Leading business advisers from Sheffield have been debating the benefits of doing business directly with China or using Hong Kong as a gateway.
Simon Murphy from lawyers DLA Piper, Felix Provost, international commercial manager at bankers HSBC, Andy Ka from accountants Grant Thornton and Giles Blackburne from the China Britain Business Council took part in the debate.
Sheffield Chamber of Commerce executive director Richard Wright chaired the event, which took place at HSBC’s Sheffield Business Park offices and was attended by a number of South Yorkshire businesses with an interest in China, who also shared their thoughts and experiences.
DLA Piper partner and Hong Kong UK Business Forum chairman Josh Wong said: “Hong Kong still has plenty to offer South Yorkshire businesses in terms of tax efficiency, finance, economic freedom and as a ‘testing ground’ before launching in China.
“However, in light of the ease of doing business directly with China, Hong Kong is no longer seen as an essential gateway to the mainland.
“The case for direct investment to the mainland also highlighted the positive effect of China’s status as a major economic and political force, its new double tax treaty with the UK and the rapid improvements being made into infrastructure, company set-up procedures and its legal system.”