British business leaders confident in the resilience and vitality of the Chinese economy

Giant consumption driven by the middle class, sustained economic growth even in the midst of the COVID-19 pandemic, great collaboration of green investment under a mutual desire for the planet … These are among the reasons given by business leaders British for their confidence in the resilience and vitality of the Chinese economy.

To reduce the impact of the pandemic, British luxury brand Rapport London has focused on the digital economy, experiencing strong double-digit percentage growth in its online business across the world, particularly in the market China’s booming online.

“The Chinese market is set to become the largest luxury market by 2025, and we want to be part of that growth,” said Oliver Rapport, CEO of Rapport London, in a recent interview with Xinhua.

“The importance of the Chinese market is paramount,” Report said, adding that the luxury goods market on the Chinese mainland has seen a significant increase in consumer spending in 2020 and is expected to grow continuously through 2025.

Since his company set up online stores on Chinese e-commerce platforms, including the WeChat and Alibaba mini-programs, Rapport said he plans to open offline stores in collaboration with Chinese partners.

Founded in 1972, Mintel, a London-based market research company, has tracked consumer spending in 34 markets around the world.

“We see real confidence in many of Mintel’s reports on consumer spending going forward,” Matthew Nelson, newly appointed global CEO of Mintel, told Xinhua.

Nelson said the Chinese economy will experience continuous growth in 2021, which has been “driven by initiatives of technological self-sufficiency, rising living standards, social security and green economy.”

After taking a closer look at the latest trends in Chinese domestic spending, Nelson said, “As a business, we’ve really looked at consumers in lower tier cities. Really, they offer great growth opportunities for brands entering this market. with increased purchasing power, as well as closer alignment with some of the values ​​that accompany these brands. “

“I mean, any global brand, whether it’s Mintel, Market Intelligence or Automotive, Retail, Food and Beverage, if you’re a global brand, you should definitely focus on China, ”Nelson added.

John McLean, newly appointed president of the City of London’s Institute of Directors (IoD), told Xinhua that Britain has left the European Union and must look east.

McLean noted that China’s emerging middle class is attractive to UK businesses.

McLean said things should change as tourism picks up with improvements not only in economic cooperation but also in terms of bilateral understanding.

“I firmly believe that in a post-COVID era, China will again be that engine,” he said, adding that Britain and China would find a way forward as businesses seek a target to long term.

China is “wonderful and brilliant” in its carbon emissions commitments and the City of London looks forward to continuing strong relations and strengthening green collaboration with Chinese partners, said William Russell, Mayor of the city. from London.

“It is very important to strengthen the collaboration between the two sides,” the mayor told Xinhua in a recent video interview. “One of the areas we want to strengthen is green finance.

Speaking about working with Chinese partners in the field of green finance, Russell said, “I think China has made great strides, and it is moving very fast, and we will continue to work with China to help these. progress. “

The China International Import Expo (CIIE) allowed many Scottish companies to learn more about the Chinese market, and it was truly “an eye-opening experience” for them, Kevin Liu, Senior China Representative for Scottish Development International (SDI), told Xinhua in a recent interview.

SDI, the Scottish agency for foreign trade and direct investment, will attend the 4th CIIE in Shanghai, east China, which is only about half a month away from the second year in a row.

Speaking about China’s recovery from the COVID-19 hit, Liu said, “You see the strength of the rebound in the Chinese retail market, especially the role that e-commerce has played in helping to ensure that goods and services continue to flow while a fast market. “

“The fact (is) that the Chinese domestic market is still going strong despite many external and internal shocks,” Liu said. “I think the Chinese market would become even bigger, not only for Scotland, but also for the rest of the world.”

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