Retailers and UK business leaders are being urged to take advantage of rapid growth in China where average wealth is booming.
China experts and retailers and associations including Debenhams and the Savile Row Academy met this week to discuss how Western businesses can benefit from soaring growth in gross domestic product (GDP) in the country.
China, which did not experience a banking crisis but was impacted by the subsequent loss in exports that followed, launched a 4 trillian yuan (£363bn) fiscal stimulus package in November 2008.
Last week, China said that GDP rose by 10.7% in the last quarter of 2009. In the UK it grew by only 0.1% in the same period.
The Savile Row Academy is looking to transport traditional British tailoring skills to China.
UK Trade and Investment executive Brian Shaw, told the Telegraph: “It is screaming at you from every newspaper stand that China is the place to do business”.
Jeremy Gordon, a China specialist at UKTI, added: “The main beneficiaries of the fiscal stimulus will be big local companies in China – but by positioning themselves around these state-owned enterprises, UK companies can create supply chain opportunities.”
UKTI is working on a string of initiatives to help UK companies take part in stimulus-related projects.