CCIEE Held the UK-China Economic Policy Exchange

On June 12th, 2023, the China Center for International Economic Exchanges (CCIEE) and the British Embassy in China held the UK-China Economic Policy Exchange (Exchange).

With the theme of "China-UK Economic complementarity, Investment and a unified Big market", the exchange invited about 25 guests, including experts from think tanks and scholars of the two countries, officials from the British Embassy and business representatives, to have in-depth discussions on such topics as "China-UK economic complementarity in trade and investment", "economic security legislation" and "business environment for British companies in China".

The Chinese representative emphasized that China is the UK's third-largest trading partner, and the UK is an important trade and investment partner for China. The trade and investment relationship between China and the UK exhibits strong complementarity. Both countries have a wide-ranging basis for cooperation in areas such as the internationalization of the Renminbi, green finance, financial technology, and financial cooperation related to the "Belt and Road Initiative." Additionally, there are promising prospects for collaboration in high-tech, new energy, biopharmaceuticals, and other sectors.Chinese exports of goods to the UK can help alleviate domestic inflation pressures in the UK and enhance the economic welfare of British consumers. China's high-quality economic development also relies on investment and productive services from the UK to support its growth.

The Chinese representative stated that in recent years, China has been continuously committed to deepening structural reforms and market-oriented reforms of factors. China is actively building a high-standard market system, advancing institutional openness, and accelerating the construction of a unified national market to provide better services for foreign enterprises' access. Particularly in free trade zones and free trade ports, China is actively exploring benchmarking against high-standard economic and trade rules, taking the lead in trials, and continually promoting the marketization, legalization, and internationalization of the domestic business environment.

The British representative said that the UK is an open and internationalized economy, a global leader in the financial sector, and possesses a flexible labor market. The UK encourages and values foreign investment, as well as the expertise, technology, and ideas that foreign enterprises bring with them. The UK and China can further enhance cooperation in both goods and services trade, promote the free flow of data across borders, eliminate trade barriers, and support the development of foreign-invested enterprises.

Both sides agreed that China and the UK should enhance mutual understanding in economic and security legislation, eliminate interference, and strive to overcome the negative impact of non-economic factors on the development of trade and investment between the two countries, form synergy in productive services, cross-border data flows, information technology, high-end manufacturing, green revolution, biomedicine, agricultural science and technology and the flow of human resources, and promote cooperation in various fields. It will benefit the Chinese and British people and promote global economic prosperity and peaceful development.

The exchange was hosted by Xu Chaoyou, head of the International Exchange and Cooperation Department of the CCIEE, and Meng Shanlan, Minister Counselor for Economics and Trade of the British Embassy in China. Zhang Yansheng, Chief Researcher of CCIEE, Zhang Yongjun, Deputy Chief Economist of CCIEE, Zhang Monan, deputy head of Insitute of American and European Studies, CCIEE, Lu Rui, Minister Counselor for Financial Services and Investment of the British Embassy, Wang Ping, Professor of the Law School of Changchun University of Science and Technology, Guo Xu, Secretary-General of Digital Economy Working Group of the China-Britain Business Council and Director of Government and Public Affairs of RELX attended and delivered speeches.