BEIJING, March 21, 2011 /PRNewswire-Asia/ -- Lord Stephen Green, the newly appointed Minister for Trade & Investment, shows his support for UK SMEs (small and medium-size enterprises) that are looking to expand their businesses in China
Lord Stephen K. Green, Former Group Chairman of HSBC Holdings plc, has been appointed Minister for Trade and Investment in January 2011. He is responsible for ensuring the delivery of a cross-Government strategy for trade, vital for the UK’s economic growth and recovery, and for attracting international investment.
The UK Minister for Trade & Investment is on his first visit to China since starting his role within government. Today he will chair a panel discussion on ‘how to capitalize on the emerging opportunities and challenges in the fast growing economy in China for UK SMEs’. The event will involve more than fifty UK SMEs. The panel, jointly hosted by China-Britain Business Council, British Chamber of Commerce in China and the UK Trade & Investment, will include a range of experts from the private sector. These include representatives from Standard Chartered Bank, the first foreign bank in China to set up a dedicated service team for SMEs, intellectual property specialist law firm Wragge & Co, and Cheung Kong Graduate School of Business, China’s first not-for-profit, independent and private business school.
China now is the world’s second largest economy and the UK’s largest goods export market outside of the US and EU. However, in 2009, China accounted for only 2.4% of UK’s total exports, demonstrating there is much potential for expansion in this area. At today’s event, the panellists will discuss with UK SMEs the ways to successfully realize this untapped potential and how to operate effectively in China.
Michael Pratt, Standard Chartered Bank's Regional Head of Consumer Banking, North East Asia, said, “With the increasing bilateral trade relations between UK and China, SMEs from both countries play a vital role in driving growth and employment. At Standard Chartered Bank, we are committed to the development of SMEs. Our international footprint combined with our local knowledge places us at a unique vantage point when it comes to recognising the needs of these companies. As the first international bank to provide a dedicated service for SMEs in China, we provide a full range of financial solutions to enable businesses to tap the trade flows between the two markets.”
Professor Liu Jing, Associate Dean and Professor of Accounting and Finance at Cheung Kong Graduate School of Business comments, “A crucial element for a successful is to adapt to the local conditions, which requires a long commitment to and deep investment in the Chinese people and culture. ‘A UK business with Chinese characteristics’ should yield a successful business.”
