Untitled


	China's foreign trade forecast to rise 15% in 2005 with imports expected to equal exports The global economy and global trade are set to keep growing in 2005, fuelled in large part by China's continued growth and development. Tremendous business opportunities exist for U.S. exporters in China, but this market requires local expertise and "guan-xi"- relationship building for success. So, how do you get started? Not to worry, let our contacts in China work for you! The global economy and global trade are set to keep growing in 2005 fuelled in large part by China's continued growth and development. Setting the target at 15% should help push enterprises to accelerate change in the pattern of their foreign trade growth, improve their import and export mix, and raise the quality and level of their foreign trade growth. Moreover, China has now lifted all foreign trade controls and is committed to continued WTO tariff reductions. China's domestic economy will keep growing rapidly, and demand for imports should also continue to expand. Tremendous business opportunities exist for U.S. exporters in China but this market requires due diligence. Local expertise and "guan-xi"- relationship building, are perhaps the most critical aspect to entering and navigating the China market. So, how do you get started? Not to worry, let our contacts in China work for you! The VEDP Division of International Trade (VEDP-IT) has an office in Hong Kong. This office is staffed by local international trade professional who is eager to assist with business introductions-giving Virginia companies interested in China a unique competitive advantage. This spring, Virginia manufacturers and service providers interested in increasing sales in Asia's fastest growing economy, can benefit from personal introductions in China. Virginia companies will have the opportunity to expand their business in China by joining the Virginia Economic Development Partnership's (VEDP) trade mission to China May 13-28, 2005. The mission will travel to three cities in China: Hong Kong, Beijing and Shanghai. *China at a Glance: Why China?* China is the fastest GDP growing country in the world. China is the 5th largest U.S export market China's imports from the U.S. totaled $44.6 billion in 2004. China is Virginia's 5th largest export market China's imports from Virginia totaled nearly $608 million in 2004 China's imports in the next three years will reach one trillion U.S. dollars. This enormous volume of imports will create abundant opportunities for the world's businesses and will also compel the world's economic development. Major public-works projects currently under way in China include 2008 Summer Olympics related projects and urban renewal in various cities. There are also excellent export opportunities for U.S. companies in manufacture raw materials, building materials and power generation. Best prospects for exports to China are: Paper and paper board, computer services and software, environmental technologies, plastic materials and resins, scientific instruments, mining machinery, telecommunication equipment, compressors, aircraft, parts and airport development and biotechnology. Virginia's top exports to China include: Parts for industrial machinery, air/vacuum pumps, compressors and fans, air conditioning, machines, centrifuges and filters for liquid and gases, pulley tackle and hoists, ball/tapered bearings, and parts for office machines, paper and paperboard, grain, feed and fruits, manmade staple fibers, wadding, felt, electrical ignition equipment and generators and parts, parts for television, radio and radar apparatus, electronic integrated circuits and micro-assemblies and parts, iron and steel, wood, manmade filaments and plastics. It is essential that U.S. companies serious about entering the Chinese market hire a reputable, well-connected agent or distributor. Relationships and business contacts must be cultivated through frequent personal visits. The Chinese attach a high degree of importance to personal relationships, and these take time to establish and nurture. Patience and repeated follow-up are required to clinch a deal. As you can see there are many opportunities in China. If you are interested in pursuing or expanding your business in China, take advantage of our contacts in China and make plans to join the upcoming China mission. Start cultivating new relationships in China now. Virginia manufacturers and service providers interested in increasing sales in China, the most fast growing economy will benefit from personal introductions made on the Trade Mission to China. Don't miss this opportunity - space is limited! Click here to register online for this event before March 31, 2005. For more details contact Thomas Garnett by telephone at: 804-371-8242 or by e-mail at: e-mail at: tgarnett@yesvirginia.org or go to the events page of our website at www.ExportVirginia.org.