On 23 January 2024, H.E. Ambassador Zheng Zeguang attended the Asia House Annual Outlook 2024 Launch and delivered a keynote speech titled “China is always a Staunch Force for Peace and Development in the Asia-Pacific” at invitation.

On the trajectory of China’s development, Ambassador Zheng pointed out that there will still be headwinds in 2024, but the long-term trajectory of China’s development remains positive. China’s confidence comes from at least five areas: first, China’s strong political leadership, and the consistency of major policies; second, the demand generated by a supersize market of more than 1.4 billion people, in particular, a middle income group that is 400 million strong; third, the supply supported by a fully-fledged industrial system. China is the only country with industries across all categories in the UN industrial classification; fourth, abundant talent, capital, and data resources; and fifth, innovation underpinned by the rapid development of high-tech industries. China is now home to about 400,000 high-tech enterprises, and the number of unicorn companies in the country ranks second globally.

Ambassador Zheng said that as Premier Li Qiang noted in his special address at Davos 2024, China is firmly committed to high-standard opening up. As a major trading partner of over 140 countries and regions, China has cut its overall tariff level to 7.3%. In the recent five years, the FDI return in China has been around 9%, which is quite competitive globally. In the following five years, China is projected to import 17 trillion US dollars worth of goods and services. China will continue to foster a market-oriented, law-based and world-class business environment. Its door will open even wider to the world, and businesses from all countries including the UK, are welcome to expand cooperation in China.