On 24 April 2025, Chinese Ambassador to the UK Zheng Zeguang attended the Tianjin Investment Environment Promotion Conference in London and delivered a keynote speech. Vice Mayor of Tianjin Zhai Lixin and Chairman of the China-Britain Business Council Sir Sherard Cowper-Coles also made remarks. Nearly 200 representatives from various sectors of China and the UK attended the event.
Ambassador Zheng said that China is going all out to promote Chinese modernisation through high-quality development. Tianjin is a microcosm of China’s development. Today’s Tianjin has become an advanced manufacturing, research and development center, an international shipping hub, a financial innovation demonstration zone, and a pacesetter in China’s reform and opening up endeavour. It is striving to build itself into a strategic pillar in domestic and international dual circulations. An open, inclusive and pioneering Tianjin presents ample opportunities for businesses from around the world to carry out mutually beneficial cooperation.
Ambassador Zheng pointed out that recently, the US has imposed the so-called reciprocal tariffs on nearly all its trading partners, China and the UK included. This is in flagrant violation of WTO rules, and a reckless act of unilateralism, protectionism and trade bullying. It has dealt a devastating blow to the multilateral trading system and the global economy, seriously undermining the legitimate interests of all countries. The US is simply trying to turn back the clock and bring back the dark age when the law of the jungle prevailed.
Ambassador Zheng noted that in the face of the US’ irrational act, China has stated its firm opposition and taken necessary countermeasures. China has done so for its national interests and more importantly, for the multilateral trading system and for international justice. Over the past few days, there have been confusing signals coming out of Washington. They have continued to exert maximum pressure and threatened to impose tariffs as high as 3500% on some Asian countries. At the same time, they say they will reduce tariffs on China substantially. The gimmick here is trying to mitigate their self-inflicted losses and influence the capital market. China has said from day one that tariff and trade wars have no winners. China does not look for a war, but neither is China afraid of it. We will fight, if we must. China’s doors remain open, if the US wants to talk. But at the moment, there is no negotiation on tariffs happening between China and the US. If the US is serious about a negotiated solution, it should stop all its maximum pressure and threatening and blackmailing. Any dialogue should be based on equality, respect and mutual benefit.
Ambassador Zheng emphasised that at this critical juncture, the international community needs to show solidarity and act together against unilateralism and trade bullying. Appeasement or caving in will simply invite more trouble and embolden the bully. Only firm opposition will convince the US to change its current course. On this major issue of principle, it is hoped that the UK, with its long tradition of championing free and open trade, will stay on the right side of history, on the side of multilateralism, and on the side of the majority of the international community.
Ambassador Zheng stressed that while pursuing its own development, China will also share opportunities with the world through opening up. China’s overall tariff level has been reduced to 7.3%. On 24 April, China released its latest market access negative list, which was further shortened. China will take more steps to attract foreign investment and provide better services and protection for foreign businesses. China has a predictable and consistent macro policy environment, a supersize market of over 1.4 billion people, the most complete industrial system in the world, and an increasingly internationalised, market-oriented and law-based business environment. Companies from around the world, including the UK, are welcome to invest and operate in China. Now is the best time to invest in China.
Ambassador Zheng noted that senior UK officials have been making the case for a deeper partnership with China and stressed that it will be foolish not to engage with China. In the meantime, however, some anti-China politicians are making irritating noises. They try in all ways to smear Chinese enterprises, claiming that Chinese investment is not safe and that there is too much dependence on China. They are just a small minority. As a result of their arrogance, ignorance, and twisted mentality, while their bodies may be in the 21st century, their minds remain stuck in the 19th century. They are not seeing the benefits of Chinese investment in the UK. They are not seeing that these investment is actually creating jobs and tax revenue and introducing advanced technology and productivity into the UK. They are not seeing the benefits of doing business with China. UK exports to China support half a million jobs in the UK and investment in China yields good returns.
China is no longer a poor and backward country and an easy target for bully. China is the world’s second largest economy, second biggest consumer market, and biggest manufacturer and trader in goods. China needs the world. The world also needs China. There is abundant space for cooperation between China and the UK. It is hoped that the UK side will work in the same direction with the Chinese side, to create a predictable, just, fair and non-discriminatory business environment for companies of the two countries to cooperate. The two sides should create new highlights of cooperation in financial services, clean energy and AI, and expand practical cooperation in trade, biomedicine, education, culture, tourism and creative industries, to bring about more visible and tangible benefits to the people of both countries.
During the event, several cooperation agreements were signed between Tianjin and relevant British companies and agencies, covering such areas as science and technology, finance, and education.
