China vital to UK exports initiative
Discouraging news that UK exports make up just nearly 1% of China’s import market has been mitigated by reports that UK exports to China have risen to £12.4bn, an increase of 18%.
Carl Hasty, director of international payments specialist Smart Currency Business, said: “China is edging towards a free-floating yuan and greater global collaborations from a business perspective.
“China has a large population and growing appetite for UK products and services. The strengthening of this relationship could mean significant progress in the UK’s endeavours to reach export levels of £1tn by 2020.
“Although UK exports to China are rising, more UK businesses need to be aware of the benefits that exporting to China can have on business growth. Organisations like the Government’s United Kingdom Trade & Investment (UKTI) and its trade service delivery partner, the China-Britain Business Council, provide a lot of support to UK businesses selling products and services to China.”
