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Over the week, international businesses, including British companies, have flocked to Shanghai for China International Import Expo (CIIE) to tap the huge market of the world’s second-largest economy and seize possibly unmissable business opportunities.
Drawn by the potential of the Chinese market, British Interna­tional Trade Secretary Liam Fox led a delegation of 50 firms displaying British innovation to the first-ever event, which showcased opportunities for businesses to sell goods into China, agency reports.
Some British companies have secured lucrative deals with Chinese peers, including Rolls-Royce which signed an engine and maintenance agreement worth 10.13 billion yuan (1.45 billion U.S. dollars) with China’s Eastern Airlines, one of the largest deals at the CIIE. “Coming at this time, the CIIE has highlighted that China’s economy will become more open, which is a positive message for businesses everywhere,”said Stuart Tait, regional head of Commercial Banking at HSBC Asia-Pacific.
HSBC released a special report at the CIIE to inspire international
businesses to shift their strategies to do business in China, underlining the
importance of understanding the Chinese consumers.
“To succeed in the future, international businesses must be ‘Made for
China.’ China is no longer just the world’s factory; its fast-growing
consumer market is prompting international businesses to re-evaluate how and
what they sell to China,” Tait said.
The report, entitled “HSBC Navigator: Made for China”, surveyed 1,205
small and large companies across 11 key global economies that already export
to China or are considering doing so.
It found that businesses truly ‘Made for China’ are targeting those
Chinese consumers born after 1980 to drive sales growth, and that technology
services, consumer electronics and high-end intelligent equipment will be the
fastest-growing sectors in the next three to five years.
It also said the quality of their products will have to appeal to Chinese
consumers, and distribution partners and e-commerce platforms are key to
success in this market.