By Claire West
With UK exports to China rising by 44% in the first eight months of this year, British firms say that the world’s second biggest economy has provided their firms with great growth opportunities. In many cases, sales to China now make a substantial contribution to their overall turnover.
Business Secretary Vince Cable, who travels to China next week with Prime Minister David Cameron and a major business delegation, said:
“China represents the biggest source of demand in the world for many of the products that we in the UK have to offer. This makes it a very lucrative market for our businesses, and thousands have now taken the leap abroad and become highly successful in regions across China.
“In their own words, they have found that the expanding Chinese economy has provided them with the demand they need to grow. I hope that the bonds we are forming during this visit will make it easier for even more businesses to develop in the same way.”
Thousands of UK firms are already operating in China, many with help from UK Trade & Investment (UKTI) which has a network spread throughout the country.
UKTI has pinpointed opportunities in many areas including advanced engineering, construction, ports, railways, creative industries, financial services, ICT and life sciences.