China’s consumption upgrade offers UK new opportunities

Source:Global Times Published: 2019/10/5 16:55:11

Photo: CEIBS

 The London Forum on China's Consumption Upgrade in London, the UK on October 2.

Jointly organized by China Europe International Business School (CEIBS) and the China Chamber of Commerce in the UK (CCCUK), the event attracted more than 250 scholars, entrepreneurs and senior executives from China and the UK. 

Professor Dipak Jain, President (Europe) of CEIBS, said the goal of CEIBS is to enhance academic excellence, business relevance and social influence. The forum was established by CEIBS to continuously disseminate and create knowledge and promote global business exchanges, as it is celebrating the 25th anniversary of its establishment.

Minister Chen Wen of the Chinese Embassy in the UK said while China has become the most dynamic and potential consumer market, the UK has unique industrial advantages in consumer goods, financial services, high-end manufacturing, medical services, tourism, education and other fields. Britain's advantages are in line with China's consumption upgrade and market development needs.

As this year marks the 70th anniversary of the founding of the People's Republic of China and the 47th anniversary of diplomatic relations between China and the UK, it is hoped that China and the UK will work together to grasp the new trend of consumption upgrading, open up new opportunities for cooperation, create more new achievements for the benefit of the two countries and the people of the world, and to promote the "golden era" of China-UK relations, Chen added.

Rajesh Agrawal, deputy mayor of London (Business), said that London is an open city with many tech enterprises in London, whose products and services can well meet the needs of the Chinese market.  Agrawal has led British delegations to China on many occasions. He hopes that the participants would make full use of the good communication opportunities provided by the forum to enhance mutual understanding and explore more opportunities for cooperation.

After four decades of sustained development, China is currently evolving fromm "the factory of the world" to "the market of the world" as its population of 1.4 billion is re-imagined as consumers instead of labor. Led by the growing purchasing power of consumers as well as technological innovation, China's increasing domestic consumption will benefit companies and brands worldwide. 

On the day of the event, a number of Chinese and British entrepreneurs held round-table discussions on "A New Order of Consumption Upgrade" and "Impetus for Technological Innovation: Incorporating Financial Products into Daily Life".


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