Directors' Letter

This past year has been one of great progress and development, both for China and for CRCC Asia. We have watched China overtake Japan in the global GDP tables, explore more outbound investment opportunities than ever before, and become an increasingly integral part of world politics and economics.

China’s rise shows no sign of slowing. We see not only the new consumers in the big cities, queuing for the latest mobile phone or spending thousands of RMB on the latest handbag, but also keep in mind the millions in the countryside or in second-tier cities striving to reach the same goals. This makes us confident that China continues to demonstrate great development potential.

Businesses in China are looking increasingly competitive both at home and abroad, adopting international norms whilst retaining Chinese characteristics.  Many outward-looking Chinese companies and the deals they are making remind us of Zheng He, the famed Chinese explorer, and hark back to China’s historical place as a world leader in economic prowess. This seemingly unstoppable momentum of China’s economic empowerment does not mean we need to make less effort to engage.  It is still crucial to maintain high levels of local knowledge and keep abreast of developments across the entire country in order to be successful as a foreign entity in China.

CRCC Asia strives to mirror China’s successful development model with ongoing commitment to the acquisition of new knowledge, improved infrastructure and a focus on human capital. This incorporates our long-term development as much as our short term needs, and has given the company a strong foundation from which to progress in its three core areas of business.

The CRCC Asia Internship Program, bringing students and graduates from around the world to undertake internships in Chinese companies, has seen record numbers over the past year and has gained worldwide publicity through coverage on the BBC News and other media channels. We believe that the Internship Program encourages international dialogue and exchange of ideas, and contributes to an increased understanding of life and work in China.

Our China Finance and Legal Courses enable CRCC Asia to work in partnership with organizations such as KPMG, The Institute of Chartered Accountants, Norton Rose and China’s number one law firm, King and Wood. We are proud to be working alongside such prestigious corporations who share our pursuit of excellence, and our commitment to educating graduates and professionals about China’s economic and cultural landscape.

The consulting side of the business has stood firm in a difficult global climate, highlighting China’s role as a stalwart during these times. All three CRCC Asia Directors are keen to widen the company’s, and their own, investment portfolios, and we have been looking into a range of opportunities including start-ups and mature companies in oil and gas, high technology, education and property. An investment into Sino-Geo, a Chinese oil exploration company, has reaped the greatest success thus far and the company is to be listed on the Shenzhen Stock Exchange in 2011.

So far in 2011, CRCC Asia has opened new offices in Shanghai, San Francisco and are looking to open a third office in China later this year. These developments will allow us to extend our global reach and better meet our clients’ needs.

The CRCC Asia team is committed to connecting both people and businesses with China, and we look forward to continuing with this in the future.

Yours Sincerely,

Daniel Nivern, Edward Holroyd Pearce and Thomas Kirkwood