{"id":4282,"date":"2018-12-26T18:38:57","date_gmt":"2018-12-26T10:38:57","guid":{"rendered":"http:\/\/focus.cbbc.org\/?p=4282"},"modified":"2020-05-27T14:48:45","modified_gmt":"2020-05-27T06:48:45","slug":"lord-sassoon-says-ties-will-strengthen","status":"publish","type":"post","link":"https:\/\/focus.cbbc.org\/lord-sassoon-says-ties-will-strengthen\/","title":{"rendered":"CBBC<\/a> Chairman Lord Sassoon says the UK-China relationship will only strengthen"},"content":{"rendered":"

<\/h1>\n

Lord James Sassoon<\/strong> is the Chairman of the China Britain Business Council and executive director of Jardine Matheson & Co. He explains that the UK-China relationship will only strengthen<\/h1>\n

At CBBC<\/a>, throughout our 65 years supporting UK-China trade and investment, we have described our work as \u2018helping UK companies enter the China market\u2019. Of course, this is still at the core of what we do. But the reality of the UK-China relationship today is so much more sophisticated than just this. These days at CBBC<\/a>, we talk about \u2018helping UK and Chinese organisations cooperate in the UK, China and third markets around the world\u2019.\u00a0 This shift in our thinking sums up both China\u2019s development over the last 40 years and the relationship between the UK and China.<\/p>\n

After 40 years of prudent opening up, China is now \u2018opening out\u2019. The domestic economy is increasingly intertwined with the global economy. Overseas investors, sovereign and private, while a little more reserved since the tighter regulations of 2016, are increasing their footprint around the world \u2013 with the UK as the leading destination in Europe for a number of projects. Ripples in Chinese financial markets, good and bad, are increasingly felt internationally. And the Belt and Road Initiative, combined with the establishment of the Asian Infrastructure Investment Bank, is perhaps the clearest embodiment of China\u2019s new place in the economic world order.<\/p>\n

And the UK can be at the centre of this \u2018opening out\u2019, as our expertise in global financial and professional services, advanced manufacturing and healthcare, to name just a few sectors, complement China\u2019s requirements. While other countries may have had a more relevant skillset to meet China\u2019s needs in the first 40 years of opening up, the future plays to the UK\u2019s strengths in education, professional services, high technology, healthcare and the creative industries.<\/p>\n

At the heart of the UK-China relationship has been a mutual respect, strengthened by regular strategic dialogues<\/p><\/blockquote>\n

What is even more meaningful is that China\u2019s development has also shifted the focus of global trade. In 1980, the EU economy accounted for 34 percent of the world economy and the US 26 percent, with East Asia at 16 percent. However, in 2017, East Asia accounted for 27 percent of the world economy, the US 24 percent and the EU 21 percent. Much of this shift has been driven by China.<\/p>\n

At the heart of the UK-China relationship has been a mutual respect, strengthened by regular strategic dialogues on a wide range of bilateral and global issues covering culture, business, finance and security. I have participated in a number of these dialogues over the last fifteen years.\u00a0 In her foreword to a publication celebrating 45 years of diplomatic relations after they were established in 1972, UK Ambassador, Dame Barbara Woodward, talks about the three pillars of \u2018government to government\u2019, \u2018business to business\u2019 and \u2018people to people\u2019 as the three legs of a \u2018Ding\u2019 Chinese pot. \u201cThe three legs provide stability\u2026 the UK and China have those now,\u201d the Ambassador said.<\/p>\n

Visits and dialogues at the very highest levels have continued at pace this year. The Prime Minister visited China in January, followed by the Chancellor in May and the new Foreign Secretary in July. The Secretary of State for International Trade has made five visits this year, most recently in November at the China International Import Expo. These visits have been instrumental in maintaining the momentum of commercial exchanges, further opening the Chinese market for UK goods and services and setting the scene for a possible trade deal after Brexit.<\/p>\n

In 1980, Germany\u2019s GDP was almost three times that of China. However, in 2017, China\u2019s GDP was 3.3 times Germany\u2019s. It is a truly remarkable economic story. The UK has been an active participant in this story over the last 40 years, and what is most exciting is that the most mutually beneficial parts of the UK-China story will be written over the coming years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Lord James Sassoon is the Chairman of the China Britain Business Council and executive director of Jardine Matheson & Co. He explains that the UK-China relationship will only strengthen At CBBC, throughout our 65 years supporting UK-China trade and investment, we have described our work as \u2018helping UK companies enter the China market\u2019. Of course, this is still at the core of what we do. But the reality of the…<\/p>\n","protected":false},"author":11,"featured_media":3166,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[206,132],"tags":[367,702,701],"class_list":["post-4282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-news","tag-economy","tag-international-trade","tag-uk-china-relationship"],"yoast_head":"\nCBBC Chairman Lord Sassoon says the UK-China relationship will only strengthen - Focus - China Britain Business Council<\/title>\n<meta name=\"description\" content=\"After 40 years of prudent opening up, the domestic economy is increasingly intertwined with the global economy and investors are increasing their footprint around the world\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/focus.cbbc.org\/lord-sassoon-says-ties-will-strengthen\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBBC Chairman Lord Sassoon says the UK-China relationship will only strengthen - 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