BRITISH CHAMBER OF COMMERCE IN CHINA - MARKET ENTRY GUIDE 2021 - British ...
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BRITISH CHAMBER OF COMMERCE IN CHINA MARKET ENTRY GUIDE 2021
Table of Cotents
About Us 2
Foreword 3
UK trade with China 6
China opportunities 10
Laws and regulations on trade and investment 16
Tips for market strategy 20
Key Chinese Leaders for Business 22
Key British leaders for business 26
Market Entry Guide
BritCham China Advocacy 31
BritCham China events 34
and Directory BritCham Membership
Member Directory and 8 things to know
36
44
Banking 46
Construction & Property 48
Education & Training 52
Financial & Professional Services 56
Freight, Logistics and Relocation Services 62
IT & Telecommunications 64
Intellectual Property 68
Legal Services 70
Market Advisory 72
Marketing & Communications 78
Translation & Interpretation 82
© 2021 by the British Chamber of Commerce in China, all rights reserved. This report may not be reproduced either in part or in full without the prior written consent of the British
Chamber of Commerce in China. While all efforts have been made to ensure the accuracy of this document, the British Chamber of Commerce in China does not assume legal liability or
responsibility for the accuracy or completeness of the information provided within.
Market Entry Guide and Directory
About independent, not-for-profit organisation
with a strong and diverse membership.
support sustainability and positive social
engagement.
Foreword
the British With decades of business experience
in China, we bring the British business Our advocacy work centres annually
Managing Director of the British Chamber of Commerce in China
Chambers of community together and help them
thrive in one of the world’s most
around two key initiatives: the British
Business in China: Sentiment Survey, and This market entry guide and directory exists This guide completes the triangle from
Commerce in important markets. the British Business in China: Position
Paper. The former takes the pulse of British
for one simple reason: to support British
businesses; giving insight and support to
understanding challenges, advocating
for change and now pushing for further
China Our chambers across Beijing, Shanghai,
Guangdong and Southwest China build
businesses in China on a series of issues,
including their reflections on the past year’s
British companies based in the UK that
are considering expanding to China and
sustainable growth for British business
in China, utilising British support and
a community for member companies business environment, their most pressing highlighting British companies in China expertise.
through social and learning events across market access issues and their views on who offer world-class services.
the country. Through our British Business current events that affect their business.
The British chambers of commerce in China Awards, we recognise individuals and Our Position Paper lays out the key The British Chamber of Commerce in
China is the independent voice of British Steven Lynch
are the voice of British business in China; companies who represent excellence in recommendations of BritCham’s collective
business in the largest and most dynamic Managing Director
a collective of membership organisations innovation, enterprise and endeavour membership for the UK and China
market on earth. Recent years have seen a British Chambers of Commerce in China
providing advocacy, business support in the British and Chinese business governments to improve market access for
and networking opportunities for British communities; while the annual Social British companies in China. considerable shift in the approach for the
business in China. We operate as an Impact Awards celebrate companies that chamber that measures the pulse of British
business through the annual sentiment
survey and subsequently advocates
Sustaining Members strongly for positive change through the
annual position paper.
We would like to thank our sustaining members for their consistent support of the Chamber in all its activities and efforts.
Director General of the British Chambers of Commerce
I am delighted to present this Market Entry understated. However, although the China
Guide on behalf of the British Chambers market presents numerous opportunities
of Commerce in the UK. We hope that for UK businesses, there exist a number of
this guide will continue to promote a misunderstandings and uncertainties about
strong UK-China business relationship and the process of entering and accessing this
encourage UK businesses who are looking great market.
to invest in China.
Shining a light on the key investment
The Chambers which make up our network sectors, business culture and the regulatory
are trusted champions of businesses, environment of China, this Market Entry
places, and global trade. We represent Guide provides ‘down-to-earth’ and up-to-
tens of thousands of UK businesses of date information for businesses looking to
all shapes and sizes, located across all invest, and is supported by the advice and
continents of the world. We aim to help expert knowledge of the British Chamber
firms achieve more and build relationships in China’s extensive business network of
Supporting We would like to acknowledge the following organisations for their support in the creation
on every level, in every region and nation companies. We hope that this guide allows
Organisations and publication of this guide:
of the UK and beyond. our members across the world to further
understand and successfully navigate the
In 2019, UK direct exports of goods to complex China market.
China reached £30.7 billion, making China
the UK’s 6th largest export destination;
at the same time, UK exports of services Dr Adam Marshall
and investment into China also greatly Director-General
expanded, thus the business relationship
British Chambers of Commerce
between the UK and China cannot be
2 3
Market Entry Guide and Directory
About the British Chambers of Commerce
Global Business Network
[space for the title sponsor advertisement]
For 160 years our business has been
helping UK businesses grow and trade
successfully across the world.
The British Chambers of Commerce
Global Business Network is comprised of
member British Chambers of Commerce
and business groups that are located
across all continents of the world and
directly linked to Chambers of Commerce
in every region of the UK.
4 5
Why? What? How? Who? Where? When? Market Entry Guide and Directory
Capital:
Beijing
Nominal GDP growth, 2020: 2.3% The UK has welcomed the economic transformation and
development of China over the past few decades. China today is
Potential UK expertise in Better
Real GDP growth, 2020: 1.9%
Official
the world’s second largest economy, the dominant manufacturer and
trader in goods, the second largest consumer of commodities and
growth demand business
Nominal GDP per capita, 2020:
Language:
Mandarin
RMB 72,000 (GDP 8,000)
recipient of foreign direct investment (FDI), and the largest holder of
foreign exchange reserves. China’s ongoing economic growth has
environment
With growing purchasing power, China’s
Chinese caused an increase in average household increasingly affluent middle class is now
Unemployment rate, 2020: 5.6%
Currency: China’s importance as a UK trading partner and disposable income. In 2020, China’s increasingly placing value in the quality of In recent years, China has implemented
middle class consisted of 734 million goods and services, particularly in that of a wide range of trade and investment
¥ Yuan (RMB)
Consumer inflation rate, 2020: 2.9% has increased steadily since 2004, with both people (51% of the total population), imported goods. Products made in Britain liberalisation and facilitation policies
Time zone: imports and exports increasing consistently. and annual disposable income per capita are widely perceived to be high quality, including the Foreign Investment Law
GMT+8 in urban households was approximately and Chinese companies have traditionally (FIL), and has also updated the ‘Negative
As of 2020, China is the UK’s third largest RMB 44,000 (GBP 4800). Spending in been keen to establish connections with List’, thereby increasing the number of
trading partner, rising from fifth in 2019 education, culture and recreation across UK companies for services, especially in Chinese industries that are open to foreign
urban and rural areas accounts for 9.6% of sectors where the UK is a global leader. In investment. These measures are a positive
due to a decrease in the UK’s trade with all household expenditure. 2020, the UK’s exported services to China first step towards creating a more level
France and the Netherlands. Second and third tier cities in Central and
included included education services, playing field for foreign and domestic
financial services, legal, accounting, businesses. Between 2015 and 2020, China
Western China are gaining significant advertising, research and development, has moved from 80th to 31st in the World
momentum, boasting higher population architectural, engineering and other Bank’s ‘Ease of Doing Business’ ranking.
