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|40 million Chinese company credit reports online|
|Tuesday, 03 May 2016|
Creditsafe, the world’s most-used provider of company credit reports, has announced that it has added credit reports on 40 million Chinese companies to its platform. The news follows Creditsafe’s recent announcement that its system provides information on over 190 million companies in 51 countries, including Australia, Bangladesh, India, Nepal, Pakistan, Russia, South Korea, Sri Lanka and Taiwan.
China is now the world’s second largest economy after the USA and UK exports to China rose by 9% in 2014 to £14.1 billion. China is also the largest country in the world by population and is forecast to be the world’s biggest luxury goods market by 2020. Prime Minister David Cameron described the recent visit of Chinese ambassador Liu Xiaoming to the UK as marking the dawn of a “golden era” in bilateral ties between the two countries.
According to UK Trade and Investment (UKTI) advice opportunities for UK companies to sell into the Chinese market include the supply of luxury consumer goods and groceries, energy saving technologies, luxury cars, aircraft interiors and offshore wind technologies.
Despite the economic opportunities created by the Chinese and UK governments as well as general growth in consumer demand for products and services, UK companies still need to be aware of potential risks before trading with China. These challenges include language barriers, a relatively complex business culture and the fact that some parts of the economy are still closed to full foreign participation.
Rachel Mainwaring, Operations Director at Creditsafe, commented: “We are excited to provide this new set of reports on Chinese companies as the latest stage in our international expansion strategy. The opportunity for UK organisations to build long-lasting commercial relationships with Chinese companies is huge, but not without its risks. By finding out as much as possible about companies using our credit reports, organisations can understand who they are dealing with and undertake due diligence in advance of setting up face-to-face meetings.”
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