UK-China trade opportunities vast as Brexit blooms, says International Trade Secretary

The Rt. Hon. Dr. Liam Fox MP, Secretary of State for International Trade, says that, "Innovative Chinese brands present greater opportunities for strengthening economic UK-China relations post-Brexit."

Britain's International Trade Secretary Liam Fox leaves 10 Downing Street in London on October 9, 2018 after attending the weekly meeting of the cabinet. [File Photo: VCG]

At an event at the House of Commons hosted by WPP for the launch of their BrandZ report, experts from the world of business revealed insights for British firms wanting to do business in China, listened to speeches by a number of prominent Parliamentarians and business people.

China Daily reported that, Chinese internet giant Tencent topped the league table, followed by Alibaba and the leading telecoms company China Mobile. Other well-known names in the top 10 include the telecommunications company Huawei, the Chinese liquor producer Moutai, and the world's biggest bank in terms of assets, Industrial and Commercial Bank of China.

"The UK-China trading relationship is already worth £67.5 billion and the opportunities to deepen our trade ties as the UK leaves the EU are vast," said The Secretary of State for International Trade.

"As a champion for free trade, the UK is an ideal partner for trailblazing innovative Chinese brands looking to expand and invest abroad, and with world leading expertise in creative industries, we are perfectly placed to support them."

Over 150 British and Chinese guests from political and business circles were at the event as the International Trade Secretary reiterated the significance of deeper UK-China economic ties with the UK drawing closer to leaving the European Union.

The event highlighted findings from the BrandZ Top 100 Most Valuable Chinese Brands 2018 ranking and The Top 50 Chinese Global Brand Builders study. The latter revealed the UK has the most positive attitude towards Chinese brands, with innovation the key factor behind their growth.

David Roth, the chairman of BrandZ for WPP said that companies that back their brands with the power of creativity and ideas will be the winners in today's world of innovation and change. He went on to add that China excels in this respect.

China is WPP's third largest market and for the creative industries in particular there are vast opportunities to support and do business with one of the most competitive markets in the world.

"Today 14 Chinese brands appear in our BrandZ list of the Top 100 Most Valuable Global Brands compared with just one in 2006. Moreover, trailblazing Chinese brands also dominate the fastest risers and British brands that can align themselves with them stand to reap the benefits," said Mr. Roth.