China home appliance makers poise for strong global growth

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2016 witnessed a wave of overseas acquisitions by Chinese household appliance makers worth over 15.8 billion US dollars, with companies like Haier and Midea merging with and acquiring big foreign brands.

With expanded markets both at home and abroad, Chinese household appliance makers achieved growth amid the sluggish global economic situation last year.

Data from China’s National Bureau of Statistics show that in 2016, the country’s home appliance makers' core business revenue totaled 1.46 trillion yuan (212.37 US billion), up 3.8 percent from the previous year, and profits rose by 20.4 percent to 119.69 billion yuan (17.36 billion US dollars).

A man walks across a mountain footbridge in a snowstorm in virtual reality at the ZTE booth during the 2017 Consumer Electronic Show (CES) in Las Vegas, Nevada on January 7, 2017. /CFP Photo

For Warren Allison, national sales manager for Hisense Australia, there’s been a “huge change” in people’s public perceptions of Chinese brands compared with a decade ago.

Allison talks about how 10 to 15 years ago, Chinese products were regarded as cheap and not very trustworthy, however, now he says that “my family and friends always ask me what’s new, what’s coming up and what new technologies Hisense are bringing to the market.”

Hisense is a Chinese white goods and electronics manufacturer headquartered in Qingdao, Shandong Province in east China.