In his first public appearance as China's new ambassador to the UK, Zheng Zeguang emphasized the importance of strengthening trade ties between the two nations despite existing challenges. Speaking at a webinar celebrating 20 years of the Chinese Chamber of Commerce in the UK, Zheng highlighted that China remains the UK's fifth-largest trading partner, with bilateral trade in goods and services reaching $112 billion annually.
Over the past two decades, the economic relationship between China and the UK has flourished, with exports increasing by nearly 900 percent. Sherard Cowper-Coles, chair of the China-Britain Business Council, noted that more than 800 Chinese-owned companies operate in the UK, employing around 75,000 people. This growth underscores the tangible impact of trade relations on everyday lives.
However, the relationship faces significant headwinds due to high-profile disagreements on issues such as the future of Hong Kong and allegations of human rights abuses in Xinjiang, which China strongly denies. These tensions have led to a more cautious approach towards Chinese investment in sensitive sectors within the UK.
Despite these challenges, Zheng remains optimistic. \"China creates opportunities for the UK rather than poses a threat,\" he stated. He stressed the importance of maintaining a stable and predictable macro-environment for businesses from both countries, especially at what he described as a \"critical juncture.\" Zheng urged businesses to continue their efforts to improve bilateral ties, emphasizing mutual respect for core interests and major concerns.
The current political climate in the UK is notably more wary of Chinese investments compared to the \"Golden Era\" of relations under former Prime Minister David Cameron. Notably, last year saw the banning of Huawei from participating in the UK's 5G networks, a decision that Huawei claims could cost the country billions.
As China and the UK navigate these complex dynamics, the focus remains on fostering collaboration and addressing differences through respectful dialogue, ensuring that economic ties continue to benefit both nations.
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China's UK ambassador calls for closer trade ties despite 'headwinds'
cgtn.com
