China's fast climb up the value chain

From high-tech unicorns to specialty chemicals, the country's economy is moving swiftly beyond its lower-margin roots. The Chinese are now the world's most avid online purchasers of goods and services, which they are likely to pay for with a mobile device. The deepening digital ethos reflects a broader consumerization of the Chinese economy. These trends are creating fertile grounds for digital start-ups while also transforming traditional industries such as specialty chemicals as they supply materials for advanced industries and higher-margin consumer goods. Global companies in China should ensure that they're not competing for yesterday's markets.