During the last quarter of 2023 we saw increasing vows by the government to regain companies’ confidence in the Chinese market. And 2024 starts with an atmosphere of anticipation – when will China’s economy fully recovers from the pandemic.

 

In 2023 the World continued to be disrupted by wars and conflicts. While the war in Ukraine continues, new conflicts arose in Middle East. Thus, looking at the global economy for 2024, Executives continue to see geopolitical instability and conflicts as the biggest threat for the global economic outlook (more on global economic outlook McKinley Global Economic Conditions Outlook during turbulent times, December 2023). The conflicts have brought on economic challenges and inflation in Europe. As EU has become China’s biggest trading partner, struggles on the Old Continent have had a clear impact on China’s economy as well. The World Bank estimated China’s economic growth in December for 2023 to be 5.2%. But with abundant global and domestic challenges ahead, the forecast for 2024 is 4.5% with the downward trend to continue coming years. (World Bank’s China Economic Update – December 2023)

 

Last year marked the 70th anniversary of the first Finland-China trade agreement. Still after 70 years China remains an important market for Finnish companies. After the COVID restrictions were lifted beginning of 2023, we saw several new Finnish companies starting their China journey. The three pandemic years were naturally challenging for many Finnish companies as well. But we have had many success stories, several of which you can read about from our newsletters during 2023. Looking at 2024, despite the economic challenges, overall Finnish companies remain positive towards their business development in China, albeit large corporations are more pessimistic than SMEs. (Team Finland China Pulse Survey October 2023) 

 

The year 2023 was in many ways a relief for us in FinnCham Beijing. We were finally able to return to regular events also offline and ended having perhaps our busiest year ever! I want to thank my colleagues at FinnCham Beijing for the past year and especially our Executive Director Ulla Nurmenniemi for keeping us going strong.

A big thank you for our partners as well. As part of Team Finland, we have continued great cooperation with the Embassy and Business Finland, and I look forward to keeping that going in 2024 as well. In 2023 together with FinnChams in Shanghai and Guangdong we started a journey towards a unified FinnCham in China, and we are extremely excited to continue this development in 2024.

 

Last and foremost, on the behalf of all of us at FinnCham Beijing, I want to thank all our members for 2023 and look forward to seeing you all in 2024!

 

Wishing you Happy New Year 2024 and all the success for the Year of the Dragon!

On behalf of FinnCham Beijing,

 

Juha Tuominen

Chairman

FinnCham Beijing

Last year marked the 70th anniversary of the first trade agreement between China and Finland. Signed in June of 1953, the bilateral agreement was originally worth of 2.5 billion Finnish markkas, which translates to roughly 90 million euros today. 70 years later, our bilateral trade relations are measured in billions of euros – every quarter.

The increased trade perfectly portrays the great story of the past decades: globalization, foreign trade and consequent economic welfare in our respective countries. Currently, we live in in a world of geopolitical shifts and challenges. The word ‘globalization’ does not have the same indisputable appeal anymore.

With a new year, we find ourselves in a moment of reflection. The ongoing wars in Ukraine and Gaza remind us of the fragility of peace and the importance of diplomatic efforts.

As the late President of Finland and Nobel laureate, Martti Ahtisaari, said, “Wars and conflicts are not inevitable. They are caused by human beings. There are always interests that are furthered by war. Therefore, those who have power and influence can also stop them.”

Conflicts can ultimately be resolved. Despite all our contemporary challenges, as we embark on this new year, let us remain optimistic and keep in mind the prospect of just peace. After all, it is peace that provides the foundation for economic action.

The challenges of our times require collective efforts to forge a brighter future. Peace should be a common aspiration for all of us.

I hope that 2023 has treated you well, and as we step into 2024, may it bring you even more success, happiness, prosperity, and most importantly peace.

Cheers to a new year!

Team Finland China* is conducting Quarterly Company Survey with the aim of gaining insights to help us support Finnish companies in navigating in the changing Chinese economic landscape. Your inputs will remain anonymous, and the collective findings will be shared with all participating companies. Team Finland has sent the survey email-link to all Finnish companies operating in China. If you didn't get the link, please contact us. Completing the survey will only take less than 5 minutes of your time. The deadline for submitting your responses is January 23, 2023. 

FinnCham Beijing is part of Team Finland in China, and an outstanding platform for all Finnish businesses in China. For those companies which need more visibility, we have launched a Premium Membership. It's an upgrade from normal membership, as you can see from the table below.

For those companies in Finland, who are planning to expand their businesses to China, or are in the early stage and don't have an office in China yet, we have a distant membership. A very cost-effective way to make your company known to a large audience, and get essential contacts for your future.

Not a member yet: Join us HERE

FinnCham Beijing’s mission is to help Finnish companies to succeed in China