growth than eastern cities. Currently, more professional and technical services valued
than 300 million people live in second and at GBP 6 million (RMB 55 million).
third tier cities, a number which continues
to grow, largely as a result of mass
50.0 migration from the countryside.
Imports
China is on a path to strong economic
recovery from the effects of COVID-19,
and was the only country to post economic
growth in 2020. British companies also
40.0 invested more in China in 2020 than in
2019, and many opportunities in the
market exist for the UK.
UK trade with China
1999-2018
Goods and services, £ billions Exports
This graph shows the gradual increase in UK imports from and
exports to China between 2000 and 2018, and China’s increasing
importance as a UK trade partner.
10.0
6 7
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Market Entry Guide and Directory
Nothing Ventured,
Nothing Gained
In mainland China there are 530,100 schools and universities;
282 million students ; 17,320,300 full-time teachers. There is
also an insatiable thirst for learning and a widespread belief in
the quality of British education.
Venture empowers British education in China through
research, events, marketing, PR, partnerships and
business development.
ventureeducation.org
contact@ventureeducation.org
8 9
Why? What? How? Who? Where? When? Market Entry Guide and Directory
What are the
opportunities?
As it enters a new era of In the Sentiment Survey 2020-2021,
development with the 49% of the UK businesses declared an
commencement of the next optimistic outlook for their sector for the
14th Five Year Plan, China’s next year, while 44% of businesses reported
economy will increasingly that they intended to increase investment
Education
focus more on the quality in their operations in the Chinese mainland. Automotive Built Environment Services
- Early years (0-3)
than the quantity of growth, Due to economic pressures caused by
- Connectivity - UK standards, institutions - Partnership
and move towards more the COVID-19 outbreak, many industries
- Premium and luxury vehicles and education - EdTech
tech-intensive, high-value and slightly shifted from an optimistic to neutral
- Prefrabrication
value-added production. outlook for 2021. The one exception is the
- Higher value service provision
financial and professional services sector,
which remains optimistic.
China’s economic transformation, changing
demographics and the rapid pace of Nevertheless, as China’s economy
technological innovation continue to create continues to recover from the effects of
positive trends for business in China and COVID-19, we expect a strong rebound in
offer ample opportunities for UK firms,
especially in the high-end industries
all sectors as we enter a ‘new normal’. Leading sectors and
like healthcare, information technology,
engineering and luxury goods.
opportunities
for UK exports and
investments Food and Beverage
- E-commerce platforms
- Growing interest in premium
spirits
What are the regulatory Key cross sector issues
challenges? to be aware of
Given the substantial impact it has had on businesses and Cybersecurity and IT restrictions
economies around the world, it will come as no surprise that
more than three quarters of companies report that they estimate Accessing and moving company finances
COVID-19 will continue to have a negative impact on their
Competition with state-owned enterprises Financial Services Pharmaceuticals and Healthcare Travel and Tourism
prospects for 2021, making it the trend of most concern for British - FinTech - Free trade zones - Post-COVID travel resumption
businesses in China by a significant margin. This is followed by Employing foreign staff - Internationalisation of the - Healthcare technology - Luxury experiences
UK-China tensions, which one in five companies believe will have renminbi
a strong negative impact on their operations, and in third place, Alignment with international standards
rising protectionism.
Enforcement of laws and regulations
10 11
Why? What? How? Who? Where? When?
Most followed celebrities on Weibo Market Entry Guide and Directory
as of June 2020 (by no. of followers)
Get to know China - TOP 5s
For companies thinking of entering the Chinese market, the sheer scale can seem incredibly terrifying. But here are some numbers to help
break it down.
Highest grossing films Bestselling novels
of 2019 (US$) of 2019
Xie Na He Jiong Yang Mi AngelaBaby Chen Kun
123.81 million 111.88 million 103.96 million 100.31 million 94.21 million
1. Ne Zha 1. To Live
714.75 million by Yu Hua
2. The Wandering Earth 2. Short Stories from the Notebook of
668.72 million a Grave Robber’s Chronicles Most visited international travel destinations
3. Avengers: Endgame
by Nanpai Sanshu in 2018
607.25 million 3. Ordinary World
by Lu Yao
4. My People, My Country
445.43 million 4. The Three-Body Problem
by Liu Cixin
5. The Captain
414.27 million 5. The Dark Forest
by Liu Cixin
As of March 2020, ‘Avengers: Endgame’ has been ranked 1. Japan 2. Thailand 3. Russia 4. Vietnam 5. Korea
No.1 highest-grossing film of all time, and China’s domestic
grossing figures accounted for 22% of the global figure.
In 2018, a total of 149.72 million outbound international trips were made by Chinese tourists, an increase of 14.7% from the previous year.
Largest restaurant chains Most used apps Most popular luxury brands Most streamed games
in 2018 (by no. of outlets) (by monthly active members) in 2019 (by Digital IQ) of 2019 (by streaming hours/month)
1. KFC 1. WeChat (social media) 1. Louis Vuitton 1. League of Legends
5,602 983.18 million 145 909,657
2. Starbucks Coffee 2. QQ (social media) 2. Bulgari 2. PlayerUnknown’s Battlegrounds
3,300 788.53 million 144 522,788
3. McDonald’s 3. Taobao (e-commerce) 3. Cartier 3. World of Warcraft
2,600 756.24 million 141 490,364
4. Dico’s 4. Alipay (financial services) 4. Gucci 4. Honor of Kings
2,300 698.56 million 134 469,326
5. Pizza Hut 5. iQIYI (video streaming) 5. Montblanc 5. Counter-Strike:
2,214 624.56 million 129 Global Offensive
12 191,100 13
Market Entry Guide and Directory
What are some key expressions
to understand business in China?
