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FROM THE CHAIRMAN
The New Fortune Global 500
What the Rise of China Means to Los Cabos and the World
T he news is out: China developing countries like Mexico can
occupies three out of become economic influencers, while at
the top five spots on the the same time lifting millions of people
2016 Fortune Global out of extreme poverty and disease.
500, an annual ranking of the world’s According to a report from the Bill
largest corporations as measured and Melinda Gates Foundation, China
by revenue. With 100 of the world’s is responsible for 76% of the world’s
biggest companies now headquartered poverty reduction since 1990. That
in China, only the United States has translates into an astonishing 149
more companies on the list. The most million Chinese who no longer live
populous country on the planet has in extreme poverty. China also set the
doubled its economy since 2009, and world record for the fastest decline in
is poised to overtake the U.S. and maternal and infant mortality rates,
become the single largest economy in surpassing the United States in 2013.
the world within the next decade.
One thing is absolutely clear: the While it’s true that China’s economic
world’s business landscape is shifting. slowdown has caused negative impacts
The fact that China is now Mexico’s being felt around the world, there
second largest trading partner can are also positive impacts of China’s
strike a wide range of emotions, transition away from an export driven
depending on a person’s worldview. As economy to a more balanced economy
human beings, it’s only natural to resist where growth is driven by domestic
change and fear the unknown. But as demand.
economists and entrepreneurs, we see From Rival to Role Model
change as the mother of opportunity. Historically, both Mexico and China
This shift in the world’s business have depended heavily on cheap labor,
landscape holds great promise for low currency value and a high export
Mexico. rate to the U.S. While China’s success
More than “Just Money” came at the expense of Mexican jobs,
China’s achievements are impressive it has prepared Mexico for its own
by any measure, but for those of us transition away from a commodities
deeply invested in Los Cabos, China’s and capital good producer to a services
growth trajectory is more than a source and domestic consumption model.
of inspiration. It’s a road map for how
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