China UK Photo: VCG

In the 1950s, British entrepreneurs started the "Icebreaking Mission," which broke the ice in the West's trade with China. In 2023, Chinese and British business and trade communities are celebrating the 70th anniversary of the "Icebreaking Mission" in China-UK trade relations to commemorate the efforts and achievements the two sides have made, efforts that have greatly boosted bilateral economic cooperation.

Chinese President Xi Jinping on Thursday sent a congratulatory letter to an event commemorating the 70th anniversary of the "Icebreaking Mission" in China-UK trade, the Xinhua News Agency reported.

Xi said he hoped people of vision from all walks of life in China and Britain will carry on the pioneering spirit of openness and cooperation, work hard to break new ground for win-win cooperation, promote the building of an open world economy, and make greater contributions to promoting China-UK friendship and cooperation.

The Thursday event, held in Beijing, was co-hosted by China Council for the Promotion of International Trade (CCPIT), Britain's 48 Group Club and the China-Britain Business Council.

"Seventy years ago, the newly established CCPIT worked with a group of British business leaders to break the economic blockade imposed by Western countries on the People's Republic of China. Together, they embarked on an 'Icebreaking Mission' of China-UK trade and left a valuable 'icebreaking spirit' for future generations," CCPIT Chairman Ren Hongbin said on Thursday during the event.

Over the past 70 years, generations of "icebreakers" have been featured in every frame of China-UK exchanges, writing a magnificent chapter of exchanges and mutual learning in the coordinates of time, said Ren.

Stephen Perry, chairman of the 48 Group Club, said at the Thursday event that they reaffirm that intention being committed as icebreakers to trade between Britain and China.

"I will fight as hard as my father's generation did to support China-UK trade development as best as we can and support you from the UK. We have complementary economies, we have a good financial industry, we have much technology and advances in our education system. We will be able to continue to bring a great deal to China, and that is the commitment I make when I think about 70 years," said Perry.

Perry's father Jack Perry was a representative of the "Icebreaking Mission."

"The UK and China are blessed with the potential for a vibrant and prosperous relationship ranging from education and cultural exchanges to research collaborations that address the world's most challenging problems," Gordon Orr, vice chairman of the China-Britain Business Council, said on the Thursday event. "Trade and investment form the foundation of this relationship." 

In terms of trade potential between China and the UK, Keith Bennett, vice chairman of the 48 Group Club, told the Global Times on Thursday that there is great complementarity in technical, scientific, research and development (R&D) collaboration, as well as in education.

"China is now not only just a great power in manufacturing, but also a great power in R&D, innovation, the fourth industrial revolution, artificial intelligence, big data and other sectors. At the same time, Britain also has some advanced experience there," said Bennett.

Efforts in pushing economic and trade ties

Efforts have been made and fruitful results have been seen in the economic and trade cooperation between China and the UK.

The UK will be the country of honor for the 2023 China International Fair for Trade in Services (CIFTIS), which will be held in Beijing in September, the British Embassy in China told the Global Times in late May.

According to media reports, the UK is expanding the scale of its exhibition at CIFTIS 2023. Participants from UK's top-tier enterprises will highlight their products and services across a variety of sectors. 

Senior officials will participate actively to promote meaningful engagements and exchanges between the two countries, said John Edwards, the UK trade commissioner for China.

Dominic Johnson, the UK minister for investment, said during an interview with CNBC on April 21 that "we're symbiotically linked" in terms of the UK-China relationship. 

"I work very hard with lots of Chinese companies investing in our infrastructure and offshore wind and our clean energy transitions to net zero," said Johnson, noting the UK may be the fastest-growing investor in China in terms of major markets.

In 2022, China-UK trade in goods exceeded $100 billion and the stock of two-way direct investment exceeded $50 billion, official data showed.

In the past 50 years since China and the UK established diplomatic relations, a large number of British companies have invested in China and shared market dividends from the rapid and stable development of the Chinese economy.

"The commercial relationship between Britain and China continues to be very strong. China is Britain's third-largest trading partner, which I think just goes to show how crazy the idea is of 'decoupling' or 'de-risking,'" Bennett stressed.

In fact, British multinational companies that have come to China are still expanding in the market, showing the desire of the British business community to deepen economic and trade development with China.

Executives from a couple of top UK companies visited China in 2023 and met senior officials, seeking to expand their business. 

Challenges remain

Although trade and investment between China and the UK are still growing, the bilateral relations face some challenges. 

In November 2022, British Prime Minister Rishi Sunak said in his first foreign policy speech that the "golden era" of relations with China is over.

Analysts noted that in the context of the current tense China-UK relations, to be "symbiotically linked" in economy and trade, the British side should show sincerity and should not blindly follow the lead of the US.

In today's world, it is no longer possible to talk about economic and trade development without China, and it has long been a reality for China to integrate into world trade. In this context, the deepening of trade between China and the UK will be beneficial for both countries, analysts said.

Politicians only care about their own political interests. But it is impossible for some British politicians to intervene in the operation of the economic market, or "decouple" from China on trade, Li Yong, deputy chair of the expert committee of the China Association of International Trade, told the Global Times on Thursday.

"Having a long-standing trade relationship and maintaining normal business cooperation between the two countries are in line with the fundamental interests of enterprises," said Li.