There is a reason Gatwick Airport announced that in May 2012, Air China (incidentally the most profitable airline in the world) will launch non-stop, four weekly services to Beijing from the UK’s second largest airport.
As businesses look to explore opportunities in the world’s second largest economy where rapid growth rates combined with progress in infrastructure, communication networks and global co-operation, China is increasingly becoming the market of choice for British exporters – thus explaining the new commute!
It seems that we are finally realising the benefits of increasing our current 4% export rate to the BRIC nations. For the UK, broadening its trade links with the fast-growing developing markets typified by China is a priority and with this announcement we are hanging up a huge sign effectively stating ‘The UK is open to do much more business with China”.
Looking at the predictions highlighted below, I believe this message has come at the right time.
- Middle classes in China will increase household expenditure fourfold over the next 20 years.
- By 2050, China is predicted to be the largest economy in the world, with the Chinese middle class set to grow from 172 million to 314 million in the next five years – more than the entire population of the US
- Through China’s 5 year plan vast rural and interior regions aim to unleash domestic consumption among the wider population.
- Industrial structures are shifting inland with dozens of new cities emerging and coastal areas developing into sophisticated urban clusters.
Whether selling, trading, investing or franchising, China offers opportunities in abundance to UK companies, large or small. We bring you this blog just before the UKTI 2012 Multi-Sector Trade Mission to China; watch this space for more updates.