PAUL PRIESTMAN may employ only 40 staff at his London design consultancy, but in China he is one of the big boys. In August, he was appointed a director of CSR Sifang, part of China South Locomotive, the state-owned enterprise that is developing the world’s fastest train.
Priestman, co-founder of Priestman Goode, is best known for his work on Virgin’s distinctive Pendolino tilting trains a decade ago. He is now helping CSR develop a global brand as it looks beyond the domestic Chinese market.
His appointment as creative director was a bold step. Few foreign nationals make it to the senior ranks of Chinese state-owned firms.
“It was a great accolade for British design,” said Priestman, 52. “We are helping to develop China’s design identity, which will be crucial in helping them to grow in international markets.”
Priestman Goode is in the vanguard of a “second wave” of investment in China. The first wave of European exports was led by Germany and its expertise in manufacturing; the second could be led by Britain’s strength in services.
As China rebalances its economy away from investment towards the consumer, these services are likely to be in high demand.
The reform plan unveiled this month by China’s ruling Communist party, the most radical blueprint for more than 20 years, should reduce inequality and boost incomes, unleashing spending by 1.4bn consumers.
As incomes rise, the Chinese will demand better financial services, healthcare, education and consumer goods — all sectors in which Britain excels.
Lord Sassoon, chairman of the China-Britain Business Council, who accompanied George Osborne on his trip to China last month, believes Britain has a unique opportunity.
“As the Chinese economy rebalances towards the consumer, they are very hungry for British creative ideas, whether in fashion and design or IT and technology,” he said. “On my visit with the chancellor, the excitement around British design was palpable.”
The creative industries will also be a key focus for David Cameron’s trade delegation to China next month. Priestman will be one of more than 20 business people accompanying the prime minister on the trip.
via Union Jack in fashion as China banks on consumer spending | The Sunday Times.
CHINDIA ALERT: You'll be living in their world, very soon 