On 20 March 2024, H.E. Ambassador Zheng Zeguang attended the 2024 UK-China Business Forum hosted by the China-Britain Business Council at invitation and delivered a keynote speech entitled “China’s new development brings fresh opportunities for cooperation”. The full text of the speech is as follows:
China’s new development brings fresh
opportunities for cooperation
Sir Sherard Cowper-Coles,
Minister Bim Afolami,
Ladies and gentlemen,
Thank you to CBBC for the kind invitation. It gives me great pleasure to attend the 2024 UK-China Business Forum.
Today’s theme, “Opportunities and Challenges in a Changing World” is a very fitting one considering the profound transformation we are seeing. And amidst those opportunities and challenges, economic and trade cooperation between China and the UK is indeed the right focus.
China’s annual Two Sessions was held not long ago in Beijing, during which, President Xi Jinping and other leaders attended meetings and discussed important state affairs with NPC deputies and CPPCC members.
It reviewed the development of the Party and the country in the past year and set out the main targets and policies for the economic and social development in 2024.
Anyone who follows China must study the documents adopted at the Two Sessions. And I believe the following four key words can help you better understand the main messages from the Two Sessions.
The first key word is CONFIDENCE.
Premier Li Qiang’s report on the work of the government projected the main targets for this year, including around 5% of GDP growth, and over 12 million new urban jobs. This fully demonstrates our confidence in China’s economic prospects.
Our confidence comes from our analysis of the situation. Last year, withstanding unusual external pressures and internal difficulties, we managed to grow the economy by 5.2%.
This year, China will continue to face both opportunities and challenges, but we believe favourable conditions outweigh unfavourable ones.
The long-term trajectory of China's economy remains positive, as it enjoys the following unique strengths:
- strong political leadership,
- a supersize market,
- a full-fledged industrial system,
- abundant, high-caliber labour forces, and
- constantly improving sci-tech innovation capacity.
Our confidence comes from the actions we are taking. These actions are laid out in the 10 major tasks in the government work report, such as speeding up sci-tech innovation and development of new industries, investment in scientists, engineers, and in education, expanding domestic demand, and pursuing higher-standard opening up, etc.
Governments at all levels in China are known for their effective implementation of policies, and they are working actively to deliver these actions.
Our confidence also comes from the growth momentum that is accumulating. During the Spring Festival travel rush, more than 8.4 billion passenger trips have been made in China. And during the holiday break, domestic tourists’ spending registered an increase of 7.7% as compared with the same period in 2019.
In the first two months of this year, China’s foreign trade in goods saw a year-on-year increase of 8.7%. The total value added of industrial enterprises above the designated size increased by 7%, and retail sales of consumer goods climbed 5.5%. China’s auto production and sales showcased a growth of 8.1% and 11.1%, respectively.
The second key word is DEVELOPMENT.
China is firmly committed to advancing high-quality development and to the Chinese path to modernisation.
President Xi Jinping stressed that we need to accelerate the development of new quality productive forces, setting the direction for high-quality development.
Marked by innovation, these forces will help transform traditional industries, making them more advanced, intelligent, and environmentally friendly.
This means we will foster emerging and future-oriented industries, including hydrogen power, new materials and innovative drugs. We will create new growth engines such as biomanufacturing, commercial spaceflight, and the low-altitude economy. We will also open up new fields such as quantum technology and life sciences.
These are the priorities for China’s future development. And I am glad that they are in line with topics of today’s panel discussions, on new energy, biosciences and supply chain. I hope that through today’s discussions, you will find new opportunities of cooperation with China.
We believe that China is well-poised in pursuing new quality productive forces. China has the talent pool, and human resources. Our total R&D input and high-tech investment have been growing at double digits for several years in a row.
China has some 400,000 high-tech companies, and ranks second globally in the number of unicorn startups. Of the 153 “lighthouse factories” on the Global Lighthouse Network released by the World Economic Forum, 62 are Chinese.
