New Starting Point and New Opportunities for Further Progress in China-UK Economic and Trade Relations
新起点新机遇，努力推动中英经贸关系向前发展
Ambassador Zheng Zeguang Contributes an Article on the International Business Daily
郑泽光大使在《国际商报》发表署名文章
2022年3月13日
13 March 2022
This year marks the 50th anniversary of ambassadorial diplomatic relations between China and the UK. The past 50 years have seen fruitful economic cooperation between the two countries which has brought tangible benefits to the two peoples. Last October, during a telephone conversation, President Xi Jinping and Prime Minister Boris Johnson reached important understanding on growing the bilateral ties and enhancing cooperation between the two countries in all areas. They have charted the course for the development of the China-UK relationship. At the new historical starting point, China and the UK should keep to the major direction of dialogue and cooperation, focus on working together, handle differences properly and push for new and greater development of the economic partnership as well as the wider bilateral relations.
2022年是中英建立大使级外交关系50周年。50年来，中英经贸合作成果丰硕，给两国人民带来了实实在在利益。去年10月，习近平主席与约翰逊首相通电话，就发展中英关系和加强各领域合作达成重要共识，为中英关系发展指明了方向。站在新的历史起点上，中英应牢牢把握对话与合作的大方向，聚焦合作，妥处分歧，推动两国经贸合作和两国关系取得新的更大发展。
China-UK economic cooperation has a solid foundation and strong resilience.
中英经贸合作基础厚、韧性强。
In 2021, despite the recurring outbreaks of Covid-19 variants and the difficult recovery in world economic, China-UK economic cooperation bucked the trend to register growth. China remained the UK’s third largest trading partner and number one source of imported goods. Trade in goods between the two exceeded US$100 billion, and two-way FDI stock reached US$47.8 billion which was a nearly US$5 billion increase from the pre-pandemic level. Financial cooperation remained close. Offshore RMB clearing volume in London exceeded 60 trillion RMB yuan. The central banks of the two countries signed an agreement to renew the existing currency swap line for a further five-year period, with the total value standing at 350 billion, or 40 billion in sterling. Cooperation continued to deepen in a wide range of areas, including green and low-carbon development, R&D, high-end manufacturing and infrastructure. Chinese products are good value for money and play an important role in supporting UK’s pandemic response. Chinese businesses in the UK contributed to the country’s economic and social progress by providing employment and tax revenue. From the British side, export to and investment in China continued to grow. Over the past 10 years, British export to China grew four times faster than its export to other countries. In 2021, Britain saw 22% more investment going into China and attracted 246% more Chinese capital to the UK. These outcomes fully demonstrate the win-win nature of China-UK economic cooperation.
2021年，面对新冠肺炎疫情起伏反复，世界经济艰难复苏，中英经贸投资合作逆势增长。中国保持英国第三大贸易伙伴国，第一大货物进口来源国。双边货物贸易突破1000亿美元，中英双向直接投资存量达478亿美元，比疫情前增长近50亿美元。两国金融合作密切。伦敦离岸人民币清算量突破60万亿元人民币。两国中央银行续签双边本币互换协议，未来5年互换规模为3500亿元人民币/400亿英镑。中英在绿色低碳、科技研发、高端制造、基础设施等广大领域合作持续发展。大量高性价比中国商品支持了英国的抗疫行动，大批在英中资企业支持了英国就业、税收，促进了英国经济社会发展。与此同时，英国对中国的出口和投资持续增长。过去10年，英国对中国的出口增速是英国对全球其他国家出口增速的4倍。2021年，英国对中国投资增长22%，吸引中国投资增长246%。这些成果的取得，充分体现了中英经贸合作互利双赢的本质。
China-UK economic cooperation covers a wide range of areas and enjoys huge potential.
中英经贸合作领域宽、潜力大。
The economies of the two countries are highly complementary. China has stable and consistent policies and plans, a huge market, and strong R&D, innovation and manufacturing capabilities. It will continue to be a sustained and strong powerhouse for the economic recovery and prosperity in all countries and regions, including the UK. The British economy is in the post-industrial stage, with established strength in areas of financial services, and science and technology. The two countries can continue to deepen the cooperation in traditional areas, such as trade in goods, traditional finance, manufacturing and infrastructure, expand practical partnership in new areas, including health care, green technology, green finance, new energy vehicles, digital economy and creative industries, as well as explore ways to work together in third markets, so as to create more highlights in their cooperation.
中英经济具有高度互补性。中国大政方针高度稳定连续，有庞大的市场，有强大的研发、创新和生产制造能力，可为包括英国在内的世界各国、地区经济复苏和繁荣提供持久强劲的动力。英国处于后工业化时代，在金融、科技等领域拥有先发优势。两国可以继续深化货物贸易、金融、制造、基础设施建设等传统领域合作，同时不断拓展在医疗卫生、绿色科技、绿色金融、新能源汽车、数字经济、创意产业等领域务实合作，努力开拓第三方市场合作，打造更多合作新亮点。
China-UK economic cooperation faces new opportunities.
