#AceFinanceReport: At a time when China is rolling out a new roadmap for economic development pattern called “dual circulation”, many foreign companies view it as an opportunity to broaden their business operation in China, senior managers told the Global Times at the third China International Import Expo (CIIE) in Shanghai: Many companies at the event were spotted looking at specific emerging industries or business opportunities, like 5G or healthcare, in the next few years, after China rolled out the 14th Five-Year Plan (2021-25) that will chart the course of the country’s development over the next five years, but will likely generate effects well beyond 2025:
UK celebrates success at third China International Import Expo
- UK showcases the best of UK agriculture, food and drink at the third China International Import Expo in Shanghai
- British firms sign more than £430million of deals with Chinese companies during the Expo
- Thousands of new connections between UK and Chinese companies, with 120,000 unique visitors to new UK-China business matching platform
The third China International Import Expo saw the UK secure more than £430 million of commercial deals across a range of sectors.
The deals include:
- Collaboration between Lakeland Dairies and Namchow Food Group (Shanghai) Co. Ltd on bringing high quality dairy products from Northern Ireland to China
- A partnership between Savills and Greenland Group Xi’an Fenghe Real Estate Co. Ltd on the Silk Road International Center Project luxury commercial and office complex. An additional partnership between Savills and Shanghai Yangpu Government on innovation and transformation of Yangpu district
- A partnership between Millennium Group and Suning International · Sup’s bringing a range of British food and drinks brands to the Chinese market
In addition to the commercial deals that will have immediate benefits for the UK economy, CIIE saw thousands of new business connections between UK and Chinese companies:
John Edwards, HM Trade Commissioner said:
CIIE 2020 was a success for UK firms with a wide range of business deals signed across sectors. In addition, despite the impact of Covid 19, our 360 digital offer has meant that we have still been able to build impactful connections between UK and Chinese companies. Our bespoke, cutting-edge digital platform – www.ukbusinessinchina.com – has had 120,000 unique visitors to the site since its launch in September.
The UK has high ambitions for our trade and investment partnership with China. We want to work with China to increase trade and investment flows, improve market access, and set a mutual ambition for the future relationship.
Industry leader Diageo has been the UK’s Strategic Partner at the CIIE, running a range of events and tasting sessions at the UK pavilion.
Mark Edwards, Managing Director of Diageo China said:
It is the second time that Diageo has participated in this flagship event that celebrates China’s transformation. The CIIE has connected us with many Chinese companies.
As a multinational operating in over 180 countries, Diageo will continue contributing to ‘mutual opening up’ by leveraging our unrivalled expertise in spirits-making to support the high quality development and internationalisation of Chinese alcohol industry.
The UK is proud to have worked with the CIIE Bureau and China’s Ministry of Commerce to participate in the third China International Import Expo – showcasing the dynamic and diverse excellence of British brands in the agriculture, food and drink sector: There is real and significant demand in China for British products and services. Through the brand new Royal Mail cross-border e-commerce platform – www.thebritishchoice.com – Chinese consumers have been able to buy a range of UK products, many of whose products have never been on sale in China before.
Jérôme Bendell, vice president of Thales in North Asia and CEO of Thales in China, a trade visitor at the third CIIE, told the Global Times that the company “understands very well” that the Chinese government is trying to support and develop the domestic market as one of the major tasks of the “dual circulation” development pattern: He said that the trend of China developing its consumption market “has long been set”, as he saw many foreign companies and business partners being supported by the robust growth of China’s domestic economy. “It (the strategy) probably shows that it won’t stop development and it will keep stepping up the efforts. So it’s very good for us,” he said: Bendell said the company is aware that China is also relying on exports as another growth lever.
Judith Sun, managing director of Swarovski Crystal Business in the greater China region, told the Global Times that the company is looking forward to the rollout of government policies to stimulate home consumption as China seeks to fuel market demand both in the country and abroad: “For example, after the free trade zone in Hainan, we hope that more commercial channels could be launched in Hainan, such as duty-free stores. We are also discussing with our headquarters about how the company can deepen participation in China’s development of the Hainan free trade zone and the Guangdong-Hong Kong-Macao Greater Bay Area, “Sun said. The company plans to open retail stores in more cities in the Pearl River Delta region, as it has found a faster-than-average business recovery there:
Paul Huang, senior vice president of Lego Group and general manager of Lego China, said at a press briefing during the CIIE that the company is reassured to know that the new circulation strategy means a more open economy: “It lets us feel China’s determination to open up further. Also, broadening China’s internal demand makes us believe that China’s market will grow bigger, which will benefit our exploration of the domestic market.”
At the CIIE, companies are also looking for specific business opportunities as China’s economic recovery is gaining impetus; In the proposals for formulating the 14th Five-Year Plan, China stressed that its economy will make new accomplishments with enhanced innovation capabilities and more modern industry chains:
Li Ye, vice president of the greater China region at Honeywell Building Technologies, said: China’s development of 5G will give rise to the construction of the data bases, which will mean growing business opportunities for the company as Honeywell can provide products and solutions that make the operation of data bases smoother while minimize energy consumption:
Jerry Wang, president of Seimens Healthineers China, told the Global Times that reform, innovation, and high-quality development are given high priority in the new 14th Five-Year Plan, and the company looks forward to working with the Chinese healthcare industry to actively explore new diagnosis and treatment recipes, as well as form local R&D teams to develop products needed by Chinese hospitals:
#AceFinanceDesk report ……………..Published: Nov.09: 2020:
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