Adam Maguire

But hand in hand, that was also a reckoning that Chinese firms shouldn't just make the things for other companies, but sell them directly.

Because under the old model, Chinese manufacturers were getting a cut.

But really, it was the American European brands that were taking the bulk of the profits for these products.

So the Made in China 2025 initiative was a specific plan to shift the country's manufacturing to more high value manufacturing.

At the same time, also to grow domestic companies and then expand those companies and make them global players then.

OK, so BYD would be an example and I presume there are others?

Yeah, absolutely.

The EV market is a really good example in general.

So BYD, obviously the best known here.

But in the Irish market, we also have Polestar, Aura and Xpeng, which are all sold in Ireland at the moment.

Then, of course, people will know the online retailers like Timu and Sheen, which have become massive players, particularly in fast fashion.

And there are particular fashion brands that are growing out of China now.

Anta is a footwear company.

It's been around since the 90s.

but it's now targeting growth in the US and Europe.

We've seen that happen in electronics and appliances as well.

Hisense, TCL, Xiaomi, they're all big players in the market as well.

We're seeing it in even low-tech areas like cafes, for example.

Luckin Coffee is a Chinese coffee chain that was founded nine years ago, already bigger than Starbucks in China.

It has 26,000 stores worldwide, most of them in China, but they do have 10 in New York, suggestions they're eyeing the European market.