By emphasising new quality productive forces, we are not casting aside the traditional ones. We follow the principle of establishing the new before abolishing the old and will adopt a region-specific approach. The government work report has set aside policy measures for modernising the industrial system.
The third key word is OPENNESS. The Two Sessions made clear that China will pursue higher-standard opening up and promote mutual benefits.
We will promote alignment with high-standard international economic and trade rules, steadily expand institutional opening up, and amplify the interplay between domestic and international markets and resources. We will ensure the overall stable performance of foreign trade and foreign investment, and foster new strengths in international economic cooperation and competition.
On foreign trade, we will continue to optimise relevant policies. Major trade events will be hosted, such as the China International Import Expo, the China Import and Export Fair, the China International Fair for Trade in Services, the Global Digital Trade Expo, and the China International Consumer Products Expo.
On foreign investment, we will further shorten the negative list. We will ensure national treatment for foreign-funded enterprises, take steps to resolve issues such as cross-border flows of data, and strengthen services for foreign investors.
Yesterday, the State Council issued an action plan to steadily promote high-level opening up and make greater efforts to attract and utilise foreign investment. The action plan proposes 24 measures across five aspects, including expanding market access, enhancing appeal to foreign investment, fostering a level playing field, facilitating the flow of innovation factors, as well as better aligning domestic rules with high-standard international economic and trade rules.
This will surely promote the building of a market-oriented, world-class business environment governed by a sound legal framework, and provide broad opportunities for foreign businesses in China.
On multilateral, bilateral, and regional economic cooperation, we will work for the implementation of free trade agreements that have come into force and conclude high-standard free trade agreements and investment treaties with more countries and regions.
In addition, since the end of last year, we have applied unilateral visa-free policy to 12 countries and taken measures to make it easier for foreigners to make mobile payment in China. We will continue to facilitate foreigners’ stay in China, whether they are there for work, study or tourism.
The fourth key word is COOPERATION. The Two Sessions stressed that China will stay committed to an independent foreign policy of peace and to peaceful development. We will remain firm in pursuing a strategy of opening up for mutual benefit.
In this time and age, it is imperative for us to uphold openness and inclusiveness, dialogue and cooperation and common development; and to oppose hegemonic, domineering and bullying acts and the disruption of the global industrial and supply chains in the forms of “decoupling” and “small yard, high fence”.
Facts have proven that China’s development provides a vast market, high-quality and affordable products, increasingly advanced technologies, and of course, much-needed investment for the world. Last year, China contributed about 1/3 of global growth.
China is ready to work together with all countries to pursue high quality Belt and Road cooperation, and act upon the Global Development Initiative, the Global Security Initiative, and the Global Civilisation Initiative, so as to build a community with a shared future for mankind.
China’s development will continue to inject stability and impetus into the world.
Ladies and gentlemen,
Since the establishment of diplomatic relations, of course there have been ups and downs in our relations but the overall trend has been upward and forward.
Bilateral trade between China and the UK has surpassed 100 billion US dollars for several years running.
China-UK two-way investment stock stands at over 50 billion US dollars now.
This has been possible because of joint efforts from both sides. It also shows the huge complementarity and cooperation potentials between the two countries.
Both China and the UK are permanent members of the UN Security Council, and major global economies, so we have every reason to step up our dialogue, communication and collaboration, and promote the sound and steady development of bilateral ties.
It is hoped that business communities of the two countries will work together, while deepening cooperation in traditional areas, also align development strategies, and tap into the emerging areas such as new energy, artificial intelligence, biomedicine and digital economy. We must complement our respective strengths and achieve more win-win results.
People with insight from both countries must make concerted efforts for the development of stable and mutually-beneficial China-UK relations.
Over the years, CBBC has served as an important bridge for China-UK communication and a strong catalyst for China-UK cooperation. We look forward to closer cooperation with CBBC and the British business community going forward.
In conclusion, I wish this forum a full success.
Thank you.
