The second day of Chinese president Xi Jinping's state visit to the UK continued to focus on economic issues.

From the economic perspective, many in China view Xi's visit to the UK as another chance to increase the business opportunities brought by China's rise while easing suspicions over China's high-tech investment. There were hopes that Xi's visit to the US last month might also help with this, but China received somewhat less positive feedback from the US authorities in this regard.

The difference in attitudes between the US and the UK has attracted a lot of attention around the world. Western media like the Financial Times pointed out that US president Barack Obama warned before Xi's visit to the US that he was prepared to take action against China over cyber crime, in contrast to the more accommodating attitude taken by UK officials ahead of Xi's UK trip, which has been described as heralding a potential "golden era" in Sino-UK relations. The report also noted that the US is uneasy about the UK's shift toward closer ties with China.

It would be regrettable if the US were to isolate itself, as it would ultimately harm the country's national interests and could lead to US firms being pushed into a disadvantageous position in the race to win global markets and attract overseas capital.

The US and UK now have different perspectives on China's rise. Obama said in September that China should be and will continue to be an economic competitor for the US. However, Britain's Chancellor of the Exchequer George Osborne wants the UK to become "China's best partner in the West." This difference of opinion has led to different economic policies toward China in the two countries.

For instance, according to media reports, the US refused to reduce investment restrictions for Chinese firms in sectors including important high-tech industries in the 19th China-US Bilateral Investment Treaty meeting. The UK, in contrast, has shown a desire to cooperate with Chinese firms in high-tech sectors such as nuclear power plants.

Official data shows the US has lagged behind the UK in the race to win Chinese capital, and the gap between the two countries is likely to continue to widen, following big bilateral investment deals inked between China and the UK during Xi's state visit.

Second, the US could face an increased risk of losing its technology advantage if it continues to hold a skeptical attitude toward high-tech economic cooperation with China. Over recent decades, China has seen fast-growing competitiveness in high-tech industries. According to media reports, Chinese tech giant Huawei Technologies will unveil an investment plan in the UK that will deepen scientific collaboration between the two countries.

Scientific and technological innovation cannot be fostered amid an atmosphere of protectionism, and US firms may lose out if US authorities refuse to follow in the footsteps of the UK in opening high-tech markets to Chinese investment.

The author is a reporter with the Global Times. bizopinion@globaltimes.com.cn

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