The UK Chancellor has today announced “the next big step” in Sino-UK relations by outlining plans to relax the visa application process for visitors to the UK from the world’s second largest economy, China.
In a speech at Beijing University, Chancellor Osborne proclaimed that there is “No limit on the amount of business we [UK and China] can do together.” This is of course a great message of encouragement for UK business owners looking for investment from China, who can now start to put the necessary extra measures in place in order to attract investors, and for institutions looking to increase the size of their Chinese student populations.
Mr Osborne raised many valuable points during his speech, as he went on to say “What I really want it to be about is strengthening the understanding between our two nations, deepening our friendship, working out where by working together we can improve the lives of all our citizens,” (BBC) So how can British businesses capitalise on this new era of co-operation?
There is going to be cultural and language barriers to overcome, but at Capita Translation and Interpreting we deal with these considerations every day as part of our work with some of the UK’s biggest companies. With the Chinese investing £800m in Manchester’s Airport City project, as well as Chinese tourists spending over £1,600 on average on luxury goods when visiting the UK now is the right time to look at ways your business can communicate with and attract Chinese customers.
Statistics produced by the Heritage Foundation show how Britain needs to increase the amount of investment it receives from China. Although Britain ranks in the top ten countries to do business with China, it is still seriously lagging behind the likes of Australia who have 30% more investment from China than Britain; equating to $40.4bns.