'Ignore China at your peril' UK firms warned

NEWS UK companies are in danger of missing out on major opportunities in China where online business is set to explode. This is the warning from Jack Ma, CEO of business-to-business marketplace Alibaba.com. Ma was addressing conference goers at London's Internet World this week where he claimed 250 million people are due to go online in China over the next four years. UK companies are unaware of the business opportunities open to them and could risk being blocked out by US companies more tuned in to the Chinese market. Ma said: "The Internet is growing up so quickly, there are many Internet companies in China copying the US model. So the US is bringing its model of Internet, its businesses and its Internet concepts to China very quickly and very aggressively." The Internet is giving a huge number of small businesses the opportunity to get access to international markets. US companies are accustomed to exploiting overseas markets for cheaper products and will quickly snap up the opportunities in China, according to Ma. Roger Till, director of E Centre UK, said: "Some companies are thinking globally but not all. The UK government and other organisations are helping them to widen online reach." This week the European Union reached a trade agreement with the Chinese government that will ease the country's entry into the World Trade Organisation (WTO). Ma says UK companies must be prepared for the flood of opportunities that Chinese involvement with the WTO will bring. Ma also commented on the human rights situation in China. He said: "We should have confidence in the Chinese Government and give praise for the progress it is making." Amnesty International was not available for comment at press time.