Lord Green's visit to China - March 2011

Lord Green is in China this week to for a three day business tour visiting Beijing, Chonqing and Hong Kong.  This follows the Prime Minister, David Cameron’s, visit to China last November where he led a significant UK business delegation and came to an agreement with the Chinese Government to double bilateral trade by 2015.

CBBC Press release:

Lord Stephen Green, Newly Appointed Minister for Trade & Investment Chairs, a Panel Discussion in Beijing on Opportunities and Challenges for UK SMEs in China
BEIJING, March 21, 2011

Lord Stephen Green, the newly appointed Minister for Trade & Investment, shows his support for UK SMEs (small and medium-size enterprises) that are looking to expand their businesses in China

Lord Stephen K. Green, Former Group Chairman of HSBC Holdings plc, has been appointed Minister for Trade and Investment in January 2011. He is responsible for ensuring the delivery of a cross-Government strategy for trade, vital for the UK’s economic growth and recovery, and for attracting international investment.

The UK Minister for Trade & Investment is on his first visit to China since starting his role within government. Today he will chair a panel discussion on ‘how to capitalize on the emerging opportunities and challenges in the fast growing economy in China for UK SMEs’. The event will involve more than fifty UK SMEs. The panel, jointly hosted by China-Britain Business Council, British Chamber of Commerce in China and the UK Trade & Investment, will include a range of experts from the private sector. These include representatives from Standard Chartered Bank, the first foreign bank in China to set up a dedicated service team for SMEs, intellectual property specialist law firm Wragge & Co, and Cheung Kong Graduate School of Business, China’s first not-for-profit, independent and private business school.  

China now is the world’s second largest economy and the UK’s largest goods export market outside of the US and EU. However, in 2009, China accounted for only 2.4% of UK’s total exports, demonstrating there is much potential for expansion in this area. At today’s event, the panellists will discuss with UK SMEs the ways to successfully realize this untapped potential and how to operate effectively in China.  

Michael Pratt, Standard Chartered Bank's Regional Head of Consumer Banking, North East Asia, said, “With the increasing bilateral trade relations between UK and China, SMEs from both countries play a vital role in driving growth and employment. At Standard Chartered Bank, we are committed to the development of SMEs. Our international footprint combined with our local knowledge places us at a unique vantage point when it comes to recognising the needs of these companies. As the first international bank to provide a dedicated service for SMEs in China, we provide a full range of financial solutions to enable businesses to tap the trade flows between the two markets.”

Professor Liu Jing, Associate Dean and Professor of Accounting and Finance at Cheung Kong Graduate School of Business comments, “A crucial element for a successful is to adapt to the local conditions, which requires a long commitment to and deep investment in the Chinese people and culture. ‘A UK business with Chinese characteristics’ should yield a successful business.”

This panel discussion is also widely covered in Chinese media, to read this press release in Chinese click here.

British Embassy in China Press Release:

Trade and Investment Minister Lord Green's opinion editorial
20 March 2011

“The UK needs to grow its economy, and trade performance is undoubtedly at the heart of that. That is why our Government published a White Paper last month pushing for growth through trade and investment.  China, as a strong and emerging market, featured heavily in this White Paper. It has seen spectacular unbroken growth over the last thirty years and is a market that is very important to the UK’s economic development. It is our key partner for growth.”

For the full speech click here.

Related links:

UKTI: Lord Green calls on UK companies to target China’s sustainable cities, 23rd March 2011

UKTI press release on Lord Green's visit March 2011

Trade & Investment for Growth White paper

Vice Premier Li Keqiang’s visit to the UK, January 2011

UK-China Business Summit, November 2010