China sees bright future with UK
China Daily: Why is China named in discussions about setting up an investment review body?
Ambassador: With regard to the British government's intention to strengthen review on foreign investment, I think both China and Britain need to take it rationally, avoid panicking and stay confident.
The UK, a world power in trade and investment, should have the confidence to take it easy with the fast growing investment from China.
On one hand, as the birthplace of the market economy and one of the world's most liberal and open-minded nations in trade and investment, and with a highly rule-based system, Britain has no reason to lose confidence in herself.
On the other hand, Britain needs not to perceive China's rapidly growing investment negatively. Investment from China not only facilitates bilateral business and investment cooperation, but also helps deliver tangible benefits to the people of our two nations. This is widely recognized.
Investment from China over the years has been growing fast yet such growth started from a very low level. According to the Department for International Trade, in the fiscal year 2016-17, China invested in 160 projects in Britain, which was less than one third of those invested by the US. In fact there is still great untapped potential for Chinese investment in Britain to continue to grow.
For China, we are a late-comer in overseas investment. We should have confidence in our credibility and rule-based business operations, and adapt to and take it easy with legitimate reviews.
As economic globalization goes deeper and China's overall national strength grows, China's outbound investment is entering into a period of fast growth. As late-comers here in Britain, Chinese companies are ready to observe the rules and laws of this country, do business faithfully, fulfill corporate social responsibility and work for win-win results.
Meanwhile, Chinese investors need to take it easy with possible problems. It has not been long since Chinese companies began making outbound investment. Therefore, it is only natural for those operating internationally to encounter various kinds of problems. As for justifiable and lawful reviews, they will do all they can to cooperate with the British side and follow laws and rules. But for reviews that are protectionist and discriminatory in nature, the Chinese side will firmly oppose to them and act to safeguard the legitimate rights and interests of the Chinese companies.
China Daily: How do you envision the prospects of China's investment in the UK?
Ambassador: For the UK's trade and investment partners, the time after Brexit will be a period of great uncertainty. As an optimist, I believe that after Brexit the UK will choose to be more open to the world, rather than lowering the portcullis and pulling up the drawbridge. Therefore I have great confidence in the prospects of China's investment in the UK.
With 6.9 percent of economic growth in the first six months, China has hit its growth target and continued the trend of steady progress. By strengthening reviews on the authenticity and legitimacy of outbound investment, China has kept an effective rein on irrational outbound investment, making its overseas investment healthier and more rational.
At this year's Davos World Economic Forum, President Xi Jinping said: "We must remain committed to developing global free trade and investment, promote trade and investment liberalization and facilitation through opening-up and say no to protectionism."
It is my belief that, on the basis of mutual respect and equality, China and the UK should come together to jointly support economic globalization, trade liberalization and innovate financing and investment models. There are also enormous opportunities for us to deepen mutually beneficial cooperation on the Belt and Road, RMB internationalization and projects in third countries. Our concerted efforts will help deliver more"golden fruits" in the China-UK Golden Era.
