The 6th China-UK Economic and Trade Forum in Manchester on Wednesday. [Photo provided to chinadaily.com.cn]

Ambassador to the UK emphasizes synergies in high-value, green sectors

Great potential for collaboration between China and the United Kingdom lies at the regional level and in sectors involving high-quality development, senior government officials and business leaders said during two forums held in Manchester this week.

Zheng Zeguang, China's ambassador to the UK, speaks at the forum. [Photo provided to chinadaily.com.cn]

The 6th China-UK Economic and Trade Forum, one of the major annual gatherings in the UK for businesspeople involved in bilateral trade and investment between the two nations, was held by the China Chamber of Commerce in the UK for the first time outside of London on Wednesday.

Themed on openness and cooperation, the forum attracted more than 200 representatives from a wide range of companies and organizations who discussed new pathways for China-UK business collaboration.

UK Minister of Business and Trade Dominic Johnson speaks at the forum. [Photo provided to chinadaily.com.cn]

In his keynote speech, China's Ambassador to the UK Zheng Zeguang said that despite a complicated and daunting external environment, China has been advancing its modernization through a Chinese path and pursuing high-quality development, and the economy has been steadily recovering and improving since the height of the COVID-19 pandemic.

The first three financial quarters of 2023 have seen China's GDP grow by 5.2 percent year-on-year, and the International Monetary Fund raised its projections for China's economy in early November, which it says is set to grow by 5.4 percent this year after a strong post-pandemic recovery.

Ren Hongbin, chairman of the China Council for the Promotion of International Trade, sends a video speech to the forum. [Photo provided to chinadaily.com.cn]

"More importantly, China's economic growth is now higher value-added and greener," said Zheng, who added that new-energy vehicles, lithium-ion batteries, and photovoltaic products have become the new icons of Chinese exports and that the total exports of these products during the first three quarters had expanded by 41.7 percent.

During the past decade, China-UK economic and trade cooperation has steadily developed and the total volume of trade has doubled, from around 50 billion pounds ($63 billion) in 2013 to more than 100 billion pounds last year.

Chief Executive of the Greater Manchester Combined Authority Eamonn Boylan speaks at the forum. [Photo provided to chinadaily.com.cn]

Zheng noted that local economic and trade cooperation is part and parcel of overall China-UK relations, and that China is now Greater Manchester's third-largest trading partner.

"More and more Chinese enterprises are turning their eyes to investment and business opportunities in this part of the UK," he said. "More and more cooperation projects are rolling out in infrastructure, urban upgrading, and net zero … I hope we can strengthen the links at the local level. The two sides can seize opportunities, harness key projects, synergize development strategies, and tap comparative advantages, so we can expand our converging interests and deliver more tangible outcomes."

Fang Wenjian, chairman of the CCCUK and general manager of Bank of China London Branch, speaks at the forum. [Photo provided to chinadaily.com.cn]

The 2023 Report on the Development of Chinese Enterprises in the UK, which was compiled by the China Chamber of Commerce in the UK for the fourth consecutive year, was launched at the forum.

According to this year's survey, more than 40 percent of Chinese companies chose to invest in the UK because of its access to potential customers and the market in Europe. Additionally, more than 56 percent of Chinese companies are attracted by the UK's stability and transparency in the political, legal, and regulatory environment.

Lewis Neal, UK Trade Commissioner for China, speaks at the forum. [Photo provided to chinadaily.com.cn]

Free-trade bastion

UK Minister of Business and Trade Dominic Johnson and Chief Executive of the Greater Manchester Combined Authority Eamonn Boylan also attended the forum and delivered speeches.

Johnson said he saw Manchester not only as where the Industrial Revolution started but, more importantly, as a "bastion of free trade" where the free-trade movement that started in the early 19th century really broke through the whole principles of protectionism.

Entrepreneurs from different sectors join the panel discussion on the strengths of Northern England industries. [Photo provided to chinadaily.com.cn]

"I think it's very important, and I saw this when I was in China myself a few months back when we were the guests of honor at the China International Fair for Trade in Services — the importance of bringing down barriers, ending protections … encouraging free trade and investment," said Johnson.

"I was very aware of the need for me to play my part in that, which is why I have done everything I can to ensure that we have a strong commercial relationship with China, so that our businesses can succeed in China and Chinese businesses can succeed and invest in the UK."

During the forum's panel session, business leaders from companies in sectors including renewable energy, home appliances, finance, and healthcare discussed the strengths of Northern England's industries and the collaboration opportunities in the transition to a low-carbon economy.

Experts talk at the panel on supply chain innovation and net zero transition. [Photo provided to chinadaily.com.cn]

On Thursday, Zheng also attended a more specific forum on hydrogen energy cooperation co-organized by China's Consulate General in Manchester, the UK National Committee on China, and the Manchester China Forum.

Participants discussed hydrogen investment and opportunities in Greater Manchester and stressed continuing dialogues with Wuhan, in Central China's Hubei province, to explore cooperation potential for green hydrogen demonstration projects after the two cities signed a memorandum of understanding on exchange and cooperation in the hydrogen industry last April.

Long Liangwen, vice-chairman of the Standing Committee of Wuhan Municipal People's Congress, led a delegation to the forum and said the local government will organize more group visits for stakeholders in the hydrogen industry, to discuss business applications, strengthen joint research between Wuhan University of Technology and universities in Manchester, and co-design industry standards and coordinate mechanisms in the two cities.

Bev Craig, leader of Manchester City Council, said in her opening speech that Manchester had set ambitious targets to be net zero in carbon emissions by 2038.

"We are working hard to achieve our climate goals, but we cannot do it alone. We can only tackle climate change by working together globally," she said, praising the Chinese government's commitments to reach peak carbon emissions by 2030, and to hit carbon neutrality by 2060.

"It has provided a stable platform for investment and innovation," said Craig of the Chinese government. "Our relationship with China remains productive, thanks to the strong infrastructure in our city to support trade and investment with China, as well as the large Chinese community living in the city and surrounding region who continue to make a positive and significant contribution to our economy and to our culture."

Tang Rui (second from left), China's consul general to Manchester, talks with participants during the break of the hydrogen energy forum on Thursday. [Ouyang Xueyan / China Daily]