Life of Guangzhou - British Consul in Guangzhou: British See More Opportunities than Challenges

Does the "minimum wage standard" in Guangdong really determine the future of China's economics? Matthew Moody - the Political, Economic and Public Affairs Consul of the British Consulate in Guangzhou - said that the British see more opportunities than challenges.

From the UK's Times on August 25th: "...However, a diverse trio of numbers may hold the key to predicting where China will head next: one, monthly electricity output; two, the minimum wage in Guangdong province; and three, how much cash value China adds to a "Made in China" iPod."

Moody responded that China and the UK face the same fierce competition in the global economy, especially the rising cost of raw materials and energy. The Guangdong authority has established the direction of the provincial plan, which includes industry structure adjustment, self innovation and the further development of environmentally-friendly high-tech industries.

Moody said the UK has extensive experience in the finance, energy, service and high-tech industries, more than qualified to help meet the needs of Guangdong. The British Consulate in Guangzhou longs for further cooperation between British corporations and China.

"Guangdong is very important to the UK. Not only does it have a huge economic capacity, but it also accounts for one third of the exports of the whole country. In fact, the UK has invested the most in Guangdong's corporations out of all the EU members," Matthew added.

Original text by Times
http://business.timesonline.co.uk/tol/business/economics/article4602013.ece

(By Jessie Hwang, Stephen Roach)

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