1 3 5 7 9 11
天高皇帝远 吃苦 差不多 人情 枪打出头鸟 买卖不成仁义在
tiān gāo huáng dì yuǎn chī kǔ chà bù duō rén qíng qiāng dǎ chū tóu niǎo mǎi mài bù chéng rén yì zài
The mountains are high, Eating bitterness Pretty much Warmth and hospitality Shoot the bird which The relationship remains even if
and the emperor is far away takes the lead a deal is not made
It implies remarkable capacity Especially in business, people As opposed to some more
This indicates that much for discipline and hard work. tend to leave space for each direct Western cultures, often In China, business people Don’t let the business hurt the
administrative and executive other and avoid being definite, when doing business in China, will be uncomfortable with friendship. Plan for the long term.
work relies on local structures leaving things a bit ambiguous a meeting might begin with bragging or “tooting your own
instead of the central in case things develop in smaller acts of hospitality like a horn” too much. If you are too
government. another direction. chat or some tea. obvious about it, you might
attract backlash.
4
12
给人一个台阶
2 Gěi rén yī gè tái jiē 6 8 10 不管白猫黑猫，
抓到老鼠就是好猫
Giving someone a step to
面子 walk down
关系 识时务者为俊杰 人走茶凉 Bù guǎn bái māo hēi māo,
mìan zǐ guān xì shí shí wù zhě wéi jùn jié Rén zǒu chá liáng Zhuā Dào lǎo shǔ jiù shì hǎo māo
Face You don’t have to push people Connections The wise read the situation Tea gets cold when The wise read the situation
to the wall, and it’s better to to before acting people leave before acting
give someone an out to avoid
In Chinese business culture: stalemate in negotiations. In Chinese business culture:
This refers to the pride and Who you know is very important It means that it is much harder There is no one way to reach your
when it comes to doing Consider all circumstances
dignity of businessmen, and to accomplish something goal; think outside the box.
businesses in China. While it is before you act. It’s best
implies the importance of when relationships grow cold,
important to develop a social to understand the policy
preserving reputations when for example when people
and professional network, you environment and business
doing businesses in China. leave their position or move
should also care about the climate in China before making
away from you. Remember to
quality of your connections. a big decision.
keep in touch with people.
14 15
Why? What? How? Who? Where? When? Foreign Market Entry Guide and Directory
On January 1st 2020, the new Foreign Investment Law of the People’s Republic of
Investment China took effect. The FIL established a new legal framework for the management
Law (FIL) and promotion of foreign investment in China. This has led to a number of related
papers and regulations aimed at implementing, clarifying and explaining the law.
How to thrive While China’s huge market offers abundant opportunities to UK
companies, businesses also need to keep up with the complexity
You are considering Regulation on the Implementation of the
01.01.2020
This provides additional details and clarity
in China? of China’s rapidly developing market. Business works to
radically different rhythms and structures in China, and it can investing in any business in Foreign Investment Law on provisions and principles to guide
sometimes be hard to distinguish the real opportunities China (The Implementing Regulation) implementation of the FIL
on the table. Knowing the underlying parameters is
crucial to success, and this section will highlight some
You are making decisions Special Administrative Measures for the These two regulations lay out the sectors in
Last revised 16.12.2020
key laws and regulation that shapes trade and
investment in China. about what to invest in, Access of Foreign Investment which foreign investment continues to be
or curious about how (Negative List) restricted and prohibited, and industries in
welcome your business which foreign investors are eligible to enjoy
Catalogue of Encouraged Industries for
would be in China certain preferential policies and treatment.
Laws and China has a centrally governed
hierarchy of laws, regulations and
Foreign Investment
regulations rules relating to foreign trade and
investment. It can often take
Foreign Investor Information Reporting
01.01.2020
These two regulations cover information
on trade and time for regulations to be fully
published, and they can often You are a foreign-invested
Measures and reporting with respect to establishing
FIEs and their subsidiaries, changes to
investment be fragmented and vague.
It is therefore important
enterprise (FIE) Notice Regarding Foreign Investor
Information Reporting Related Matters
FIEs and their subsidiaries, and annual
reporting.
to keep up to date
with the latest policy
announcements.
Interpretation on Certain Issues
01.01.2020
This set of judicial interpretations provides
Your business straddles Regarding the Application of the Foreign guidance on questions relating to the
several countries or areas Investment Law effectiveness and enforceability of foreign
investment-related agreements
The law was amended and came into effect in July 2004. It states that all types of
businesses, including private enterprise, can engage in foreign trade once they have
01.01.2002 (revised 31.03.2004)
filed the correct records.
Foreign
Trade Law Anti-Dumping Regulations of the People’s Republic of China
Regulations of the People’s Republic of China on Countervailing Measures
Regulations of the People’s Republic of China on Safeguards
The law was promulgated on January 22nd 1987 and amended on July 8th 2000.
It outlines principles, policies, rules and measures regarding Chinese exports
Customs Law and imports.
of the People’s
Regulation of the People’s Republic of China on Import and Export Duties
Republic of Regulations of the People’s Republic of China on Customs Statistics
01.01.2004
China
01.03.2006
Regulations of the People’s Republic of China on Implementing Customs
Administrative Penalty
01.11.2004
Regulations of the People’s Republic of China on Customs Protection of
Intellectual Property Rights 01.03.2004
16 17Why? What? How? Who? Where? When?
