Fresh from my MDHUBAlpha trip to China. A fantastic experience - eye and brain opening. We started in Hong Kong - slightly tropical feel to the weather, bright lights and designer shops everywhere - stayed in The Langham which was fantastic and the staff were genuinely friendly as were most locals we met.
A couple of useful presentations from UKTI and HK Trade Development Council - the general message was direct trade with Mainland China was difficult particularly getting money (Rmb) out, IP protection poorish, legal system not what we would be used to. General view at this time - operate through a Hong Kong based company and find a good local representative.
Advantages of Hong Kong - British based legal system, currency linked to US dollar, free flow of trade, good IP protection and a low tax system.
Key figures from the presentations -
1.5billion people - 55% of them under 24
4 million graduates a year
100 million bachelors
200 cities with population of more than 1 million
20 new airports and 20 new underground systems being built
400 million mobile phones
320 million internet users
50% of the world's pork eaten
33% of world's tobacco consumed - forgot what it is like to be in a smoky restaurant or bar.
More people speak English in China than America
GDP growth 9.4% over 10 years
Trade Growth 21% over 10 years
$1.5 Trillion foreign currency reserve - no wonder the US is sweating!
Growing middle class 300 million (although this number varied from presentation to presentation) and 18,000 billionaires.
- that's the numbers, more about the trip later.
Wednesday, 1 December 2010
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