China in the 2024 Annual Report
Based on the 2024 annual report data for China: the number of issued credit cards decreased by 5%. Credit cards, a key indicator of consumer spending, have seen transaction volumes decline for three consecutive years, and delinquency rates are not looking good—the share of credit balances past due for over six months in total credit outstanding rose sharply to 1.423% in 2024, up nearly 30% from 1.129% in 2023, indicating that a significant portion of borrowers have lost the ability to repay.
In the case study, consumption at a Shanghai shopping mall dropped by about 15%, highway tolls fell by roughly 6%, and traffic volume decreased by 4%, primarily due to a decline in high-fee freight trucks.
The stage of economic development has shifted. Whether it's labor costs or utility prices, further compression is no longer feasible—in fact, prices must start rising. The prices of Chinese products are unlikely to continue falling; inflation is the only direction ahead, unless quality is compromised.
SF Express has become a key logistics partner helping Chinese companies expand overseas, and with SF's support, many businesses have rapidly expanded their store networks abroad over the past few years.
In the area of international innovative drug exports, driven by breakthroughs in pharmaceutical technology, China can be roughly understood as accounting for about 30% of global procurement.
You might also want to watch Tencent's documentary #RagingCurrents2, which can help deepen your understanding of the development of Chinese enterprises.