What are the business opportunities in China?

China is a market that few companies can afford to ignore. With an estimated population of 1.3 billion and 20 million households entering the middle class every year, it offers UK businesses an unprecedented opportunity. We asked experts for their advice on cracking thisexciting market. At our recent 'Slow Boat to China -are British companies doing enough to capitalize on the opportunity?'event we assembled a panel of experts to discuss the opportunities for British companies in China. Here, some of the panels offer their advice.

"The opportunities for a British brand in China are just enormous" Mark Johnson of Sigma Precision Components argues. "It's a massive emerging market with significant wealth in it, and China is seeking the best of everything. So if you're a hi-tech or highly branded business, I think the opportunities are just phenomenal and you should get out there."

Chinese business: an exciting opportunity
"One of my favorite statistics in the world is that there's a city called Changchun in north east China," Stephen Phillips, China-Britain Business Council says. "Within 2,000km of Changchun 30% of the world's population lives.

"I think China is one of the most exciting countries in the world. It's changing at a pace that is really hard to grasp, but I passionately believe every UK company needs to understand what's happening inChina, even if you ultimately decide not to do business there."

The business opportunity in China is "mega"
Jon Geldart, of Grant Thornton International believes "there is a huge attraction in China to the British psyche, British brands and what Britain stands for". While Will Butler-Adams of Brompton Bicycle –which opened its first Chinese store two years ago –has a word of caution: "The opportunity in China is mega. It's massive. But the opportunity to screw up is quite large too."

Video What are the business opportunities in China?