On July 10, 2019, Ambassador Liu Xiaoming was invited to the European Headquarters of Bloomberg to attend Navigate the New Silk Road 2019, where he delivered a speech entitled China Stays Committed to Openness, Cooperation and Consultation, and Brings Confidence to the World. The Forum was presided over by Constantin Cotzias, Chairman of the Bloomberg European Headquarters. John Glen, UK Economic Secretary to the Treasury attended and addressed the forum. More than 250 representatives from Bloomberg’s European business partners and British business and financial sectors were present.

In his speech, Ambassador Liu pointed out that against the rising risks, instabilities and uncertainties, what the world economy most needed is “confidence”. He explained what China is doing to boost confidence and promote common progress by answering three questions. The first question is: In face of rising unilateralism and protectionism, should countries of the world choose openness or isolation? The answer is clear: China remains committed to further opening up with firm resolve, and it has taken firm steps and has kept up the momentum of opening up wider to the world. This commitment boosts confidence in robust economic growth.

The second question: Despite deepening economic globalisation, development gaps between different countries still exist. What can China do to continue serving as a growth engine for the world while pursuing development at home? The answer is definite. China remains committed to win-win cooperation and would seize the opportunities of investment and green development, and make the best use of the platforms to boost the confidence in the inclusive and balanced economic growth in the world.

The third question is about the China-US relations and trade talks, which has caught the world’s attention. How can the two countries avoid the “Thucydides trap” and a “trade war” that could do so much harm to the world economy? The answer is explicit. China remains committed to dialogue and consultation, believing that China and the US should have a right understanding of each other’s goal, view their competition in a sensible manner, shoulder due responsibilities as big countries, and join hands to safeguard the common interests of the world. This commitment will boost confidence in the ability of the world economy to remain stable.

“China stands ready to share its development opportunities through further opening up. China will pursue common development through consultation. China will promote win-win results through better cooperation. China will work hard to bring back confidence in the world economy”, the Ambassador concluded.

“I hope the business leaders of our two countries will carry forward the spirit of openness, cooperation, consultation and partnership. In that spirit, I hope and believe you will work together to overcome all difficulties and build a better future for our world!”

Glenn said that the UK is a “natural partner” of China in the Belt and Road Initiative (BRI), and China-UK “Golden Era” brings “golden opportunities”. The UK would actively participate in the BRI development and implement the “Green Finance” strategy, giving full play to the strengths of the City of London in high-end financial services, language and time-zone in the development of China’s bond market, strengthen the international capital market, maintain the good momentum brought by the China-UK Economic and Financial Dialogue, and promote the BRI development to bring more win-win results to the UK and China and the world.

The participants welcomed the forum, calling it timely and informative and appreciated Ambassador Liu’s profound and thought-provoking speech. Cotzias said that Ambassador Liu’s speech instilled confidence in the British business community in the context of Brexit. Glenn appreciated Ambassador Liu’s elaboration on the importance of mutually beneficial cooperation between the UK and China and applauded Chinese companies’ investment in the UK, which is fruitful and beneficial to both sides.