Obvious opportunities for Europe, China to cooperate in third markets

EDINBURGH -- There are obvious opportunities for Europe and China to cooperate in third markets in regions where there is a development need, said a former senior British official.

"There has been quite a lot of exploration of cooperation among Chinese operating companies and Europeans, and also cooperation of Chinese finance with European finance," said Stephen Green, who served as British Minister of State for Trade and Investment from 2011 to 2013.

A good area where Europe and China can cooperate is Africa, he told Xinhua in a recent interview.

African countries, on average, have been growing quite fast in the last few years, at least by their own standards or actually by European standards.

He expected the growth trend to continue because they still remain, by large, very poor, so there is a real need of development.

"If Chinese investment and European investment can help that in a conducive and cooperative manner, that's a good kind of things," said Green, who has a career spanning nearly five decades in the banking industry and politics.

On the cooperation between Europe and China, Green said: "European businesses remain very interested in investing in China, and Chinese businesses remain very interested in investing in Europe."

Statistics continue to show that Britain is the biggest destination for Chinese investment in Europe, said Green, who now chairs Britain's Natural History Museum.

He said that the British government has worked very hard at developing a good relationship with China, and that Chinese President Xi Jinping's state visit to Britain is a great occasion.

Both sides care about this relationship, said Green, adding that the economic relationship between the two nations will continue to develop despite different interests and concerns.

On China's current economic performance, Green said it is clear that China's economy has slowed.

"I believe it's likely that China continues to grow on average at a reasonable and healthy rate for the next 25 to 30 years," he said, noting that China is still half-way through the economic transition for further urbanization.

Re-adjusting the sources of the domestic demand-driven growth is a high priority recognized by the Chinese government, said Green, who also noted that the recent volatile Chinese stock exchange markets are not evidence of China's deep-seated problems.