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Ambassador invites UK to join fight against protectionism

By Angus McNeice | chinadaily.com.cn | Updated: 2018-07-20 00:29
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Liu Xiaoming, China's ambassador to the UK, urges China and Britain to join forces in support of economic liberalization and free trade at the Fifth China Economic Symposium in London on Thursday. Angus McNeice / China Daily

Closer ties with China discussed at London symposium

China and the United Kingdom must join forces in support of economic liberalization and free trade in the face of surging anti-globalization sentiment, the Chinese Ambassador to the UK Liu Xiaoming said at an economic conference in London on Thursday.

Speaking at the Fifth China Economic Symposium in London organized by the Cheung Kong Graduate School of Business, also called the CKGSB, and the Institute of Directors, also called the IoD, Liu said both nations should deepen trade and economic cooperation and contribute to building an open world economy.

“Unilateralism and protectionism are on the rise,” he said, adding “the United States is provoking a trade war around the world. Its acts of trade bullying will severely undermine the international trade regime and disrupt global economic order.”

Liu said that “at this critical moment” the international community must “choose between isolation and openness”.

“China and the UK respect each other’s independent choices. Both countries champion openness and free trade. It is important that we join hands and voice support for economic liberalization and to oppose unilateralism and protectionism.”

The ambassador welcomed British involvement on the Belt and Road Initiative, which is a China-proposed economic and infrastructure development plan involving more than 60 nations across Europe and Asia.

The UK government has appointed an envoy to the initiative and established an expert board dedicated to the project. Liu also noted that UK Parliament has set up an all-party parliamentary group on the Belt and Road Initiative.

Douglas Flint, who was appointed by the UK Treasury as its financial and professional services envoy to the Belt and Road Initiative last December, said the board will help connect British enterprise with Belt and Road projects.

“Belt and Road provides transformative commercial opportunities,” Flint told delegates at Thursday’s event.

“In recent years, no two countries have done more to prepare global capital markets for the 21st century than the UK and China. Our cooperation in areas as diverse as fintech, green finance and internationalization of the RMB have delivered tangible benefits to businesses and investors across the world. Belt and Road presents the next opportunity to advance cross-border trade.”

At the event, titled What’s Next for the Golden Era of UK-China Relations, IoD Director-General Stephen Martin said that Britain’s pending exit from the European Union could lead to stronger ties with China.

“Brexit means British businesses are looking further afield and China presents a great opportunity,” Martin said.

However, Li Wei, professor of economics at CKGSB, said that ongoing uncertainty around Brexit has caused apprehension among the business school’s graduates and alumni.

“Our students are very concerned about Brexit because of the trend it represents – moving away from a liberal economic system to insularity,” he said.

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