China and the UK are celebrating 70 years of bilateral trade relations, commemorating the ‘Icebreaking Mission’ initiated by British entrepreneurs in the 1950s to breach trade barriers with China. The anniversary marks decades of significant effort, fostering increased economic cooperation between the two nations.
Chinese President Xi Jinping sent a congratulatory letter to the celebratory event held in Beijing, urging for continued pioneering spirit of openness and cooperation between the two countries. He encouraged both sides to work diligently towards creating opportunities for mutually beneficial cooperation and making significant contributions to the strengthening of China-UK relations.
The event was jointly hosted by the China Council for the Promotion of International Trade (CCPIT), Britain’s 48 Group Club, and the China-Britain Business Council. CCPIT Chairman Ren Hongbin highlighted the contributions of generations of ‘icebreakers’, who have propelled China-UK exchanges, thus contributing to a magnificent chapter of exchanges and mutual learning.
Stephen Perry, Chairman of the 48 Group Club, and son of Jack Perry, a representative of the ‘Icebreaking Mission,’ reiterated the group’s commitment to sustaining trade between Britain and China. Perry emphasized the complementary economies of the two nations and vowed to continue supporting China-UK trade development.
Gordon Orr, Vice Chairman of the China-Britain Business Council, echoed Perry’s sentiments, stressing that trade and investment form the bedrock of the relationship between the two nations. Further, Keith Bennett, Vice Chairman of the 48 Group Club, highlighted the great potential for complementarity in technical, scientific, research and development (R&D) collaboration, and education.
In terms of economic and trade ties, the UK is set to be the country of honor for the 2023 China International Fair for Trade in Services (CIFTIS), scheduled to be held in Beijing in September. This reflects the continued focus on strengthening and diversifying the bilateral trade relationship.
In 2022, China-UK trade in goods exceeded $100 billion, with the stock of two-way direct investment surpassing $50 billion. Numerous British companies have invested in China over the past 50 years, reaping the benefits of the rapid and stable development of the Chinese economy.
However, bilateral relations are not without challenges. Despite the UK Prime Minister Rishi Sunak’s comment in November 2022 that the “golden era” of relations with China is over, the mutual benefit of economic and trade relations remains undeniable. As such, analysts argue that despite political tensions, the potential of deepening trade between China and the UK remains largely beneficial.
Li Yong, deputy chair of the expert committee of the China Association of International Trade, emphasized the value of maintaining a long-standing trade relationship and regular business cooperation between China and the UK. Such a relationship, according to Li, aligns with the fundamental interests of enterprises in both countries.
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