Head for China, former Lord Mayor tells banks

UK BANKS should turn their attention to China&rsquo;s burgeoning economy in their search for lucrative new business, former Lord Mayor of London Sir David Brewer said yesterday.<br /><br />Brewer, now the &ldquo;China Business Champion&rdquo; for UK Trade and Investment (UKTI), said there were &ldquo;huge opportunities&rdquo; for companies seeking to grow in China, which has maintained its rapid growth as Western economies have slumped.<br /><br />&ldquo;Britain is the largest EU investor in China and more financial institutions should see it as an area of opportunity,&rdquo; he said.<br /><br />&ldquo;It would go a long way to offsetting job losses in the export industry,&rdquo; he added.<br /><br />Brewer said most Western companies were focused on centres such as Shanghai and Beijing. But he pointed out that China had 35 major cities with more than one million inhabitants, which would be ripe for investment.