Entrepreneurship to push China-Europe cooperation to new high: Chinese ambassador

LONDON - Chinese Ambassador to Britain Liu Xiaoming expressed the belief on Wednesday that China-Europe and China-UK business ties can be pushed to a new high as the two sides keep up the spirit of entrepreneurship, tap into market vitality and deepen communication and cooperation.

Speaking at the Eighth Sino-European Entrepreneurs Summit held in London on June 13-15, the ambassador said there is confidence in China-Europe and China-UK business cooperation whatever the change would be in Britain's relationship with the European Union (EU).

The confidence comes from the steady and positive momentum of China's economic growth. He urged business leaders to tap into the market vitality and deepen their communication and cooperation.

"We are working to ensure an open and rule-based investment environment and fair competition at home by lowering the entry threshold for foreign investors, building high-standard pilot free trade zones and strengthening the protection of intellectual property rights," Liu said.

"The fundamentals of China's economy remain positive in the long run. China's door will open wider to the world..., this means a vast market and huge opportunities," he added.

"In terms of business cooperation, China and European countries have much to offer to each other with a high degree of convergence of interests," the Chinese envoy underlined, adding that "Chinese companies have high enthusiasm for investing in and acquiring European businesses."

In the past, China-EU cooperation followed the model of EU investment plus "made in China", he said, "Now we have more new cooperation models, such as China investment plus 'made in Europe' and China-EU cooperation in a third country."

"In one word, huge untapped potential and broad prospects await China and Europe," the ambassador added.

Liu said China-UK cooperation will always be an important part of China's cooperation with Europe. While the British people voted to leave the European Union, they did not vote to leave Europe.

"Despite the uncertainties ahead in the Brexit negotiations, China-UK business cooperation remains firmly grounded and enjoys a strong momentum," he said, noting that "bilateral cooperation is still expanding in areas such as infrastructure, equipment building, high-tech, new energy and financial services."

Liu said there are historic opportunities ahead for China-UK business cooperation.

"Britain boasts world-leading innovation capability and an advanced high-end manufacturing sector, while China is strong in production and manufacturing, and is working hard to upgrade and transform its industrial system," Liu said.

"Our two countries can form stronger synergy between our respective development strategies," citing China's 13th Five-Year Plan and Britain's National Infrastructure Plan, Made in China 2025 and Made in UK 2050.

"Britain is a key partner in the building of the Belt and Road. British experience in financial and legal services, project management and risk control will have much to offer in such partnership," Liu said.

The Belt and Road Initiative, which comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road, was proposed by China in 2013 with the aim of building a trade and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes.

"Under the Belt and Road framework, China and Britain can join hands for trilateral cooperation in a third country. This could well be a new growth point for the Belt and Road building." Liu said.