On 30 January 2024, H.E. Ambassador Zheng Zeguang attended the Chinese New Year Celebration organised by the British business community and delivered a keynote speech titled "Developing the Right Perspective for Mutually Beneficial Cooperation". Over 100 senior representatives from the British business community were present at the event.
Ambassador Zheng noted that in 2023, China's economy bucked the downward pressure and achieved a 5.2% growth, continuing to be a key engine for the global economy. The internal drivers of China’s economy were stronger, with domestic demand contributing more than 110% to growth, and per capita disposable income growing by 6.1%. China’s growth was greener and driven more by science and technology, with investment in high-tech industries increasing by 10.3%. According to a recent report by the International Energy Agency (IEA), China is on track to meet its wind and solar targets six years ahead of schedule. These facts defy all those negative reporting and forecasts by some Western media, and speak volumes about the great resilience and vast potential of China’s economy.
Ambassador Zheng pointed out that the Chinese government is redoubling its efforts to sort out the problems in the real estate sector, stabilise the capital market, and further boost consumer confidence. China’s strong political leadership and the consistency of its major policies are unique advantages given an increasingly volatile world. China has a supersize market of more than 1.4 billion people and is the only country with industries across all categories in the UN industrial classification. China also has unparalleled advantages in talent, capital, and data resources, and innovation underpinned by the rapid development of high-tech industries. The long-term positive trajectory of China’s development remains unchanged.
Ambassador Zheng pointed out that the Chinese government has recently adopted more than 50 new measures to advance opening-up in the financial sector. Caps on foreign equity holdings in banking and insurance institutions have been lifted. All restrictive measures in the financial sector have been removed from the negative list for foreign investment. To support Hong Kong, as an international financial centre, the central government has announced a host of new measures, including deepening the connectivity between the financial markets of the mainland and Hong Kong; opening the mainland banking and insurance sectors wider to the region; helping Hong Kong consolidate its role as an offshore RMB business hub; and supporting mainland financial institutions to strengthen their operations in Hong Kong. All of this is good news for British companies.
Ambassador Zheng emphasised that with the implementation of the National Security Law and the enhancement of the election system, and the advancement of the Guangdong-Hong Kong-Macao Greater Bay Area, Hong Kong’s long-term stability and prosperity will be better guaranteed. Hong Kong will better serve as a bridge and bond for exchanges and cooperation between China and the UK.
Ambassador Zheng said that in today's world of turbulence and transformation, at home, China firmly stays the course of high-quality development, and advances the building of a strong country and national rejuvenation through the Chinese path to modernisation. Internationally, China calls for an equal and orderly multipolar world and a universally beneficial and inclusive economic globalisation, and calls on all countries to work together to build a community with a shared future. China resolutely defends its sovereignty, security, and development interests, and stays committed to world peace and common development.
Those who claim that China is a challenge or even threat to the UK, and that the UK should de-risk from China and reduce its dependence on China's supply chain can not be further from the truth. Such claim is either based on ignorance or misjudgment of China, or aimed at shifting the blame and diverting the attention. None of the problems confronting the UK’s economy originates from China. China has never been a creator of crises, but rather, a staunch force in solving problems and promoting peace and development.
Ambassador Zheng pointed out that a steady and mutually beneficial China-UK relationship serves the interests of both countries, and the world at large. People of insights need to work together to develop the right perspective, promote mutually beneficial cooperation, and preserve the fundamentals of bilateral ties. It is hoped that business communities of both countries will work together and do more to deepen the mutual understanding and trust between the two peoples, and promote the steady and long-term growth of China-UK relations.
Representatives of the British business community present at the event said that the UK and China continuing to build a strong, long-term partnership is in the interests of both countries and peoples. They are ready to serve as a bridge and bond connecting China with the UK and the world, and play a positive role for the steady development of bilateral ties.
