UK firms get tips on succeeding in China
By Zheng Wanyin in London | chinadaily.com.cn | Updated: 2023-09-14 21:20
Many of these regional-level agencies have established overseas offices. Despite differences in their names, they perform similar functions, which include image promotion, the organization of trade events, and introductions to local economic, legal, and taxation system. They also help identify business partners for would-be investors and help with project tracking.
"In Qingdao, we can cover the whole process, from airport pick-up to departure from Qingdao. So, if you have the intention to do business with Chinese local areas, I suggest you feel free to contact these overseas representatives from the local governments," said Wu.
China and the UK share vast interests in the economic field. According to China's Ministry of Foreign Affairs, bilateral trade between China and the UK exceeded 110 billion pounds ($136 billion) in 2022, despite a lack of travel opportunities due to the COVID-19 pandemic. China remains the UK's largest trading partner in Asia, and the UK is China's third-largest trading partner in Europe.
"It has been a major challenge for about four years, no travel between the two countries," said Mark Hedley, deputy head of Investment Promotion at Invest Hong Kong's London office. "Personally, I believe there are a lot of synergies between the UK and China and I hope that UK businesses trading in China can go out and fly the flag in a very positive way to build up those relationships again. I am pretty confident that, still, China and the Asia-Pacific is where a lot of future growth will come from for the UK businesses."