The UK has been named “Country of Honour” at the forthcoming Chinese International Industry Fair, the flagship event for advanced manufacturing in China with more than 2500 exhibitors and 160,000 visitors.
Although the UK Government has not made clear what advantages this title carries with it, the event is clearly being viewed as important with the Minister for Trade and Export Promotion and the Northern Powerhouse Minister leading a 100-strong business delegation.
They will no doubt be encouraged by statements made by President Xi at the recent 19th Communist Party Congress.
“China will only become more and more open,” he said, before going on to promise that “all businesses registered in China will be treated equally.”
More autonomy will be given to Free Trade Zones (FTZs) and more effort will be made to explore the establishment of Free Trade Ports, the President announced. He also called for the further opening up of services given that the proportion of China’s trade in services accounts for about 18% of total foreign trade, lower than the global average.
A more detailed look at what the future holds for trade between the UK and China can be found in a report produced by PricewaterhouseCoopers (PwC).
China’s New Leadership Rolls Out New Blueprint for Future Development: Business Review of China’s 19th Party Congress can be found here.
For more information on trading with China, please contact us on 01603 729712 or email [email protected]
