Our China special interest group held a panel discussion on how to improve corporate governance in businesses working between the UK and China.
The event was kindly hosted by CMS McKenna Nabarro Olswang and came after the recent 19th National People’s Congress in Beijing which saw President Xi Jinping outline China’s vision, strategy and focus for the next five years and beyond.
Minister Counsellor Jin Xu from the Chinese Embassy in London kindly welcomed the guests and kicked off the discussion which covered everything from the rapid pace of Chinese high-speed railway development to cross-cultural risks and opportunities.
We learnt about obstacles that have been experienced, such as stock market problems or difficulties obtaining payment in China, but it was agreed that these issues could be addressed through cultural awareness, preparation, mutual respect, understanding and co-operation.
More positively, we heard how there was strong desire to improve corporate governance within China, something which is wholeheartedly supported by the IoD.
We also learnt about the importance of Chinese company ‘chops’ (a company seal or stamp) and legal aspects of business related to their usage. The topic of Brexit also appeared early on in the discussion and there appeared to be positivity in China over the continued relevance of the UK as a trading partner and London as a leading global financial centre, even after it has left the EU.
We look forward to more IoD City China Group events which will include an All Party Parliamentary Group dinner in December and our annual Chinese New Year banquet in February. We hope to see you there.
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