China UK flag Photo: GT

Chinese Commerce Minister Wang Wentao urged Chinese and British companies to do the right thing in the face of challenges in China-UK ties in a video conference with business representatives from the UK at the invitation of the latter on Wednesday.

Executives from 15 multinational companies, including HSBC, Burberry Group, Standard Chartered, Jaguar Land Rover, Prudential, Diageo and Reckitt attended the conference.

Wang told British companies that the China-UK commercial relationship serves as both the ballast and the propeller of the overall bilateral relationship. Since the pandemic, pragmatic cooperation between China and the UK has seen rapid development and shown resilience. 

Wang said China has become the largest source of imports for the UK and the UK is China's second-largest destination for overseas investment in Europe and second-largest source of foreign direct investment. These achievements are closely associated with the efforts of companies from China and the UK. 

Wang said China's new development pattern offers huge opportunities for British firms and Premier Li Keqiang’s video conference has greatly boosted the confidence of British companies.

Wang urged Chinese and British firms to do the right thing in face of the pandemic, unstable recovery of the global economy and changing international order. 

China welcomes British companies to continue to deepen their business ties in China, given the complementarity and huge potential for economic and trade cooperation. 

It is hoped that British firms can continue to play the role of bridge between the two counties and introduce China to the British public in a comprehensive and objective way, Wang said. 

Wang urged the UK government to adhere to a China policy featuring mutual respect, open cooperation, and mutual interests, and to respect each other’s core interests and jointly forge a stable and predictable business environment for China-UK economic and trade cooperation.  
 
British companies taking part expressed an interest in deepening cooperation with Chinese counterparts in financial services, infrastructure, green economy, medical/health, high-end manufacturing and education.

Yu Jianhua, vice minister of commerce and China’s international trade representative, also took part in the meeting.