Forum seeks to build strong China-UK economic ties

More than 400 political, business, and academic figures from China and the United Kingdom attended the 7th China-UK Economic and Trade Forum in London on Thursday, where they shared insights on Sino-British cooperation.

The event, which was hosted by the China Chamber of Commerce in the UK, or CCCUK, is one of the major annual gatherings of business people engaged in China-UK trade and investment activities.

Themed on pursuing new opportunities and unfolding a new chapter, this year's forum followed a meeting between President Xi Jinping and UK Prime Minister Keir Starmer on the preceding Monday, on the sidelines of the G20 Leaders' Summit in Rio de Janeiro, Brazil.

"The two sides have agreed on the direction for bilateral relations and the actions to be taken," China's Ambassador to the UK Zheng Zeguang said in his keynote speech at the event. "We stand ready to work with the UK side to follow up on the common understanding between the two leaders and enhance dialogue, communication and collaboration wherever possible."

Zheng pointed out that economic partnership has always been the "ballast" and "propeller" for China-UK relations and called for "predictability" and "certainty" to ensure the smooth development of economic ties.

"The two sides should work together to create a fair, just, and non-discriminatory business environment, synergize development strategies, and promote market connectivity," he said.

The ambassador expressed hope that business communities can seize the opportunities to "break new ground" in bilateral economic and trade cooperation.

Poppy Gustafsson, the UK's minister for investment, also mentioned the meeting between two heads of state, saying that "both countries recognize the importance of a strong UK-China relationship".

"Yes, there are areas that we differ on," she noted. "We can't wish these differences away, but what we can do is engage in a constructive dialogue.

"As the prime minister has asserted, we want our relations to be consistent, durable, and respectful. It's why, under the new government, there has already been significant engagement with China."

The meeting between Xi and Starmer was the first in-person meeting between leaders of the two nations since 2018. Earlier, UK Foreign Secretary David Lammy traveled to Beijing and Shanghai in October, which marked the first visit to China by a member of the new UK Cabinet since the Labour Party took power in July.

Gustafsson said Permanent Secretary of the UK's Department for Business and Trade Gareth Davies, who has been engaging with Chinese counterparts about promoting two-way investment, also visited China in recent weeks.

"I am passionate about building on this momentum," she said.

At the end of her keynote speech, the minister reiterated the UK government's approach to engaging with China.

"We believe we must speak often and candidly about areas of contention and, crucially, areas of cooperation too, because that's how we drive growth together and realize a more prosperous future for both the UK and for China," she said.

Alastair King, the lord mayor of the City of London, one of London's main commerce hubs, said in a video message that he is looking forward to working with the Chinese business community on fostering "strong collaboration", particularly in the areas of insurance, management, professional services, green finance, and banking.

"We want to work with the Chinese business community to build the City's competitive advantages and to promote shared trade with China," he said.

King also said that he would lead "strong delegations" to China during his tenure.

Fang Wenjian, chairman of the CCCUK and general manager of the Bank of China London Branch, said the Chinese business community in the UK is "keen" to contribute to the UK's growth objectives, as the new Labour Party government has identified kick-starting economic activity as its first mission.

Citing a recent survey by the CCCUK, Fang said 92 percent of participating companies expect stable or increased revenue during the next two years, marking the most optimistic outlook since the survey's inception in 2020.

Beyond revenue, Chinese businesses are playing a "key role" in promoting balanced development across the UK, Fang said, with 27 percent of respondents now operating in regions outside the capital — a four-point increase from 2022.

"Our members are more capable than ever to play our role in the UK economy," he said.

After the forum's opening ceremony, two panel discussions took place, focusing on how finance can empower global economic growth and foster China-UK cooperation, and on sustainable development in the age of technology.

In the first panel, where guest speakers discussed China-UK financial ties, Gerard Lyons, a British economist and senior independent director at the Bank of China (UK), highlighted the complementary strengths of the two countries in the financial sector.

He said the UK can support China in developing its financial powerhouses, and Chinese investment can help the UK achieve its growth targets, while these opportunities need to be delivered within a well-developed regulatory, legal, and infrastructure framework.

"It's not just about the investment, the assets that we need more of," he said. "We want to invest in more opportunities, but we want the infrastructure to be there in place, and we want the right incentives."

Guest speakers in the second panel agreed that China and the UK enjoy vast space of cooperation in advancing each other's net-zero goals.

Ge Hongde, the country manager of BYD UK and Ireland, said the Chinese electric car brands can drive the affordability of clean products, while there is much to learn from the UK, which is also at the forefront of some smart automotive technologies, such as autonomous driving.

"Technology is neutral," he told China Daily. "If the technology works in China, it certainly can work in the UK. We can bring products, with good technology at reasonable prices, to the UK market. I think it's a win-win."

zhengwanyin@mail.chinadailyuk.com