High-level dialogue key to bolstering business confidence

British Prime Minister Keir Starmer's visit to China — the first of its kind since 2018 — reflects the British government's objective to create a mature, consistent, comprehensive, and strategic relationship between the two countries, Stuart Dunn, executive director of British Chamber of Commerce Shanghai, said.

"Any positive steps by the British government to continue momentum in building a stronger relationship with China are welcomed by the British business community in China," Dunn said.

The representatives of the delegation have mirrored the economic focus of the visit, he said.

The China-UK trading relationship is worth over 100 billion pounds ($138 billion) annually, according to Dunn, with Chinese investment in the UK generating about 370,000 jobs every year.

"Open, mature, and practical dialogue is back at the top level and that matters to business confidence in both countries," Dunn said. "The UK and China can support each other to achieve their economic growth goals."

Thanks to China's rich supply of skilled labor, financial incentives, world-class facilities, and the country's logistical significance in the Asia Pacific region, a large number of UK industry giants — including pharmaceutical company AstraZeneca, automaker Jaguar Land Rover, beverage company Diageo, and consumer goods provider Unilever — have increased their investment in research and development in China over the past few years.

Dunn foresees increased cooperation between the two countries in the upcoming years, especially given China's goal of high-quality development.

On one hand, UK's strength in finance, legal, consulting, insurance, and asset management addresses China's goal to promote high-quality services during the 15th Five-Year Plan (2026-30) period. These professional services providers' wider presence in China will not only support UK investment in China, but will also enable UK service companies to better assist Chinese companies' outbound reaches, he said.

On the other, UK companies specializing in industrial technologies, engineering, automation, and high-end components production can also explore plenty of opportunities in China as advanced manufacturing and industrial upgrading have been underlined in China's 15th Five-Year Plan, Dunn said.

China's rising healthcare demand will be translated into deeper UK involvement in the sectors of pharmaceutical, medical technology, consumer health, and hospital solutions in China, according to Dunn.

Green transition is another major theme for deeper China and UK cooperation, benefiting companies specializing in climate solutions, clean energy, energy efficiency, low carbon services and green finance, he added.