Tianjin Heilongjiang
Offshore financial markets Facilitation of trade with Russia
Financial leasing Modern logistics
Key industries by province Cross-border financing
Modern services
Smart manufacturing and new energy
Tourism
Shaanxi
Logistics and commerce hub for BRI Henan Hebei
Agricultural
Modern transportation and logistics hub Northern transport hub
International trade
Modern services Automobile and biomedical Logistics
China pilot free-BRI zones (FTZs) Made in China 2025 Cross-border e-commerce Modern services
Financial services Biomedicine
Digital commerce
The main objectives of the FTZs This strategic plan aimed to Financial leasing
are to accelerate economic reform, upgrade Chinese industry,
broaden internationalisation focusing on ten high-tech sectors.
and liberalisation, and provide Although the plan itself has been
foundations for the opening up of discontinued and is no longer
high-value sectors. The Shanghai explicitly referred to, its underlying
FTZ pilot was the first to be focus remains intact.
announced in August 2013, followed
by Tianjin, Guangzhou and Fujian in The sectors are:
December 2014, and Chongqing,
Integrated circuits and
Liaoning, Henan, Hubei, Shaanxi,
professional equipment
Sichuan and Zhejiang in August Liaoning
2016. In 2019, the State Council High-end numerical-control Logistics and shipping centre in the northeast
announced seven more FTZs were machine tools and robotics Advanced manufacturing
to be located in Hainan, Shandong, Financial services
Logistics
Jiangsu, Guangxi, Hebei, Yunnan Aviation and aerospace equipment
and Heilongjiang, bringing the total
Marine engineering equipment
number of FTZs to 18.
and high-tech ships
Shandong
Advanced rail transit equipment Facilitation of trade with Japan and South Korea
Marine
New energy vehicles Industrial finance
Hubei Artificial intelligence
Medical services
Belt and Road Initiative (BRI) Electronic equipment Transport link for Yangtze River Economic Belt
Advanced manufacturing
Agricultural machinery New energy vehicle manufacturing
The initiative is a centrepiece of Modern services
Shanghai
current Chinese foreign policy New materials
Testing ground for new FTZ regulations
and one of the largest global Sichuan
development strategies ever Biopharmaceuticals and high- Financial services
Advanced devices
undertaken. It provides UK firms performance medical equipment Logistics hub for BRI Pharmaceuticals
Trade related services
with opportunities to tap into the Advanced manufacturing
development and connectivity of Medical sercices
China’s provinces and neighbouring Jiangsu
countries, and offer diverse cross- Chongqing Guangxi Fujian Integration of Yangtze River Economic Belt and
sector business solutions, both the Yangtze River Delta
Inland trade hub for BRI Facilitation of trade with ASEAN countries Facilitation of trade with Taiwan
within China and in countries along Manufacturing
Financial services Tourism Advanced manufacturing
the routes. Advanced services Cross-border finance Financial services
Foreign investment management
Pharmaceuticals Logistics Tourism
Yunnan Hainan Guangdong Zhejiang
Hub for Maritime Silk Road as new Free SciTech development in Shenzhen and GBA Maritime commerce centre
Intersection of the BRI and the Yangtze River
Economic Belt Trade Port integration with Hong Kong and Macau Maritime-related advanced services
Tourism Logistics Oil and petrochemicals
Advanced manufacturing Manufacturing and logistics
Modern industry Technology services
Cross-border finance
Financial services
18 Cross-border e-commerce
TourismWhy? What? How? Who? Where? When? Market Entry Guide and Directory 21
Modes of entry
Tips for market
strategy in
China
Direct Export
Build relationships Localise your product
and trust
Localising your product can come in
As customers, investors or business many forms, from translating interfaces
and marketing materials, to providing
Indirect export Agents
partners, most Chinese people set great
store on personal connections and additional services, training and product
relationships when working together. demonstrations. Any and all of these can Distributors
Taking the time to develop genuine trust be vital to the process of making your
and understanding, particularly about product fit in a new Chinese market. It is
the intentions and reasons for getting important to assess this carefully going in. Licensing/Technology Transfer
involved, and particularly at the beginning
of a business relationship, is never wasted
Franchising
WeChat for social and and can save a great deal of trouble and
misunderstanding later down the line.
business networking Selling online
WeChat is intricately embedded into the
lives of China’s urban population, and is
used for a wide range of activities from
payment transfer, messaging and social
media posting. By the end of 2018, it
was reported that it had over a billion
daily active users on its network, many of Investment Representative Office
whom have some relation to China. Many
Chinese businesses use WeChat as their
Parnnerships
primary mode of communication and
marketing. Learning how it works is central
to a long-term commitment to working in
Agents, distributors and Wholly Foreign-Owned Enterprises (WOFE)
or with a Chinese market.
local partners
Joint Ventures Contractual joint ventures
Having ‘boots on the ground’ in China can
be absolutely invaluable. A local partner,
Leverage local platforms
agent or distributor who understands local Equity joint ventures
Finding the right local platforms, product
conditions can give you fast and reliable ambassadors and partners will make a
data about the market and your customers. potentially huge difference to how seriously
The help of someone who is there in your product is taken.
person and able to remove obstacles
and potential barriers can make all the
difference to your business.
Hong Kong First
20Why? What? How? Who? Where? When? Market Entry Guide and Directory
Key Chinese Leaders for Business
Wang Wentao Ministry of Commerce
Minister of Commerce of the Cabinet-level executive agency of the State Council; responsible for policy
People’s Republic of China coordination and implementation in respect of all trade-related issues.
He Lifeng The National Development and Reform Commission
Minister of the National In charge of overall national economic and social development policy, and
Development and Reform has an influence on trade policy.
Commission
Liu He Central Financial and Economic Affairs Commission
Vice Premier and Director Subordinate to the CCP Politburo, and is in charge of leading and supervising
of the Office of the Central economic work of both the CCP Central Committee and the State Council.
Financial and Economic Liu He was also China’s lead trade negotiator in the US-China trade war, until
Affairs Commission an official trade negotiator was appointed in 2021.
Zhang Gong State Administration for Market Regulation
Minister of the State
Administration for Market
Department responsible for overseeing all manner of market controls,
including regulating anti-monopoly behaviour, intellectual property rights,
Key Chinese Organisations
drug safety supervision, and the issuance of business licenses.
Ministry of Commerce, PRC (MOFCOM)
No. 2 Dong Chang’an Ave
Yi Gang The People’s Bank of China
Beijing, China 100731
Governor of the People’s The central bank of the People’s Republic of China responsible for carrying
Tel: +86 (0)10 5377 1360 / 1361
Bank of China out monetary policy and regulation of financial institutions in the Chinese
mainland.
