Legal Business

Letter from… Shanghai: Despite high hopes, it turns out there is no such thing as a free trade lunch

‘The thing about China is there have always been those who think the bubble is going to burst and the die-hard optimists on the other side,’ says Holman Fenwick Willan (HFW) Shanghai head Nick Poynder. Indeed, though the second group (to which Poynder belongs) has lately been the noisiest. Not that optimists lack evidence for their confidence. With over 100 Chinese companies in the Fortune Global 500 hungry for overseas expansion, the assets of Asian banks surging since the banking crisis and an economy still growing more than twice as fast as the US, the market is impossible to ignore. Says Osborne Clarke (OC)’s Steve Yu: ‘[International firms] have to be there because their clients are there.’