China becomes key market for Lloyd's Register
China has become one of the Lloyd's Register Group's key development markets, accounting for about 8.5 percent of the company's overall global revenue.
Lloyd's Register, a UK-based technical and business services organization and a maritime classification society, posted global revenue totaling 893 million pounds (US$1.16 billion) for the 2018-2019 fiscal year, with revenue in the Chinese market accounting for around 8.5 percent.
The company said it expects to see double-digit revenue growth over the next five years in China.
Founded in London in 1760, the company is this year celebrating the 150th anniversary of the group entering the Chinese market.
"We have witnessed and supported the mega transformation of the country with its leading industry expertise and innovative technology capabilities," the company said.
Lloyd's Register has expanded its business in China to energy, industry, food assurance and many other industries. Its risk consulting service assisted China in the first round of combustible ice mining; its industrial inspection service helped Shanghai Electric Group build the world's largest solar thermal power station in Dubai; and its food certification customers cover many well-known names, from Starbucks to Tsing Tao beer.
The company signed a memorandum of understanding in December with China’s biggest shipbuilding group, China State Shipbuilding Corporation, to jointly study, research and develop marine equipment and technology.
Also in December, it announced strategic partnership programs with the China National Petroleum Corp's Research Institute of Safety Environmental Technology, which would be conducted through the adoption of data science, safety management, training and monitoring and evaluation.
York Guan, senior vice president of Lloyd’s Register, said: "As the first international classification society to come to China, Lloyd's Register has witnessed the glorious development history of China in the past 150 years. In the future, we will always adhere to the philosophy of quality first and safety first, continue to provide high-quality services to China and help China return to the center of the world stage."
Alastair Marsh, the company's CEO, said: "I think the government in China has tried to find ways to make it more business friendly for foreign enterprises. We have certainly benefited from that. Not so much in terms of direct funding but just the regulations and the framework within which foreign enterprises have to work has become easier to manage."