Invest Beijing (Beijing Investment Promotion Service Centre)
Ni Yuefeng The General Administration of Customs Floor 3 & 4, Block F, Fuhua Building
Minister of the General A ministry-level administrative agency responsible for managing the import No. 8, Chaoyangmen North Street, Dongcheng District
Administration of Customs and export of goods and services into the Chinese mainland and the Beijing, China 100027
collection of value added tax (VAT), customs duties, excise duties, and other Tel: +86 (0)10 6554 1880
indirect taxes. Email: xxwh@invest.beijing.gov.cn
Zheng Zeguang Embassy of the People’s Republic of China in the United Kingdom of
China Council for the Promotion of International Trade (CCPIT)
Ambassador of the People’s Great Britain and Northern Ireland
Republic of China to the The official diplomat sent by the Chinese government to represent its No. 1, Fuxingmenwai Street, Xicheng District
United Kingdom interests in bilateral relations with the British government. Beijing, China 100860
Tel: +86 (0)10 8807 5000
22 23Why? What? How? Who? Where? When? Market Entry Guide and Directory
Things to
consider for
choice of
location
Target client
Chengdu Chongqing Hangzhou Hefei Nantong (disposable income, age, gender)
Local government
(support system, effectiveness in
approving licences)
Logistics
(proximity to ports/airports, warehouse)
Local climate
Wuhan Yangzhou Zhuhai Dongguan Shenzhen Resources
(human and raw materials)
Beijing
Ten fast-growing cities Airlines that fly direct to China
Shanghai
Air China
British Airways Changsha
China has 23 provinces, 5 autonomous regions, 4 municipalities and 2 Special Administrative Regions.
China Eastern London
China Southern
The markets in China are heterogeneous, regionally divided and diverse in terms of income levels, taste and sophistication. New Chengdu
Hainan Airlines
businesses wishing to enter the Chinese market should not expect to access the entire market in one go and instead should keep an
open mind and consider some of the faster growing lower-tier cities. Manchester Chongqing
When are flights cheapest?
November, February and March
The vast majority of British businesses have headquarters in either Shanghai (39%) or Beijing (37%). Markets in these first-tier cities are
saturated and highly competitive, and so do not necessarily offer the best opportunity for a company considering China entry, unless you Shenzhen
How long does the flight take?
are already a well-established international brand.
Between 11 and 13 hours Edinburgh
Guangzhou
Wuhan
Sanya
24 25Why? What? How? Who? Where? When? Market Entry Guide and Directory
Key British Leaders for Business Key British Leaders for Business
Sir Ciarán Gearoid Devane British Chamber of
The British Council Chief Executive of the British Council
Matt Burney
Commerce in China
St John Moore Steve Lynch
Director of the British Council in China Chairman of the British Chamber of Managing Director of the British
UK’s international organisation for and Minister (Culture and Education) Commerce in China Chamber of Commerce in China
Membership organisation for British
cultural relations and educational at the British Embassy in Beijing
business focused on boosting UK-China
opportunities.
trade and investment.
British Chambers of Department for
Commerce (BCC) International Trade
Adam Marshal Anne-Marie Martin Elizabeth Truss John Edwards
The national representative body of 52 Secretary of State for International HM Trade Commissioner for Hong
Director General of British Chamber Director Global Business Network of The UK’s international economic
Accredited Chambers of Commerce Trade and President of the Board of Kong and the Head of Department for
of Commerce British Chamber of Commerce department responsible for
across the UK. The Chambers Trade International Trade (DIT) in Mainland
international trade and investment.
represent over 70,000 businesses in China, Hong Kong and Macau
all sectors and run regular campaigns
to highlight issues of concern for
businesses.
British Embassy
Beijing
Caroline Wilson
The chief diplomatic mission of the British Ambassador to the People’s
United Kingdom in the People’s Republic of China
Republic of China. It is one of
Britain’s largest overseas embassies.
26 27Why? What? How? Who? Where? When? Market Entry Guide and Directory
Key British Other Key
Organisations in Organisations
China
Department for International Trade (Beijing)
British Embassy
11 Guanghua Road
Beijing, China 100600
Tel: +86 (0)10 5192 4000
Email: commercialmail.beijing@fco.gov.uk
British Council Beijing Office
Cultural and Education Section, British Embassy 4/F Landmark
British Chamber of Commerce in China Building Tower 1,
8 Dongsanhuan Beilu,
3/F Prototype, Hotel Jen Beijing, Beijing, China 100004
No. 1 Jianguomenwai Avenue, Tel: +86 (0)10 6590 6903
Beijing 100004
Email: enquiries@britishchamber.cn
China Britain Business Council (CBBC)
The British Centre, Room 1001, China Life Tower,
16 Chaoyangmenwai Avenue,
Beijing, China 100020
Tel: +86 (0)10 8525 1111
Email: enquiries@cbbc.org.cn
The British Chamber of Commerce Shanghai Invest Northern Ireland – Shanghai (Regional HQ)
Room B18, ATLAS Workplace, British Consulate General Shanghai Confederation of British Industry (CBI) China
3F, Shanghai Agile International Plaza 17F Garden Square
525 Xizang Middle Road, 968 West Beijing Road 1006B China Life Tower
Shanghai, China 200003 Shanghai, China 200041 16 Chaoyangmenwai Ave
Tel: +86 1358 568 0040 Tel: +86 (0)21 3279 2000 Beijing, China 100020
Email: janet.jiang@britishchambershanghai.org Email: shanghai@investni.com Tel: +86 (0)10 8525 3100
Email: infochina@cbi.org.uk
NB: Invest Northern Ireland also has locations in Beijing and Guangzhou – see
https://www.investni.com/about-us/where-we-are for more information.
The British Chamber of Commerce Southwest China
Scottish Development International – Beijing
Room 4-109, WeWork, The British Chamber of Commerce Guangdong
No. 31 Zongfu Road, British Embassy Beijing, 11 Guanghua Road,
Chengdu, China 610000 Unit 2201B, International Finance Centre, Chaoyang District, Beijing
Tel: +86(0)28 68305159 No. 5 Zhujiang Xi Road, Tianhe District, Tel:+86 13501777191
Email: info@britchamswchina.org Guangzhou, China 510623
Tel: +86(20) 8331 5013
Email: admin@britchamgd.com
28 29Why? What? How? Who? Where? When? British Chamber of Commerce in China Market Entry Guide and Directory
British Chambers of Advocacy
Commerce in the UK
Aberdeen & Grampian Chamber of Commerce As the voice of British business in China, BritCham China
Ayrshire Chamber of Commerce
Barnsley & Rotherham Chamber of Commerce
advocates on behalf of our members to both the British and
Bedfordshire Chamber of Commerce Chinese governments in order to better direct trade relations.
Black Country Chamber of Commerce We foster dialogue between business and government in
Business West Chambers of Commerce
order to make our members’ voices heard and influence
Cambridgeshire Chambers of Commerce BRITISH policy decisions, both to address existing challenges and to
Cornwall Chamber of Commerce BUSINESS
unlock new opportunities in China’s business environment.
