The Festival, launched last night by HRH The Duke of Cambridge, is a unique partnership between the UK government and private sector to create jobs and growth by supporting UK companies looking to break into fast growing Chinese markets. In total, the Festival is expected to bring in £150m to the UK economy over the next five years.
Now in its second day, the Festival based at the Long Museum, West Bund, is welcoming more than 2,000 leading business men and women, including Sir John Sorrell, Jo Malone, Sir Tim Berners-Lee, Kelly Hoppen, Sir Martin Sorrell, Brent Hoberman, Thomas Heatherwick, Jack Ma and Liang Xinjun.
Lord Livingston, UK Trade Minister, said: “Our creative industries are a highly valued asset to the UK – worth almost £80 billion a year to our economy and employing 1.6 million people. I am delighted to see so many British companies at the GREAT Festival of Creativity in Shanghai.
“The Festival offers great opportunities to deepen collaboration and partnerships between the UK and China across a range of areas that benefit from our GREAT creativity.”
Deals announced today include:
Tourism
A partnership of Birmingham Airport, Hainan Airlines and leading Chinese tour operator Caissa Touristic will launch a series of 17 return Beijing-Birmingham flights this summer, creating £19m for the Birmingham and wider West Midlands economy. These flights form part of a long-term plan aimed at scheduled flights from China to Birmingham.
A collaboration between the British Museum, Chinese broadcaster CCTV and digital media agency Yadii to produce a documentary, The Magic Museum and launch a supporting app – Magic M. These will introduce Chinese audiences to some of the most popular treasures in the British Museum.
Healthcare
Oxford based Phynova has received the first ever market approval for a traditional Chinese medicine from the Medicines and Healthcare Products Regulatory Agency, estimated to be worth £15m over 5 years.
Film and Television
A landmark co-production treaty between the UK and China has been ratified and announced today in Shanghai by UK Culture Minister Sajid Javid and Mr Miao Xiaotian, President of the China Film Co-production Corporation. Providing exciting new opportunities for deeper collaboration and co-operation between both nations’ film industries, the treaty will allow qualifying film co-productions to access domestic benefits, including sources of finance and an easier route to audiences.
The treaty was negotiated by the British Film Institute (BFI) and China’s Film Bureau and China Film Co-production Corporation, with support from the Department for Culture, Media & Sport, British Council and UK Trade and Investment in Beijing.
Secretary of State for Culture, Media and Sport, Rt Hon Sajid Javid MP is to officially announce the new treaty at the Festival saying: “The UK and China are home to two of the biggest and best film industries in the world, so both of our countries have much to gain from forging closer links.
“This treaty will pave the way for UK producers and their Chinese counterparts to share their creative expertise and make incredible films that will be enjoyed around the world.”
BBC Worldwide and Smart English, a wholly-owned subsidiary of Popular Holdings Limited, have announced it has officially started the roll out of its learning centres in China, starting with the first CBeebies-themed English Learning Language in Shanghai in mid-2015.
E-Commerce
Royal Mail announced it is launching a new shop front on Alibaba’s Tmall Global e-marketplace, offering British retailers and exporters a quick and easy access the Chinese market and direct contact with Chinese customers.
Financial Services
Shanghai Asian Brokers Co Ltd, will be one of the first Chinese insurance brokers to set up in the UK, aiming to create 30 new jobs over 3 years. This move reinforces London’s position as a leading global insurance centre.
A memorandum of understanding will be signed between China Council for the Promotion of International Trade and UK Trade and Investment to work together to deliver positive business outcomes at the Milan Expo 2015.
The economy also looks set to further benefit from Chinese tourism, according to a report commissioned by InterContinental Hotels Group (IHG). It says the average spend in the UK by Chinese travellers will rise 425 per cent to £4.2 billion in 2023.
Since 2010 British goods exports to China have more than doubled. With the most recent figures, from January to June 2014, showing UK exports of goods to China were £6.6 billion, an increase of 9 per cent from the same period in 2013.
In addition, the UK continues to outperform other EU countries, with exports up 18 per cent in the year to September. The UK was now the clear No.2 in Europe in terms of trade with China, behind Germany, the second largest EU investor into China and the leading destination for investment from China.
