SFC Correspondent Zheng Qingting, Intern Mu Rongxuan in Beijing
In an era marked by geopolitical uncertainties and shifting economic alliances, China and the United Kingdom are navigating a path toward renewed economic collaboration. Sir Sherard Cowper-Coles, Chair of the China-Britain Business Council (CBBC), emphasised the importance of deepening China-UK economic cooperation during his address at the Global Trade and Investment Promotion Summit 2025 in Beijing.
In an interview with SFC on the sidelines of the summit, Cowper-Coles highlighted the progress in China-UK relations over the past year. He stressed the complementary nature of the two economies, with China's strength in manufacturing and Britain’s expertise in sectors such as pharmaceuticals, financial and professional services, innovation, and robotics. Cowper-Coles also advocated for increased engagement, mutual respect for national security and values, and cooperation in areas such as trade, investment, education, culture, and people-to-people exchanges.
Multinationals on China: How do you perceive the current China-UK business relationship?
Cowper-Coles：It's good, and it's improving, but we still have work to do. We had a British government that recognised the importance of China—not only in terms of global politics but also in terms of growth, both for the UK and for China.
We have two complementary economies. China is obviously much stronger in manufacturing, but Britain has its strengths too—in pharmaceuticals, financial and professional services, innovation, robotics, et cetera. As this conference suggests, all ships rise on a rising tide of trade and investment.
jrhz.infoMultinationals on China: In today's global geopolitical environment, how would deeper China-UK economic cooperation benefit both sides？
Cowper-Coles：It benefits us both in terms of growth, but it also benefits ordinary people. It's jobs for young graduates in China looking for jobs. It's jobs for the 200,000 Chinese students at British universities looking for something worthwhile to do after they graduate in computer science or engineering. Everyone is better off through global trade. And those who put up barriers, as we've learned throughout history, as I said, in the 19th century, Britain put tariffs on corn, the world was poorer, Britain was poorer. We made the mistake of leaving the European Union putting up barriers between Britain and Europe. That was a big mistake. It has cost us 5% of GDP and so we need to work together in the interests of logic, but also a common humanity, if I may say so, our common prosperity.
Multinationals on China: What is the current sentiment among British businesses operating in China? What continues to attract British investors to China?
Cowper-Coles: They attracted, first of all, by the size of the market. They're here for the long term. They obviously see that consumer sentiment here is hesitant, but they're hoping and expecting it to come back. There's all sorts of collaboration going on, so we're seeing a growth in interest on both ends. We're seeing Chinese investment in the UK growing, which is good for Britain, good for China. So it goes both ways.
Multinationals on China: What is your view on China's medium to long-term economic prospects?
Cowper-Coles: Very good, indeed. I wouldn't complain about growing at around 5% a year and it'll be over 5%. The Chinese government is taking the steps necessary to keep growth going. Tariffs don't help. They're a mistake. In the end, they will hurt the people of the United States, at least as much as they hurt everybody else unless they're rolled back. We've all got to work together in the spirit of common sense and cooperation. I just think in the long run, China is such an important player, not just in terms of the quantity of growth, but also the quality of growth. The fact that this conference is about digital trade, AI, about innovation, is a measure of the way China's trade is moving away from simple manufactured goods to much more sophisticated forms of commerce.
Multinationals on China: The UK is a global leader in services. How has China-UK trade in services evolved over recent years, and which segments present the greatest upside for expansion?
Cowper-Coles：I think wealth management is a very important sector. Britain has unrivaled expertise in helping people manage their savings, intelligently distribute them around the world, where we've got unrivaled historic expertise in insurance, but also in legal services and accounting services and consulting services. Many of our great professional services firms now employ extremely bright, numerous, literate Chinese graduates, everyone benefits.
Multinationals on China: Drawing on your extensive experience in both diplomacy and global business, what would be a more effective way for the West to engage with China?
Cowper-Coles：I was infuriated and upset by the last British government's attempts to disengage from China, to decouple from China. We had one British cabinet minister visit China in 5 years, that's not enough. Britain and China need to engage. We each protect our national security, we each respect our values which are not always the same, but there are vast areas where we can and must cooperate, areas of trade, investment, education, culture, people to people exchange.
Chief Producer: Yu Xiaona
Supervising Producer: Shi Shi
Editor: Li Yinong
Reporter: Zheng Qingting, Intern Mu Rongxuan
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