UK business leaders eye closer ties with China
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Loading... - Radimir Sokolov
- 07 Aug 2024
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UK business leaders are optimistic about increasing trade and collaboration with China, following the outcome of the third plenary session of the 20th Central Committee of the Communist Party of China. The session, which concluded in Beijing in mid-July, introduced over 300 significant reform measures aimed at addressing the concerns of foreign businesses about market access and equitable treatment in China.
Zheng Zeguang, China's ambassador to the UK, highlighted the importance of these reforms at a reception organized by the China-Britain Business Council and the China Chamber of Commerce in the UK. Addressing over 150 officials, scholars, and business representatives in London, Zheng emphasized the potential benefits of Sino-British cooperation, including economic growth, reduced living costs, increased productivity, and accelerated green transitions. He reassured that the Chinese market remains open to British businesses.
Peter Burnett, chief executive of the China-Britain Business Council, expressed optimism after hearing the ambassador’s speech. He noted the ongoing commitment to reform and opening up in China and the numerous measures announced during the plenum. Burnett believes the new UK government will likely engage more with China, recognizing its critical role in global supply chains.
Fang Wenjian, chairman of the China Chamber of Commerce in the UK, echoed this sentiment, highlighting the importance of policy certainty and consistency for business. He emphasized the vast opportunities for trade and economic cooperation highlighted in the plenum's resolution, particularly in finance sectors such as tech finance, green finance, and digital finance.
Rhys Whalley, executive director of the Manchester China Forum, underscored the plenum's strong message of commitment to foreign investors and the relaxation of the business environment for foreign enterprises. He pointed to the green and low-carbon economy as a crucial area for future collaboration and mentioned an upcoming China-UK hydrogen energy cooperation forum in Manchester.
John McLean, chairman of the China UK Business Development Centre, noted the plenum's recognition of the challenges facing China and the necessary measures to address them. He highlighted the importance of supporting small and medium-sized enterprises (SMEs) to invigorate the Chinese economy. McLean shared plans to open offices in Shenzhen and Chongqing and to organize a delegation of British technology companies to visit China.
UK business leaders are keen to continue engaging with China, leveraging the reforms and opportunities presented by the recent plenary session. The mutual focus on people-to-people exchanges and sustained engagement is seen as vital for fostering deeper economic ties and collaboration between the two nations.
