On 18 March 2026, Chinese Ambassador to the UK Zheng Zeguang attended the 8th China-UK Economic and Trade Forum and delivered a keynote speech, highlighting that China’s 15th Five-Year Plan will bring new opportunities to the world and open up new prospects for China-UK economic and trade cooperation.
Ambassador Zheng emphasised that a key priority for China and the UK is to implement the common understandings reached by the leaders of the two countries and the outcomes of Prime Minister Keir Starmer’s visit to China. Both sides should keep to the direction of developing a long-term and consistent comprehensive strategic partnership, enhance engagement at different levels, ensure the success of various dialogue mechanisms, and follow through on the 20-plus cooperation agreements signed by government agencies, institutions and enterprises of the two sides. At the same time, both sides should adopt a broad historical perspective, uphold mutual respect, and properly manage differences, so as to maintain the momentum of steady growth in China-UK relations.
He described economic and trade cooperation as the ballast and propeller of the China-UK relationship. Hong Kong included, bilateral trade has exceeded £120 billion, and two-way investment stock stands at over £140 billion. Facts have shown that China-UK economic and trade cooperation can be a win-win for both sides.
On how to further expand China-UK economic and trade cooperation, Ambassador Zheng made the following suggestions:
First, expand trade in goods. China’s overall tariff level has dropped to 7.3%, and it has been the world’s second-largest importer for 16 consecutive years. China has reduced the tariff on British whisky from 10% to 5%. British companies are welcome to seize these major opportunities, actively participate in events such as the China International Import Expo and the China International Supply Chain Expo, and make good use of the “Big Market for All: Export to China” initiative to achieve greater development in the Chinese market. At the same time, Chinese enterprises, especially members of the China Chamber of Commerce in the UK, are encouraged to continue leveraging their strengths to introduce more high-quality Chinese products to the UK.
Second, strengthen trade in services. During Prime Minister Starmer’s visit to China, the two sides signed MOUs on conducting a joint feasibility study for a China-UK trade in services agreement and establishing a bilateral services partnership. It is hoped that both sides will work in the same direction and speed up the work. The first meeting of the China-UK Financial Working Group was held last month. More can be expected in financial services cooperation, and enterprises from both countries are encouraged to seize the opportunities.
Third, consolidate two-way investment. Not long ago, British companies including AstraZeneca, Octopus Energy, and Brompton announced new investment plans in China, while Chinese companies such as Chery Automobile, JD.com and Pop Mart announced new projects in the UK. It is hoped that these projects will soon bear fruit. China has significantly relaxed foreign investment access thresholds, with the negative list reduced to 29 items and all restrictions on manufacturing removed. The focus now is on further opening up the services sector. The Hainan Free Trade Port has recently implemented island-wide special customs operations. China will continue to host the China International Fair for Investment and Trade. More British companies are welcome to make good use of these opportunities to invest in China. It is hoped that the UK will provide a fair, just and non-discriminatory business environment for Chinese business investment in the UK. In particular, there should be more policy transparency, predictability and stability.
Fourth, expand third-party market cooperation. Chinese and British companies have already carried out practical cooperation in Belt and Road partner countries, and both sides have signed third-party market cooperation agreements. Such cooperation should be encouraged and supported by both governments. It is hoped that the business communities of both countries will combine their respective strengths and expand third-party market cooperation, which will promote their own development while delivering high-quality products and services to people in other countries.
