Driving commercial and political engagement between Asia, the Middle East and Europe
Driving commercial and political engagement between Asia, the Middle East and Europe
Driving commercial and political engagement between Asia, the Middle East and Europe
China and Britain are well-matched for wider cooperation which will boost growth and create jobs in both countries and be the pacesetter for China-Europe cooperation and world economic growth, China’s ambassador to Britain told the 7th World Chinese Economic Summit.
Liu Xiaoming said China’s plans for greater innovation, balanced growth and a more open economy will dovetail with growing China-UK business cooperation to deliver a ‘Golden Era’ of Sino-British economic ties.
“Together, we can build a golden era for China-UK economic cooperation,” Liu told delegates at the conference, which was co-organised by Asia House and Malaysia’s Asian Strategy & Leadership Institute (ASLI).
“Together, we can write a splendid new chapter of cooperation between China and the rest of the world.”
The conference held on Wednesday at London’s Savoy Hotel took place soon after a State Visit to Britain by Chinese President Xi Jinping which Liu described as a “Super State Visit” because of its “super outcomes” and “super significance” which “had opened up the golden era of China-UK relations.”
During the visit, the two countries signed 28 commercial contracts worth £40 billion and agreed cooperation deals across a swathe of industries including energy, transportation, aviation, port infrastructure, finance, insurance and pharmaceuticals.
China-UK trade in goods in 2014 totalled more than US$80 billion while Britain is China’s second largest trading partner in the EU and China is Britain’s largest trading partner outside the EU. The GDP of the economies of China and the UK combined now reach US$13 trillion which is about 17 per cent of the world total.
More than 800 Chinese companies have set up businesses in the UK in a range of sectors from high-end manufacturing and financial services to infrastructure, branded products, R&D (research and development), hotels and real estate. The two countries are also cooperating on finance and London is rapidly building a RMB offshore market.
The ambassador said the Chinese Government was drawing up its 13th Five-Year Plan (the Chinese Government blueprint for its long-term economic and social policies) with a focus on innovation, balanced growth, green development, opening its economy further and sharing – all areas where deeper China-UK ties would play strongly.
“Stronger and win-win cooperation between China and the UK will boost growth and create job opportunities in both countries. This will bring tangible benefits to the people of our two countries.
“And this will also be the pacesetter for China-Europe cooperation and world economic growth,” he said.
Click below to see pictures of the World Chinese Economic Summit
“The Chinese market will open up further to global partners. Quality products and services from all over the world, including the UK, will surely find a promising market in China,” Liu said.
Chinese companies will also take more investments overseas and should find Britain’s mature and open market attractive, he said.
He also forecast greater cooperation between China and Britain in R&D and innovation.
“In the UK, innovative capability is your leading edge. High-end manufacturing is your strong suit,” Liu said.
“Going forward, Chinese and British enterprises can dovetail their strengths in joint investment, R&D, innovation and marketing of research results. Together, both countries can benefit. This will be a win-win endeavour,” Liu said
He also expected China and UK to work together more closer to modernise China’s services industry.
“As a result of these efforts, British financial institutions, law firms, innovation companies, marketing corporations and others will be able to leverage their strengths in China,” Liu said.
He also singled out infrastructure development as another key area for cooperation.
“China’s Belt and Road initiative and Britain’s Northern Powerhouse provide the perfect platforms for the two countries to cooperate on a greater, higher and wider scale,” Liu said.
“China’s equipment manufacturing capability and ample capital resources could join forces with British innovative skill, management expertise and strength in financial services.
“This would open up entirely new areas for economic cooperation between China and the UK, namely investment, development and management of infrastructure projects in third countries,” Liu said.
Liu said China and Britain were at different stages of industrial adjustment and transition.
“Therefore, China and UK are well matched for cooperation and they have numerous shared interests,” he said.
David Cowell is a freelance business journalist.
To read what UK Business Secretary Sajid Javid’s had to say on the future of the UK-China relationship in the keynote address he delivered at the World Chinese Economic Summit click here.
To read what the former Vice Premier of China Zeng Peiyan had to say about China’s economic reforms and foreign criticisms of the way the Chinese Government has handled the slowdown in the country when he spoke at the World Chinese Economic Summit click here.
