It’s the second biggest economy in the world and continues to grow at a staggering rate. The number of middle-class consumers in China alone is predicted to more than treble to 480 million by 2030. UK-China trade is on the increase too having increased 2.5 times in the past 10 years and worth around £60bn annually. With these statistics, it’s unsurprising that in the wake of Brexit, many companies are turning their attention to the east and what it has to offer.
But with huge cultural and structural differences to western countries, there is a lot to consider before making the step. Large parts of the economy are still closed to full foreign participation and there is strong competition from well-resourced, state owned companies. Add to that a complex business culture that needs careful negotiating. But that’s not to say it’s not worth the effort. Mark Hedley, advisor at the China Britain Business Council (CBBC), said: “For any UK company, it is important to realise that China is different – not impossible.”
So, what are the key tips for those looking to make a success of doing business in this vast country?
