British Industry Leaders Meet at Conference to Discuss China's 13th Five Year Plan Amongst Packed Audience

SHANGHAI, Dec. 9, 2015 /PRNewswire/ -- On 3 December, after a tremendous Centenary year thus far, The British Chamber of Commerce Shanghai rounded off the business celebrations with a half-day conference on China's 13th Five Year Plan. As a leader in economic development, China's reform and its impact on different industries are of great concern to both domestic and foreign companies. This is further fuelled by the recent acceptance of the RMB by the International Monetary Fund (IMF) as one of the currencies included in the basket that make up the Special Drawing Right (SDR). Thus, the centenary event focused on the implications of the plan for businesses and how companies should adapt and take advantage of the changing business environment.

CXO Panel Discussion at the Conference

The conference featured ten key speakers and panelists, addressing a fully-packed room, which led to a fruitful morning of discussion and engagement. The event received an enthusiastic response from members in different industries and also served as a platform for professionals to keep track of current changes, specifically in China.

Three main areas of focus were explored, namely:

The regulatory landscape:

1. Companies should focus on being open and transparent in order to move towards greater development
2. China's economy is no longer growing at such a fast rate so focus should be on a moderately prosperous society as opposed to rapid growth
3. Anti-corruption legislation is more stringent in order to combat the problem 'from within' and this can spill over to foreign companies
4. 'Made in China 2025', the initiative to upgrade the Chinese industry, is not anti-foreign as many may believe, but foreign businesses should review their strategies in order to adapt to this initiative

Government relations:

1. Growth rate is decreasing year by year from 7.5% previously to 6.5% this year. This progressive slow down is likely to lead to changes in behavior and focus
2. The old approach of 'guanxi' is no longer adequate, as business isn't merely about products. Companies should focus on how they can bring value to China as a society, meaning business should be much more multi-dimensional. This rings especially true for Corporate and Social Responsibility (CSR) initiatives which are likely to receive backing by the government -- the spotlight needs to be on how companies can match what China has prioritised
3. Mastering relations with the government should not be seen as a campaign, rather a 'way of life', as the process is too long and far-reaching

Consumer demands:

1. E-commerce and e-payment dominates the retail sector, thus companies should aim to fit the mobile-oriented lifestyle of the public to fully take advantage of the change. This includes attention to online-2-offline (O2O) strategies and adoption of social network channels, as well as effective analysis of big data
2. Environmental concerns can affect consumers, however, although the average Chinese spender does care about the environment, purchasing decisions are still made on functionality and price
3. Traditional retailers need to devise new ways to appeal to consumers, such as creating a tangible atmosphere not found online, in order to minimize the negative effects from e-commerce.

These highlight some of the key components in the 13th Plan, which has drawn great interest both at home and overseas.

Back from left: Tristan Edmondson, Carnstone; Yong Zhang, Sanpower Group; Alan Grieve, HSBC Bank (China) Company Limited; Kent Kedl, Control Risks; Adrian Steeples, Quaker Chemical; St. John Moore, Brunswick; Front from left: Phil Roebuck, British Chamber of Commerce Shanghai; Chris Lu, Diageo; Susan Munro, Steptoe & Johnson LLP; Barry Piper, Faithful+Gould; Angela Lock, British Chamber of Commerce Shanghai

Notes to the Editor:

About The British Chamber of Commerce Shanghai

In May of 1915, during the time of the Great War in Europe, a group of British merchants gathered at the British Consul's residence in Shanghai to discuss how to protect British business interests during a time of conflict. The meeting culminated in the formation of the British Chamber of Commerce Shanghai.  Although, at that time, it was considered to be a short wartime initiative, this business support organisation quickly grew in size and activity beyond the end of the First World War. The following years would see the establishment of many more British Chambers in China and by 1925 the Association of British Chambers of Commerce in China and Hong Kong, headquartered in Shanghai, had a total membership of 23 British Chambers.  

Today, the British Chamber of Commerce Shanghai comprises over 300 British companies and international companies with a British interest, ranging from the largest multinationals to small start-ups operating in East china. The Chamber is a non-for-profit, non-governmental organisation, funded and governed by its members. As one of the oldest foreign Chambers still operating in China, the Chamber's original ethos of helping each other in the interests of growing British trade with China, is as true today as it was 100 years ago.

Photo - http://photos.prnasia.com/prnh/20151209/0861512232-a
Photo - http://photos.prnasia.com/prnh/20151209/0861512232-b