UK companies seek new opportunities in China

By Cecily Liu and Zhang Chunyan in London (chinadaily.com.cn) Updated: 2015-03-12 06:38

"The fast growth of e-commerce in China will also provide increasing opportunities for British products to enter the Chinese market."

Exports of British cars to China have increased sevenfold since 2009, according to the British Society of Motor Manufacturers and Traders. Last year, 137,410 UK-built cars were exported to China, a year-on-year increase of 14.5 percent.

Last year saw enhanced Sino-UK economic cooperation, with bilateral trade reaching a new high of $80.9 billion, a year-on-year increase of 15.3 percent, according to the Chinese embassy in Britain.

Ni said China's growing need for innovation is leading to a big demand for new technology, techniques and products.

Britain, with its advanced manufacturing, high-technology and clean-technology sectors is well positioned to supply this market, Ni added.

The past year also key mergers and acquisitions and China's investment in the UK exceeded $7 billion.

"As China opens up its service industry further to foreign investment to satisfy its big domestic demand, foreign capital in finance, healthcare, education and pension sectors will have great opportunities to expand in China," said Ni.

What's more, the internationalization of the renminbi is providing great opportunities to the UK, as a competitive offshore renminbi center, Ni said.

Paul Rogers, author of Little Bridge World Ltd, an English language education provider, said that China's new normal will boost the demand for English language learning because highly educated and internationally minded talents will be valued more in the market.

"As China focuses more on innovative growth and internationalization of its companies and industries, there will be a bigger market for English learning," Rogers said.

The internationalization of Chinese firms have also provided great opportunities for Central Hall Westminster, an iconic London venue which is increasingly hosting outbound Chinese events and firms in recent years.

Examples include a conference by the Chinese telecommunications giant Huawei, and also Chinese film festivals in London, said Kevin Blackman, senior sales manager at Central Hall Westminster.

"As Chinese businesses become more international minded as a result of China focusing on international growth and innovative growth, we will have more clients from China, and we are going through a process to adjust our services to their needs," Blackman said.