Coventry & Warwickshire Chamber of Commerce
IN CHINA:
Cumbria Chamber of Commerce Our advocacy work supports member business of all sizes and
Devon & Plymouth Chamber of Commerce POSITION
PAPER across all sectors.
Doncaster Chamber of Commerce
Dorset Chamber of Commerce and Industry
Dundee and Angus Chamber of Commerce
2020 The British Business in China: Position Paper is an annual
East Lancashire Chamber of Commerce report created by BritCham to provide advocacy and
East Midlands Chamber of Commerce representation on behalf of member companies operating in
(Derbyshire, Nottinghamshire, Leicestershire)
China The paper highlights changes in major industries in the
Edinburgh Chamber of Commerce
Essex Chambers of Commerce past year, the key regulatory challenges faced by companies
Fife Chamber of Commerce in those industries and the opportunities available for British
Glasgow Chamber of Commerce businesses in the market.
Greater Birmingham Chambers of Commerce
Greater Manchester Chamber of Commerce
Guernsey Chamber of Commerce BritCham also releases an annual Business Sentiment Survey,
Hampshire Chamber of Commerce which collates the views of member companies on their
Herefordshire & Worcestershire Chamber of Commerce outlook on the China market that year. Companies provide
Hertfordshire Chamber of Commerce
Hull & Humber Chamber of Commerce
their thoughts on a range of topics, including their investment
Inverness Chamber of Commerce plans, current affairs and the regulatory challenges in their
Isle of Man Chamber of Commerce sector.
Isle of Wight Chamber of Commerce
Jersey Chamber of Commerce Combined with market entry information from elsewhere,
Kent Invicta Chamber of Commerce
the analyses presented in our advocacy reports provide vital
Lincolnshire Chamber of Commerce
Liverpool & Sefton Chambers of Commerce background information for businesses considering moving
London Chamber of Commerce and Industry into China.
Mid Yorkshire Chamber of Commerce and Industry
Norfolk Chamber of Commerce Both the Position Paper and Sentiment Survey are available
North East England Chamber of Commerce
for free download from our website.
North & Western Lancashire Chamber of Commerce
Northamptonshire Chamber of Commerce
(incorporating Milton Keynes Chamber)
Northern Ireland Chamber of Commerce and Industry
Renfrewshire Chamber of Commerce
Sheffield Chamber of Commerce and Industry
Shropshire Chamber of Commerce
Somerset Chamber of Commerce
South Cheshire Chamber of Commerce and Industry
South Wales Chamber of Commerce
St Helens Chamber
Staffordshire Chamber of Commerce & Industry
Suffolk Chamber of Commerce
Surrey Chambers of Commerce
Sussex Chamber of Commerce
Thames Valley Chamber of Commerce Group
West Cheshire and North Wales Chamber of Commerce
West & North Yorkshire Chamber of Commerce
Wirral Chamber of Commerce
30 31Why? What? How? Who? Where? When? Market Entry Guide and Directory
CHINA EXPORT
China has seven public holidays every year: New Year’s Day, Chinese New Year (Spring Festival), the Qingming
Festival (Tomb Sweeping), Labour Day, Dragon Boat Festival, Mid-Autumn Festival and National Day. For
Chinese New Year and National Day, people normally have three days off, with only one day off for the other
annual holidays.
Holidays 2021
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Labour Day 1 May
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range of skills, knowledge and contacts.
The Dragon Boat Festival 14 Jun This is particularly true now, as geopolitical dynamics and
accelerated digitisation, driven by COVID-19, are combining to
reshape the risks and rewards of exporting to China today.
The Mid-Autumn Festival 21 Sep
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32
CHINA TOGETHER 33Why? What? How? Who? Where? When? Market Entry Guide and Directory
September 2021
British Chamber of Commerce in China China Social Impact Awards (CSIA)
Signature Events In 2019 the BritCham China, in collaboration with the United
Nations and other major international business organisations
held the first ever China Social Impact Awards to recognise and
celebrate the incredible contributions companies have made to
social change here in China. The Awards are influenced by the
March 2021 UN’s 17 Sustainable Development Goals, companies will compete
for 7 different awards. Each award will be available to companies
Sustainability Summit in two categories, large corporates and SME. The winners will be
selected by an independent judicial panel of experts.
BritCham China’s Sustainability Summit 2021 in partnership with
the WorldEconomic Forum intends to promote how business,
government and society can ‘build back better’ after the pandemic
Young Professionals
and support the United Nations Sustainable Development Goals. Development Programme (YPDP)
The Young Professionals Development Programme is a high-profile
training opportunity that aims to elevate young professionals’ key
China Now 2021: Business Outlook employability skills, develop UK-China relations, and benefit both
This is an annual conference that the British Chamber organises businesses and their emerging young talent. This series of events
which breaks down the Two Sessions/Lianghui but also examines and workshops take place from September to December annually.
the wider domestic and international outlook of China.
May 2021 October 2021
Beijing Highland Games Beijing British Ball
Celebrating the best of Scotland. The Beijing Highland Games is The British Ball is an annual event and one of the biggest
a family fun day promoting Scottish food, drinks and culture. In gatherings in Beijing for good causes. In 2020 the Ball supported
2020 we were joined by over 1,200 attendees with celidh dance Education Girls of Rural China (EGRC) and raised over RMB
performances and tug-o-war competitions. 200,000 to supporting girls in rural China attending high school.
June 2021 November 2021
Annual General Meeting (AGM) British Christmas Market
Celebrate Christmas 2020 with families and friends from the British
The AGM is a pivotal event as BritCham China members elect Embassy and the British business community.
the new Executive Committee that will set the direction for the
Chamber for the year ahead.
