Scholars, business leaders dissect Xi's speeches

Stephen Phillips, chief executive of the China Britain Business Council.

It was good to see strong UK representation at the G20 Summit. The summit took place against a background of rising protectionism, sluggish trade and investment and a slew of complex global issues. President Xi Jinping made a comprehensive and wide-ranging speech to open the summit. His remarks touched on the most significant issues for business, and from the audience's reaction it was clearly well received.

Xi charted China's development over the past few decades. He spoke about the prospects for the Chinese economy, referring to the 13th Five-Year Plan (2016-20), and made clear China's continued commitment to further reform and opening-up.

He repeatedly mentioned this is a new starting point. He spoke about steadfast commitment to reform being crucial to achieving medium growth. He stressed the importance of supply-side reform and the need to tackle vested interests.

Another key area for UK-China engagement that Xi focused on was around the role of innovation. The president stressed the importance of science and innovation. He made the point that quality of growth is essential.

Xi said China would make further capacity cuts in steel and coal mining over next five years. He said there would be more progress to be seen on free trade agreements, free trade zones and renminbi liberalization as well as continued commitment to the Belt and Road Initiative.

These are all areas where the China Britain Business Council is working closely with Chinese stakeholders to identify opportunities for British companies.

The announcement of seven new FTZs across China is a case in point, and at the China International Fair for Investment and Trade, in Xiamen from Sept 8 to 11, the council will hold seminars on UK-China collaboration on the Belt and Road Initiative.