FinnCham has been actively participating in various forums and city visits, giving speeches on different industries and traveling within China more than ever. Currently (June 14-16), we have a Team Finland business delegation in Zhejiang led by Shanghai Consul General Anu Vuori-Kiikeri.

This increased momentum isn't just a gut feeling. According to a report by China Daily, many global organizations have raised their expectations for China's economic growth in 2023. The World Bank has projected a global growth slowdown from 3.1% in 2022 to 2.1% in 2023. Emerging markets and developing economies, excluding China, are expected to experience a slowdown from 4.1% last year to 2.9% this year. These forecasts indicate a general downward trend. However, the World Bank has revised its global growth outlook for 2023, stating that China and other major economies have proven to be more resilient than previously predicted. The World Bank has significantly increased China's growth forecast to 5.6% in 2023. You can read the full World Bank Global Economic Prospects June report HERE.

So, how do Finnish companies in China perceive the situation? Team Finland China recently conducted a short pulse survey, and the results show that Finnish companies are exercising caution in their predictions. The findings indicate an average positive perception rate of 52.48%, suggesting a positive outlook for China as a business destination. The full report is here. However, there is uncertainty regarding the recovery of China's economy, as reflected in the sales development experience, which remains close to neutral. The World Bank's forecast suggests growth in the second half of the year, but we will have to wait until the end of the year to see if it holds true.

As you may already know, the FinnChams in mainland China are working towards creating a more united organization that can provide better services to our member companies, many of which are expanding into new areas in China. One step in this direction is our service survey. We are conducting a services development survey to better understand the needs of our members and those who may require our services in the future. We would greatly appreciate it if you could spare a few minutes to answer the survey and provide your comments. The survey will remain open until tomorrow, Friday. You can access it HERE.

Before we take a summer break, we have a couple of events lined up this month. We warmly invite you to join our Traditional Midsummer Party at the Finnish restaurant Moi. You can register for the event in the events section. Additionally, we have the Greener Together event taking place online on the same day. We will kick off August with a FinnCham business delegation to Yongkang (Zhejiang), although the exact dates are yet to be confirmed.

We are pleased to announce that our member base is growing. This month, we welcomed Finnish bioenergy company Metener to join us. You will definitely hear more about them in the future. In this edition, our member company introductory section is written by PwC, one of the world's leading accounting firms.

We hope you all have a relaxing summer holiday. The next newsletter will be published in mid-August.

On behalf of FinnCham Beijing, we wish you a relaxing summer!

Ulla Nurmenniemi

Executive Director

PwC is a multinational network of professional services firm with a renowned position in the industry. As one of the "Big Four" accounting firms, PwC delivers services in auditing, tax advisory and consulting. Our clients range from promising startups to multinational conglomerates across diverse sectors – a testament to our broad expertise and exceptional standards.

 

The Consulting division of PwC specialises in addressing complex business challenges and realising opportunities for growth. Our team leverages its depth of industry knowledge to deliver effective solutions tailored to our clients' needs.

 

In terms of government services, PwC is particularly dedicated to helping public sector entities to meet their goals. Our assistance spans from strategy development, policy study and technology implementation to workforce transformation, focusing on fostering efficiency and innovation in public services.

 

As a proud member of the FinnCham Beijing, we value our strong ties with the Finnish business community. This alliance enables us to provide comprehensive, culturally-aware solutions to our clients. Our reputation and track record in the industry speak volumes about our commitment to excellence and client satisfaction.

 

Choose PwC for unparalleled expertise and tailored solutions that propel your organization towards sustainable growth.

Contacts:

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