Diplomat: China, UK good match
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Jin Xu, minister counselor of the economic and commercial office at the Chinese embassy in London. Jiang Shan / China Daily |
The British and Chinese economies complement each other, making the United Kingdom a great destination for Chinese investment, according to a senior diplomat.
The potential for bilateral cooperation in research and development, service industries and infrastructure is especially immense, as the UK has unique expertise that can help China to shift toward sustainable growth and achieve greater internationalization, says Jin Xu, minister counselor of the economic and commercial office at the Chinese embassy in London.
"Many Chinese firms can benefit from conducting R&D in the UK, as China is embarking on the Made in China 2025 strategy to comprehensively upgrade its industries, and the UK has world-leading R&D capabilities and resources that can be used to help Chinese companies move up the value chain," he says.
"The UK also has unique advantages in a range of service industries, including financial and commercial services and cultural and creative industries. These advantages include mature service systems, a comprehensive market environment and sales channels, so Chinese firms would benefit from growing their services in the UK."
In addition, he adds, Chinese investment can help Britain with its much-needed infrastructure development and facilitate the international growth of Chinese companies.
Collaboration in infrastructure can be linked with China's Belt and Road Initiative and the UK's Northern Powerhouse, Jin says, while companies from both countries can work together to build and operate infrastructure in other countries by leveraging the UK's technology, management and financial services expertise, as well as China's advantage in capital financing and equipment manufacturing.
He says Chinese companies have already made significant investment in the UK across a wide range of sectors, including financial services, trade, telecommunications, healthcare, high-level manufacturing and R&D.
Reviewing Chinese investment in the UK in 2015, he identifies four major trends: investment in infrastructure, high-technology manufacturing and R&D, financial services, and property.
