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It does not matter what industry you are in, China is a tough market to crack, and for a wide variety of reasons. However, it is not impossible and there have been successes in the automobile industry, aerospace, and even market data. Morningstar may not be the biggest, but they have been successful, and for that they should thank the vision of Gordon Bloor.
This article is not going to tell you how to create a successful information business in China, it is going to give you an idea of the local players who have made it to the top, why, and where the trends are taking them.
As in other sectors the Chinese market’s dynamics are different, the drivers correlate directly to local conditions and the ability to adapt.
So why do western companies fail in China? It’s not difficult:
- They are not prepared because they don’t do their homework.
- Try and do everything on the cheap.
- Do not manage to comprehend things function differently in China, it’s like a sportsman kitting up for baseball and finding themselves in a rugby match.
- So not spend the time and effort to prepare documentation in local language.
- Unrealistic expectations.
In any event China’s market for financial information is growing, technology driven, it is becoming increasingly sophisticated even given the dominance of the retail sector and far more discriminating in sourcing data.
Our China analysis shows a market of around US$2 Billion, though outside the listed vendors accurate figures are hard to come by.