Editor's Note: 

Jeff Astle, executive director of the China-Britain Business Council, expressed his opinion Thursday about trade between the UK and China as well as the prospects for economic development in China during Chinese President Xi Jinping's State visit to the UK.

Jeff Astle, executive director of the CBBC Photo: Courtesy of CBBC

Trade between the UK and China has grown steadily over recent years. According to the British Office of National Statistics, bilateral trade in goods and services stood at 55.7 billion pounds ($86.14 billion) in 2014, an increase of around 6 percent year-on-year. We expect the trend to continue.

The UK is uniquely placed as a catalyst for the "new normal". It is our products, services, education and healthcare, advanced manufacturing and innovation that can meet China's needs as it moves to a consumption-driven economy. Deals of all shapes and sizes are being done by UK and Chinese partners in both our countries and in third markets.

China has made an important step-change in its development. GDP growth around the 6 percent to 7 percent mark and possibly lower will become the norm. The ongoing adjustments in the Chinese economy will not be without pain but should be viewed in a positive light for the opportunities they offer to British companies.

China's is a gargantuan economy with some significant legacy issues. We welcome the recent move by the State-owned Assets Supervision and Administration Commission of the State Council to initiate a path to energize its State-owned enterprises.

Allowing private investment should bring about increased productivity, but we accept that it will take time. The vision they are showing with both the "One Belt, One Road" and the "Made in China 2025" initiatives are also excellent examples of this long-term approach to transitioning China's economy.

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