INTERNATIONAL TRADE


SPOTLIGHT ON: CHINA


China is the world’s second largest economy and a huge and expanding market for businesses in the East Midlands. It is the largest country in the


world by population, with over 160 cities of more than a million inhabitants, and a fast-growing consumer market resulting from increasing number of middle- income consumers. UK trade with China has


increased dramatically in recent years – in 1999, China was the UK’s 26th largest export market and 15th largest source of imports, accounting for 0.8% of UK exports and 1.6% of imports. In 2018, it was the UK's sixth largest export market, accounting for four per cent of all UK exports of goods and services and seven per cent of imports. China already has a healthy


appetite for goods and services from our region. Telecoms, machinery, vehicles and parts, plastics and medical equipment are some of China’s top imports,


24 business network June/July 2020


ensuring East Midlands businesses are well placed to service demand on this continually growing market. Aside from the language barrier and time difference, there are


unique challenges faced by overseas businesses operating in China. There is a complex business structure, with the need to build


networks and high levels of trust before any business discussions can be entered. There are still large parts of


China’s economy closed to foreign


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