengdu drivers in Buicks, such as handing out hair dryers, rice cookers and other gifts to car buyers and computer games to entertain those waiting for auto repairs. "A few years...