Last night Chinese Trade Minister, Bo Xilai addressed a dinner of the China-Britain Business Council in London. His appearance followed last week’s visits from Hong Kong (and Shenzhen) that included events by the Hong Kong Trade Development Council and the Chief Executive, and was in advance of President Hu Jintao’s arrival in the UK for a state visit.
Minister Bo was relaxed and confident (following his trip to Brussels – and a shopping expedition to Harrods) as he impressed the business audience with statistics on China’s growth and development, such as:
- Savings are in excess of US$1.6 trillion
- China accounts for 12 percent of world consumption of luxury goods, and is the 3rd largest consumer
- By 2010 GDP is expected to be US$2.5 trillion, and there will be 55 million cars
He stressed that UK businesses were addressing less than a quarter of the opportunity available and especially invited entrepreneurs to enter the market. He also noted that all the toys at Harrods seemed to be…made in China.
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