December 2021
August 2021
British Chamber Christmas Party
Employability Month The Chamber’s Christmas party is a celebration of our
membership, and the event highlights the Chamber influence
One month of diverse activities and events designed to among the business community. The party brings together
promote employability and effective recruitment for all parts company executives at the heart of Sino-British trade and
of the workforce in China – from interns and recent graduates investment.
to experienced professionals – with a strong focus on British
businesses operating in China and on graduates & alumni of UK
34 universities. 35Market Entry Guide and Directory
Chamber Services & Membership of the
Membership Benefits British Chamber of Commerce in China
Pay-per-use Services Translation Services Once you’d made the decision to start operating in China, membership of a chapter of
the British chambers of commerce in China is the next step to provide access to a range of
(available to Members and non-Members) • Performed by our carefully selected business support services and other valuable member benefits. If your Chinese operations
partner suppliers at competitive rates will have a presence in Beijing or have a national outlook, membership of the British
Chamber of Commerce in China is the natural choice as we’re based in the capital, near to
• Company Registration Check Report
both government and the national headquarters of many major British businesses. If you’ll
• A report to confirm official registration in be based elsewhere in the country, also consider membership of our partner chapters in
China and basic background information Shanghai, Guangdong or Chengdu (Southwest China).
to help you complete due diligence
At the British Chamber of Commerce in China (based in Beijing), our membership scheme
checks on partners and suppliers in China
is designed to suit businesses of all sizes and industry sectors and we always welcome new
• Checks performed by the Chamber members to join our network of British businesses operating in China.
staff, with an English language summary
supplied in addition to the original Membership Category Annual Membership Fee Description
Chinese language report
Please contact enquiries@britishchamber.cn to Sustaining RMB 40,000 Our premium membership grade open
to any business wishing to support the
gain a cost-effective quotation to meet your
needs. chamber at a higher level, unlock exclusive
premium benefits and access increased
visibility & branding
Chamber Membership
Benefits Corporate RMB 20,000 For businesses with global annual turnover
of GBP 7 million or more
Connectivity, Networking & Events Business & Marketing Support Advocacy
- Reduced price or free entry to all - Sector-specific market summaries, - Full participation in BritCham China’s
Medium RMB 10,000 For businesses with global annual turnover
of GBP 2 million to GBP 7 million
Chamber events. Access to exclusive business news updates and introductions advocacy work, including input to our
member events. to industry experts annual Business Sentiment Survey and
Business briefings & sector-specific - Full access to BritCham China reports
Position Paper, providing in-depth Small RMB 5,000 For businesses with global annual turnover
of less than GBP 2 million
analyses of challenges and opportunities
business events; seminars, webinars & and content for member businesses operating in
workshops; networking sessions; gala China informed by a rigorous consultative
Hotel & Partner RMB 15,000
dinners & awards ceremonies; social & - Free online member news & event For partner businesses that host or support
research process with the membership.
cultural events. postings – with a wide reach through Chamber events on a regular basis
The findings of these documents are used
our e-mail newsletter, LinkedIn feed and
by the Chamber to lobby the highest levels
- Listings in our member directory; WeChat (Chinese social media) subscribers
member-to-member introductions
of British and Chinese government to UK Universities GBP 1,000 Memberships for UK Universities to access
Annual Membership Fee
influence changes in policy and legislation a tailored set of benefits for the University
- Sponsorship opportunities for high-profile
- Access to the Young Professionals’ BritCham China events to benefit our members. (or RMB equivalent) and its students/graduates/alumni
Development Programme (YPDP)
- Free job postings on BritCham China - Access to other policy-related work
website includes Policy Insight articles, Market
Reviews and Member Surveys to provide
Membership runs for a full year from the date of joining.
up-to-the-minute insights into business
operation in China. Member benefits are available to all employees of the member business.
You can find more or apply for membership by visiting
Please contact enquiries@britishchamber.cn to gain a cost-effective quotation to meet your needs. https://www.britishchamber.cn/en/become-a-member/
or by e-mailing membership@britishchamber.cn
36 37Market Entry Guide and Directory
Future Sponsorship
Opportunities Useful Sources of Information
British Chamber Policy Insights
The British Chamber of Commerce in China brings the British community together
www.britishchamber.cn/en
with a wide range of exciting and engaging activities and events. Sponsorship and/or
partnership opportunities for our signature events are available to put your company
at the forefront of the British business community.
EU SME Centre Reports and Guidelines for Industries and Sectors
www.eusmecentre.org.cn/
Please contact enquiries@britishchamber.cn for more information!
China British Business Council Business Handbook
www.cbbc.org/
DIT Guidance on Exporting to China
www.gov.uk/guidance/exporting-to-china-after-eu-exit
www.great.gov.uk/markets/china/
https://www.gov.uk/government/publications/overseas-business-risk-china/
overseas-business-risk-china
World Bank Group Doing Business in China 2020
www.doingbusiness.org/content/dam/doingBusiness/country/c/china/CHN.pdf
For updates and information from the Chamber regarding the COVID-19 outbreak
in China, please refer to the British Chamber of Commerce in China’s dedicated
information page and official statement.
38 39Reports by Member companies Market Entry Guide and Directory
China Real Estate Market - 2020
S P OT L I G H T
Reimagining
Savills Research
Real Estate 2020
BRITISH British Independent Beyond the pandemic:
INDEPENDENT
Schools in China – the future of M&A NEW
SCHOOLS
IN CHINA Annual Report 2020
M&A monitor special edition
The Autonomous
Customer 2020 FRONTIERS
Still phoning, PROSPECTS FOR REAL ESTATE ALONG
THE BELT AND ROAD INITIATIVE
问创
教育 在华英国私立学校 Venture Education still emailing…
Annual Report 2020 but ready for AI.
2020 年度报告
Table of Contents | 目录
Venture Education supports UK-China education Market Summary | 市场综述
through research, consultancy and partnerships. British Independent Schools in Numbers | 数说在华英国私立学校
问创通过研究和合作伙伴关系的方式 Six Trends for 2020 | 2020年六大趋势
支持中英两国教育事业的发展。 Map of UK: British Independent Schools Represented in China | 英国私立学校分布概况
Map of China: British Independent Schools Across China | 在华英国私立学校分布概况
Map of UK: British Independent Schools Due to Open | 拟入驻中国的英国私立学校分布概况
contact@ventureeducation.org Map of China: British Independent Schools Due to Open in 2020 | 拟在2020开学的在华英国私立学校分布概况
British Independent Schools Directory | 在华英国私立学校目录
Advice for UK Education Suppliers | 对英国教育提供商的建议
Digital
Digital
Transformation
SPECIAL FOCUS:
Transformation
1 Southeast Asia Industrial & Logistics 1
Typhoon Consulting
Reimagining Real Estate Beyond the pandemic: The Autonomous New Frontiers: The
2020 the future of M&A Customer 2020 2019 Report
Savills Freshfields BT Knight Frank
trade20
The rising stars
of global trade
Analysis of
Chinese
Education
Policies
Doing Business in China
www.lehmanbrown.com
This article was prepared by LehmanBrown International Accountants.
