Global General

UK eager to expand export to China

By Zhang Haizhou and Zhang Chunyan (chinadaily.com.cn)
Updated: 2011-02-10 11:11

LONDON -- The UK is eager to expand its exports to China as Beijing makes a concerted effort to boost domestic consumption.

China’s next phase of development presents a huge economic opportunity for the UK, according to "Trade and Investment for Growth," a white paper published on Wednesday by the UK Department for Business, Innovation & Skills (BIS).

The white paper says China is the UK's biggest trade partner outside the EU and the US, but notes that China "accounted for only 2.4 percent of UK exports of goods in 2009."

Total volume of UK's exports of goods and services to China was about 8 billion pounds, compared with 67 billion pounds to the US, in 2009.

"We do not export as much to China as we believe we could. We are very keen to engage (China)," said UK Trade and Investment Minister Lord Green on the press briefing to launch the white paper.

The next decade or two could see a dramatic acceleration in China's development as domestic consumption increases further and Chinese companies increase their international activity, the white paper continues.

While acknowledging opportunities in China, it also notes that "many foreign companies find the business environment challenging."

Problems, it says, include selective inward investment regulations, uneven intellectual property enforcement, and standardization issues.

Noting that both the opportunities and challenges in China are great, the paper also says the UK will use all the instruments at its disposal to get better market access for UK firms and to encourage Chinese investment in the UK.