Vince Cable opinion piece: Why UK creative businesses should be excited about China

The Technology Innovators’ Forum (TIF-IN) taking place in Qingdao, China on 29 and 30 May seeks to build on these strengths and forge new partnerships with China and beyond. By bringing together innovative technology companies with programme makers and investors from the UK and China, TIF-IN will enable deals and boost the UK’s growing bilateral trade relationship with China.

TIF-IN was developed jointly by the Government and industry to promote the UK’s excellence in the creative industries and highlight trade and investment opportunities. The first TIF-IN was held in LA in February 2013 and led to £60 million in deals, the second forum took place in London in October last year and undertook £14m of trade in just one day. Combined, these two events generated more than £1bn of investment.

I am confident that TIF-IN China will continue this success. Key representatives from some of China’s biggest media groups, including Champion Entertainment and Quingdao Media Group, as well as senior executives from major UK entertainment groups such as the BBC and Universal Media Group, will lead debates and network with potential partners and customers.

British programme makers are already making inroads as Chinese viewers increasingly stream UK content through local platforms. For example the BBC’s third series of Sherlock received almost 70m views on digital platform Yoku, while Iqiyi.com is investing in a Chinese version of Top Gear which will be broadcast towards the end of 2014.

TIF-IN will also highlight Britain’s attractive investment environment. We have put in place one of the most comprehensive packages of tax rate reductions, tax credits and visa support in the world to ensure Britain remains the number one location for inward investment in Europe.

We have also taken measures to ensure that those investing in the digital and creative sectors are given the support they need. To attract elite global entrepreneurs working in the digital technology sector we opened an Exceptional Talent visa route in April 2014. This will provide an immigration route for individuals with a proven track record in developing successful businesses or creating new innovations in the technology sector.

In addition, programme makers based in the UK benefit from the High End Television Tax Relief scheme introduced in 2013, while tax relief for filmmakers has supported more than £5bn of investment into British films and contributed to a 70 per cent increase in the film production workforce since its introduction.

At TIF-IN I will unveil our new Creative Industries Industrial Strategy which will set out ambitious plans to increase the number of UK creative companies that export around the world.

I will also formally launch the Global Digital Media and Entertainment Alliance between the UK and China. The alliance will give British companies access to an estimated £2bn of trade and investment opportunities in these key sectors. This not only represents a significant opportunity for British business but also underlines our commitment to forging long term economic and cultural partnerships with China.

Vince Cable is the secretary of state for business, innovation and skills