The following blog post was contributed by our APAC partner agency, Newell PR.
The news from the World Bank that China will displace the U.S. as the world’s largest economy sometime this year has helped better frame some events happening at Newell Public Relations in Beijing.
We recently moved our office from a prime site in the Central Business District to a more suburban one to the east of city and at a much lower rent. The old office lease was coming up for review and judging by the number of banks and financing companies moving into the building, it was a rental negotiation that we weren’t looking forward to. So rather that engage in battle, we opted to cut and run.
The new office is located about 5km from the current location, in a high-rise housing development and close to a shopping mall. The rapid pace of progress around our office locations in recent years highlights the strong economic fundamentals in China, especially in the capital.
At the same time as China is moving to become the world’s largest economy, the World Bank also reports that India has surpassed Japan to become the third-largest economy. Because of their huge populations and relatively low incomes per capita, both China and India are likely to continue growing rapidly. The study uses purchasing power parity (PPP) definitions; and because of this, China’s economy will keep on growing, becoming around 60 percent larger than that of the United States over the next decade.
Such growth attracts business and leads to firms adjusting their plans. From a PR point of view, the nature of Newell’s clients also has evolved from purely IT firms focused on media relations to a more diverse range of companies with more demanding business needs. For instance, corporate social responsibility (CSR) activities and crisis communications have become important for several key clients, and we’ve also been involved with high-profile work for the president and ministers of a top African nation.
Newell’s business has evolved with the changing market. The constant development of new technologies, new companies and new markets has been good for us. We await the further update from the World Bank and carry on as usual with our day-to-day work. At least we won’t have to move our office for a while.