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(1) Exporting to China | Eastward march; British exports to China are rising. But government policy is holding back business http://www.economist.com/news/br ... k-business-eastward
 
 Quote:
 
 “Its [Britain’s] trade deficit with the country [China] is fully £20 billion a year. This is partly the result of a fundamental economic mismatch. Britain’s strength is in services. China’s hunger is for raw materials and machine tools. China seized 80% of metals supply last year, boosting exports from Australia. The odd British firm, such as Rio Tinto, a mining company, has cashed in. But countries like Germany, whose firms sell kit used in Chinese factories, have done better.
 
 “And Britain is better at luxury than machine parts.
 
 “Britain’s rel strength is in financial and business services. It is already the third biggest exporter of these to China. HSBC * * * Standard Chartered
 
 “Prospects for cultural exports are brighter. * * * a market has developed in which Britain is a world beater: television formats. In 2011 Britain’s global exports of formats--excitements like ‘Strictly Come Dancing’ and ‘Master Chef’--were worth £1.5 billion.
 
 Note:
 (a) “Although sterling is 25% cheaper”
 
 pound sterling
 http://en.wikipedia.org/wiki/Pound_sterling
 (section 1 Name)
 (b) “Beijing has called time on industrial excess”
 
 call time (on something): “(British English) to say or decide that it is time for something to finish”
 http://oald8.oxfordlearnersdictionaries.com/dictionary/call_1
 (c) Burberry
 http://en.wikipedia.org/wiki/Burberry
 (d) “Church’s, a Northamptonshire shoemaker owned by Prada, set up its first shops in China in May.”
 
 Church’s
 http://en.wikipedia.org/wiki/Church%27s
 (a high-end English footwear manufacturer founded in 1873 by Thomas Church and his three sons; In 1999, the company was acquired by the international fashion group Prada; Headquarters  Northampton)
 
 (e) HSBC
 http://en.wikipedia.org/wiki/HSBC
 (section 1.1 Origins to 2000; Headquarters  London)
 (f) Standard Chartered
 http://en.wikipedia.org/wiki/Standard_Chartered
 (Headquarters  London)
 (g) “A clutch of public bodies manage Britain’s overseas relationship. Only one, UKTI, has an explicit commercial focus.”
 
 UK Trade & Investment
 http://en.wikipedia.org/wiki/UK_Trade_%26_Investment
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