The Cardiff Business community heard how BBC coverage of UK trade with China does not show the full picture at a business event in Cardiff earlier tonight.
Over one hundred people attending the event organised by the Cardiff Confucius Institute heard from business leaders who are currently operating in with the world’s fastest growing economy.
Representatives from leading Welsh Businesses presented case studies and success stories of working China, dispelling claims in the UK media that a trade imbalance was desperately in favour of the world’s fastest growing economy, which saw its GDP increase by 8.7% last year.
Stewart Ferguson of CBBC, the China Britain Business Council, challenged reports from BBC’s business editor Robert Peston who said Chinese exports to the UK were three times the figure for imports.
In an article on the BBC website earlier this month Mr Peston said: “In 2009 we sold £8.7bn of tangibles and intangibles to China, and we bought three times as much, £25.8bn, from the Chinese,” he says.
“Although over 10 years our sales of goods and services to China have increased by a seemingly healthy 4.6 times, imports have risen by a far greater multiple, 6.6 times.”
Mr Ferguson said although this was true, there were other contributions to the UK economy from China such as £2bn per year coming from Chinese students in China.
He added there are 4,000 British enterprises in China, while UK based accountancy firms dominate the Chinese market and as over 150m Chinese residents are expected to flock to the cities over the next ten years demand could grow for UK goods and services.