中英经贸合作面临新机遇。
Under the strong leadership of the Central Committee of the Communist Party of China with Comrade Xi Jinping at its core, China is striving towards the second centenary goal, that is, building a great modern socialist country in a comprehensive way. As China deepens the implementation of its 14th Five Year Plan, the country will focus on steadiness and quality of development. This means steady improvement in the quality and reasonable increase in the quantity of economic growth. The overall objective is common prosperity. To this end, China will remain committed to opening up wider at a high level. In particular, it will strive to align its economy with high-standard international rules, steadily expand institutional opening up in terms of rules, management and standards, foster a market-based, law-based and open business environment, implement national treatment for foreign companies, remain open as always to foreign investment, including that from the UK, and promote high-quality development of the cooperation on the Belt and Road Initiative. The majority of countries and regions in the world, including the UK, are fully confident in China’s development and the opportunities that China will offer. In 2022, China and the UK will hold in due course some important events, such as the 11th Economic and Financial Dialogue, which will inject new impetus to the bilateral cooperation. China’s development has proved and will continue to show that as a partner in cooperation, China not only offers a stable policy environment and a huge market but also is reliable, ready to share and sustainable. At the new historical starting point, China will open its market wider to the world, which will create new opportunities for cooperation with all the countries, including the UK.
在以习近平同志为核心的党中央坚强领导下，中国正朝着全面建设社会主义现代化强国的第二个百年目标奋力前行。随着实施“十四五”规划向纵深发展，我们坚持稳中求进和高质量发展，推动经济实现质的稳步提升和量的合理增长，扎实推进共同富裕。我们坚定不移扩大高水平对外开放，主动对标高标准国际经贸规则，稳步拓展规则、管理、标准等制度型开放，着力完善市场化、法治化、国际化营商环境，更好落实外资企业国民待遇，一如既往欢迎包括英国在内的外国投资，推动共建“一带一路”高质量发展。我们高兴地看到，包括英国在内的大多数国家和地区对中国发展、中国机遇充满信心。2022年，我们将适时举行第十一次中英经济财金对话等重要活动，将为双边合作注入新的动力。站在新的历史起点，中国的发展已经并将继续证明，中国是政策稳、市场大、可信赖、愿分享、可持续的合作伙伴，中国对外开放的大门将越开越大，将为包括英国在内的世界各国带来更多新的合作机遇。
China and the UK should join hands to open up new prospects for economic cooperation.
中英应携手构建经贸合作新格局。
Over the past 50 years since the establishment of ambassadorial diplomatic relations, the China-UK relationship has achieved historic progress despite ups and downs. History clearly shows that for China-UK relations to fare well, mutual trust is the foundation, understanding is the precondition, and proper management of differences is the key. We call on the UK side to foster a stable and favourable political environment for China-UK economic cooperation by transcending the Cold-War mentality, respecting the facts and reality, and renouncing the wrong perception that China is a “systemic competitor” or even a threat, and to provide a fair, just and non-discriminatory environment for Chinese businesses in the UK by upholding the spirit of free trade and the rules of the WTO.
中英建立大使级外交关系50年来，两国关系走过了不平坦的历程，取得了历史性的发展。历史清楚地表明，中英关系要发展好，互信是基础，认知是前提，妥善处理分歧是关键。我们呼吁英方超越冷战思维，尊重客观事实，摒弃把中国视为“制度性竞争者”甚至威胁的错误认知，为中英经贸合作提供稳定、友利的政治条件。我们希望英方秉持自由贸易理念，恪守世贸组织规则，为中国企业到英国发展营造公平、公正、非歧视性的营商环境。
Against the current instabilities and uncertainties in the international situation, China-UK economic cooperation could work to boost world economic recovery, help address global challenges and bring benefits to the peoples of both countries. It is important that both sides uphold the spirit of mutual respect, openness and inclusiveness, and win-win cooperation, work together to enhance exchanges and communication in all sectors, improve mutual understanding between the peoples, seize the opportunities and resist disruptions. These efforts will help build up the positive energy in the China-UK relationship and promote steady and sustained progress in their economic ties.
当前，国际形势充满不稳定性和不确定性。中英经贸合作有助于促进世界经济复苏、应对全球性挑战、增进双方人民福祉。希望双方秉持相互尊重、开放包容、合作共赢的理念，共同促进两国社会各界交往与沟通，增进两国人民之间的认知和理解，把握机遇，排除干扰，为两国关系发展积累积极因素，推动中英经贸关系在正确轨道上行稳致远。