Foreword from David Godfrey, Chief Executive of UK Export Finance
I am pleased to welcome readers to this IMA guide to doing business in China, a country whose phenomenal growth has been a defining feature of the global economy for many years now.
UK firms are already taking advantage of the opportunities. UK exports to China have increased by more than 37% in the past two years, due to China's fast-growing consumer market, the growing number of middle-income consumers and its position in the Asia Pacific region and neighbouring economies.
Of course exporting always carries some risk, and doing business in a large nation developing as rapidly as China presents its own challenges and uncertainties. UK Export Finance can help exporters manage the payment risks, complementing banks and commercial insurers. We also provide a free information service on export finance and insurance. Other organisations, most notably UK Trade & Investment, can provide wider support.
The large variety of exports we have supported to China illustrates the scale of the opportunity. Three recent examples include guaranteeing a loan to purchase Airbus aircraft; contract bond support for photographic filters; and working capital for the supply of blackcurrant seeds. UK Export Finance is also playing its role in the development of London as a centre for Chinese currency business through our ability to guarantee loans in offshore Renminbi for Chinese buyers of UK goods and services.
All in all, exciting times, and we look forward to supporting UK exporters with their exports to China.
Chief Executive of UK Export Finance
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