This article is intended for general information purposes only and is not intended to provide, and should not be used in lieu of professional advice. The publisher LehmanBrown assumes no liability
for readers’ use of the information herein and readers are encouraged to seek professional assistance with regard to specific matters. Any conclusions or opinions are based on the specific facts and
circumstances of a particular matter and therefore may not apply in all instances.
Doing Business in China Global NextGen Survey Keys to Success in the 2020 Key trends to Analysis of Chinese Trade20: The rising
Lehman Brown 2019 Greater Bay Area watch in corporate Education Policies stars of global trade
Venture Education & DIT
PwC KPMG banking Standard Chartered
HSBC
40 41Reports by Member companies Market Entry Guide and Directory
British Independent Beyond the pandemic:
Schools in China – Annual NEW the future of M&A
BRITISH INDEPENDENT
Report 2021 FRONTIERS M&A monitor special edition
The Autonomous
Customer 2020
Still phoning,
SCHOOLS IN CHINA
PROSPECTS FOR REAL ESTATE ALONG
Venture Education THE BELT AND ROAD INITIATIVE
still emailing…
Education and Training but ready for AI.
Annual Report 2021
Navigating the rising tide
of uncertainty: 23rd Annual
Global CEO Survey China
Report SPECIAL FOCUS:
Southeast Asia Industrial & Logistics 1
PwC
Software Copyright Litigation: Financial and Professional 2019 New Frontiers: Prospects Beyond the pandemic: the The Autonomous Customer
How Have Foreign Companies Services for real estate along the Belt and future of M&A 2020
Fared in Chinese Courts? Road Initiative
Freshfields Bruckhaus Deringer BT
Rouse Knight Frank Legal Services IT
IP Construction & property
trade20
The rising stars
of global trade
Doing Business in China
www.lehmanbrown.com
This article was prepared by LehmanBrown International Accountants.
This article is intended for general information purposes only and is not intended to provide, and should not be used in lieu of professional advice. The publisher LehmanBrown assumes no liability
for readers’ use of the information herein and readers are encouraged to seek professional assistance with regard to specific matters. Any conclusions or opinions are based on the specific facts and
circumstances of a particular matter and therefore may not apply in all instances.
Catalyst for change Sustainable Luxury Takes Centre Stage: Market Report QI 2020 Trade20: The rising stars of
Doing Business in China Panawell Intellectual Property
finance developments across Asia China Retail - 2020 global trade
Newsletter BlueStar AMG
Lehman Brown Pacific
Savills Financial and Professional Standard Chartered
Financial and Professional Panawell & Partners LLC
KPMG Construction & Property Services Banking
Services
Financial and Professional Services
42 43Market Entry Guide and Directory
Member
Directory
If you are a UK company considering an entry to the Chinese
market or looking to grow and thrive, this directory provides a
list of service providers who can support your journey.
The purpose of the guide is to highlight the
[space for
potential and opportunities. the members are
the people who are the people you need to speak
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to, 40 years of knowledge and experience of how
to enter and then thrive in the market. Genuine
business to business cooperation.
44 45Market Entry Guide and Directory
Banking
HSBC Bank (China) Standard Chartered
Company Limited
Banking
www.sc.com/cn/en/
www.hsbc.com.cn Ricky.Yin@sc.com
www.business.hsbc.com.cn/en-gb/email-us +86 1059182081
+86 1059998888
HSBC Bank (China) Company Limited Standard Chartered is a leading Standard Chartered has established a
started operations on 2 April 2007 as a international banking group, with a unique position in serving SME in China
8 Things to Know locally incorporated foreign bank. It is presence in 59 of the world’s most dynamic for over 15 years and our products and
owned by the Hongkong and Shanghai markets, and serving clients in a further services have really evolved over time.
Banking Corporation Limited, the founding 85. More than 75% of our global footprint Essentially, our clients look to us for holistic,
1 The banking sector is one of fastest growing and dynamic
sectors in China. Over the years, it has continued to
5 Leveraging their global footprints and well-established
business corridors, UK banks are in a unique position
member of the HSBC Group, which was
established in Hong Kong and Shanghai
overlaps with the Belt & Road markets.
Our purpose is to drive commerce and
end-to-end banking services. These
include everything from lending, such as
witness constantly evolving reform and opening-up, to support Chinese companies, especially in exploring in 1865. HSBC China incorporated the prosperity through our unique diversity, unsecured business loans, commercial
forming an increasingly mature and prudential regulatory the huge business opportunities along the Belt & Road previous Mainland offices of its parent. and our heritage and values are expressed mortgages, working capital and trade
framework. markets. in our brand promise, Here for good. finance. We also offer critical day-to-day
services, such as payments and collections,
Standard Chartered is one of the oldest
2 The Big Four domestic banks hold huge market share in
the sector with proportional dominance within the sector. 6 The outlook for sustainable or green finance unveils great foreign banks in China, with its first branch
deposits, insurance referrals and foreign
exchange. We make banking easy, quick
possibilities for UK banks, which will allow them to build in Shanghai set up in 1858 and continuous and transparent, so you can focus on
Despite their small market share, UK banks have significant
upon their sound international credentials and capabilities. operations thereafter. We were among what matters most to you and grow your
influence, leading many discussions regarding the macro-
the first batch of foreign banks locally business.
economy, risk management, compliance, network &
incorporated in China in 2007. We have
connectivity and others.
7 It is always important and beneficial for UK banks
to constantly engage with key financial regulators,
outlets across 29 coastal and in-land cities
in China, a testimony of our long-term
3 UK banks have been proactively tapping into the vast
opportunities of the China banking sector by advocating
associations, chambers and academics from both China
and the UK.
commitment to China.
their international expertise, working with Chinese
regulators to further the opening-up of market, getting
access to more niche markets, and obtaining more
licenses. The China market remains a strategically
8 Despite of the myriad negative impacts caused by
COVID-19, this is also a time for UK banks to review their
important one for the leading UK banks. business strategies and regroup their resources to further
their commitments to the China market.
4 With the increasing number of regional development
initiatives in China such as Jing-Jin-Ji, the Yangtze River
Delta and the Greater Bay Area, UK banks foresee great
opportunities in these regions and remain well committed
to their growth in these regions.
46 47You can also read
