I first visited the ancient Chinese classical gardens in the little town of Suzhou in 2002. It was a two-hour, standing room only slog by commuter train from Shanghai. When I arrived, the only people wandering among the pavilions were fellow international tourists — locals were too busy working for such frivolity.
I returned recently, some 22 years after that first trip. It is unrecognisable. Suzhou is now a city of 7mn people — 25 minutes by bullet train from Shanghai. Admission to the town’s acclaimed museum is by app and tickets are sold to a growing army of Chinese tourists, normally by mid-morning.
Everyone knows China has changed, but I wonder how many Western investors comprehend just how much and in what ways. And, if you want to invest successfully there, you need to understand this.