Despite business confidence in China on a substantial slowdown, West SMEs who seek connections with Chinese markets are being urged to persevere by West China bureau.
The newly appointed Director of Market Insights at the West of England China Bureau, Peter Read, doesn’t see the current growth issue to be severe for long-term business ambitions in particular.
He comments: “Figures published regarding China’s economic growth in the six-week period between our own New Year and the Chinese New Year have triggered fluctuations in world markets and prices.
“But we are determined to ensure West firms looking to connect with the Chinese market will not lack opportunities to do business during the forthcoming Year of the Monkey.”
Pete, CEO of market information firm Global Growth Markets in Bristol, doesn’t see too much of an impact on business plans for small companies due to the modest ambitions of an SME and size of the Chinese market.
He adds: “Decision-making may be slower and potential business partners in China more cautious, and immediate demand for some products and services will perhaps be more lacklustre than it was a year ago.”
Pete goes on to say that identifying the market segments that hold real potential for your product or service is essential.
He concludes: “Combined with low costs, the large potential demand implies potentially huge profits. It is possible to build a big business there very rapidly, if you get the formula right.”
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