IDC anticipates positive momentum for China's economy in 2024

Editor's note: The Chinese economy has maintained growth and resilience in 2023 as the country expands high-level opening-up and emphasizes high-quality development.

How do multinational executives evaluate the performance of their companies, their industries, as well as China's business environment? What are their expectations for 2024?

In this edition, we invited Kitty Fok, managing director of IDC China, to share her views and insights about the prospect of the IT research industry, the Chinese economy, and more. Let's take a look.

Q1: How has your company's performance been in China in 2023? Do you plan to expand your footprints in the country this year?

Last year, our clients adapted digital transformation plans such as managing new data, adjusting supply chains, and embracing remote offices. Concurrently, the rapid development of emerging technologies, particularly generative AI, has reshaped the way we think and work.

As an IT research firm, IDC remained committed to providing essential information for our clients, including market sizing, opportunities, and predictions. During 2023, we intensified our focus on South China, specifically assisting device vendors in expanding their overseas business.

Looking ahead, we are optimistic about the potential for further growth and expect continued positive contributions to the evolving landscape of technology and business.

Q2: What are your evaluation and expectations of China's business environment as well as a higher level of opening-up?

The Chinese government is laying a solid foundation for growth with their focus on the digital economy and the development of new infrastructure projects, including electric car charging stations, 5G networks, and large data centers.

China is poised for a diversified technology development, and it's crucial for the government to sustain their support for innovation, prioritize the protection of intellectual property, and ensure a fair business environment. These measures will play pivotal roles in fostering a thriving and sustainable technological landscape, benefiting both businesses and the overall innovation ecosystem.

Q3: What are your expectations for China's economy in 2024?

I anticipate positive momentum for China's economy in 2024, driven by continued focus on digital innovation, infrastructure development, and economic reforms. The commitment to fostering a robust business environment and technological advancements is likely to contribute to steady economic growth and resilience.