Working with China
China has become a global economic powerhouse and by 2025 is set to become the world’s number one economic superpower. It is an important trading partner for the UK, with over £100 billion in bilateral trade taking place in 2019. China is a key priority market for Leeds City Region and many of our international businesses.
Following the UK’s exit from the EU, relationships with key international partners are even more important. There is strong political support in both the UK and China to build greater trade and investment links between the two nations.
In 2019, the UK and China reiterated their commitment to the ‘Golden Era’ in UK-China relations, agreeing to work closely together on strengthening their respective economies, to achieve the shared ambition of strong, sustainable and inclusive global growth, and to bolster openness and free trade.
With strong support from our Leaders, Leeds City Region is committed to developing stronger links with China and driving forward international trade and investment initiatives which are essential to the prosperity of the North.
The tenth Economic and Financial Dialogue between the UK and China took place in London in June 2019. Since the first Dialogue in 2008, trade in goods and services between the UK and China has more than doubled, with investment having almost trebled. In the last six years alone, there have been over 700 new investments in the UK, creating nearly 16,000 new jobs and safeguarding around 13,000 more.
China presents an opportunity for Leeds City Region because of:
- The scale of the opportunity
- The extensive partnerships between China and Leeds City Region, including university partnerships and sister city relationships
- The natural fit between Leeds City Region sector strengths and China’s key focus areas for economic development
- The extensive network of alumni who are connected with Leeds City Region
Leeds City Region has undertaken a highly ambitious programme of activity to develop new partnerships with key regions in China.
We are proud to host key business and Government from our partner Chinese cities. We have welcomed numerous delegations, including the Chinese Olympic team.
Trade with China
Bilateral trade between the UK and China has just reached a record £100 billion. With the increasing number of Chinese middle classes, the retail market both online and offline is expanding exponentially, presenting a significant opportunity for Leeds City Region businesses looking to enter new markets.
Hong Kong is regarded as the gateway to South-East Asia, but is also a significant market in its own right. It is an important part of the larger Greater Bay Area, which includes key cities across Hong Kong, Macau and Southern China.
If you are preparing to do business with China, here are some of the most useful reports, videos, and downloadable information.