UKTI turns focus to Chinese markets

UKTI turns focus to Chinese markets

Firms across Yorkshire and the Humber are being urged to mark the Chinese New Year by looking to trade with the world’s second largest economy.

As the Year of the Monkey approaches, UKTI Yorkshire and the Humber has received a record number of enquiries from businesses in the region wanting to sell their goods and services to China despite the ongoing slowdown in its economic growth.

Enquiries relating to China represented more than 11% of all approaches to UKTI between 1 April and 31 December 2015 – the same percentage of enquiries from businesses in the region regarding exporting to Brazil, Russia and India combined.

This maintains a long-running trend of rising interest from the region in doing business with China.

UKTI Yorkshire and the Humber is working in partnership with the China-Britain Business Council (CBBC) to promote the benefits of trade with China that include:

  • being the largest country in the world by population
  • a fast growing consumer market
  • an ever-increasing middle class with disposable income
  • close proximity to other Asia Pacific economies
  • forecast to be the world’s largest luxury good market by 2020
  • London being positioned as a hub for Chinese currency trading
  • the largest information and communications technology (ICT) sector in the world
  • more than 160 cities – and growing - with a population of more than one million.
    • Among events being staged to celebrate the Year of the Monkey and Yorkshire-China business success is the Yorkshire and Humber Chinese New Year Dinner at Leeds Civic Hall on Tuesday, 2nd February and due to be attended by about 180 representatives of firms and organisations engaging with China.