[photopress:Chinesetrainees_in_UK.jpg,full,alignright]American and British firms are among the Western businesses best placed to tap into the booming Chinese economy, but British managers still seem slow off the mark when it comes to spotting new opportunities.
A global study by consultancy Hay Group has found British captains of industry expect China to be worth 10 per cent of their global revenues in two years’ time — the equivalent of RMB3,044 billion a year.
Its poll ranked the UK as second only to the US in terms of its capacity to succeed in China, with 63 per cent of global executives rating the UK ‘well placed’ to succeed in China.
Deborah Allday, associate director at Hay Group, said: ‘China is quite simply the greatest market on earth. Our research shows that British business leaders expect to double their sales to China within three years.But with 40% of British companies lacking a China strategy, whether they have the capability to make this happen remains to be seen.’
A quarter of business leaders wanted the UK government to boost British success in China by teaching Chinese language and culture in schools.
Almost two thirds of UK business leaders believed Western companies needed to develop whole new ways of operating in order to succeed in China, compared with 77 per cent of global executives. As a result, close to half of UK firms were now looking to recruit Chinese MBA graduates.
Frank Hartle, director of Hay Group, said: ‘We are about to face a war for talent both in China and in domestic markets as companies scramble to recruit talented leaders and managers with an understanding of the Chinese market and business culture.
‘Companies who fund MBA study for employees should demand China modules on their courses. And talented executives with a track record in China should understand the value of this rare skill set,’
Source: Management Issues UK