UK hails China's policy push for wider opening-up

Experts in the United Kingdom welcomed China's new policy push for pursuing high-standard opening-up and called for stronger international trade exchanges and cooperation amid geopolitical turbulence.

Their comments came after the third plenary session of the 20th Central Committee of the Communist Party of China concluded last month. The plenum's resolution stated, "Leveraging the strengths of China's enormous market, we will enhance our capacity for opening-up while expanding international cooperation and develop new institutions for a higher-standard open economy."

Some detailed measures include creating a transparent, stable and predictable institutional environment, opening China's commodity, services, capital and labor markets wider, shortening the negative list for foreign investment, and more.

Xie Yizhe, director of SPX Capital, a Brazilian multi-strategy hedge fund management firm, who is based in London, said he is glad to see that China stays committed to opening its door wider.

Xie particularly noted that he had experienced this welcoming attitude during his recent visit to Shanghai with his company's delegation in April and encouraged foreign business owners to see China firsthand during this complex period.

"On-the-ground experience will very likely boost confidence," he said.

John McLean, chairman of the China UK Business Development Centre, echoed the sentiment, pointing out that an "eagerness" to venture into the Chinese market can still be observed in the UK business community.

Common language

"But we've got to bring together more of this common language," he said, suggesting that the UK business community and its Chinese counterpart can work closely to consolidate that voice and further enhance the country's capacity and knowledge of today's China, which is undergoing economic transformation.

Although admitting that foreign investors might adopt a wait-and-see approach because of the global geopolitical landscape and economic slowdown, both experts said there is still room for international cooperation.

McLean expressed hope that the new Labour Party government could offer fresh opportunities for its dealings with China as the past UK had been "too risk-averse".

"If you are being risk-averse, you end up doing less than you should be doing," he said. "I hope that the new government can offer fresh opportunities and a balanced approach for engagement. Part of the government policy is about growth, which may align with the opportunities that exist in China."

In addition to attracting foreign investment into China, Xie said prospects could also arise when Chinese and foreign enterprises seek to build a joint venture overseas, as many Chinese companies are adopting an expansion strategy. "Opening up can be a two-way approach," he said.

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