However, it is no ordinary market for UK exporters and investors. The Chinese government achieved a number of economic successes in 1999 - it met the 7 per cent GDP growth projection, saw an increase in export, maintained stability of the currency, began to deal with the non performing loans in the four state owned commercial banks, and kept a lid on problems arising from increasing unemployment. The Chinese economy should perform reasonably well in 2000. Growth is likely to hold at around current levels, and the current account balance is likely to remain positive. Reform of State Owned Enterprises will continue along current lines , with sales of state assets playing an increasing role.
Expectations are for deeper reform in the financial sector.
Possible accession to the WTO is unlikely to have a significant impact on China's economy this year. Britain is already the leading European investor in China, a country of 1.2 billion people. If you also add to this, UK exports shipped to China through Hong Kong, then our total exports to China last year stood at well over 1.8 billion - a record year. The British Council is the United Kingdom's international organisation for educational and cultural relations. Registered in England as a Charity.