Business council chief hails Chinese initiatives to attract foreign investment

There is significant untapped potential for cooperation in the areas of artificial intelligence, services and sports between China and the United Kingdom, with major British investments signaling deepening economic ties, Peter Burnett, chief executive of the China-Britain Business Council, said.

In an exclusive interview with China Daily, Burnett said that bilateral business engagement has strengthened following UK Prime Minister Keir Starmer's official visit to China in January — a trip he described as "really critical".

"We have seen, and will see more visits by UK government officials to China," Burnett said, adding, "Dialogue addresses frictions in trade and investment, but it also sends a strong message to the business community that we should be operating in China, and Chinese companies should be operating in the UK."

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According to him, the "Big Market for All: Export to China" initiative, launched by the Ministry of Commerce to help foreign exporters access China's vast consumer market, is generating significant interest among UK firms.

"CBBC is working with member firms to discover potential new exporters from the UK, particularly medium-sized companies," he said. "There will be many consumer brands, especially smaller ones, that can work on e-commerce platforms. We will also find small manufacturers in niche areas that can offer China something different and special."

He added that many small and medium-sized enterprises in the UK know that they need to engage with China, "but they struggle because it is 6,000 miles away — it's difficult to take that risk. This initiative is an example of China proactively saying, 'We will help you find the market'".

Although the focus of a UK business delegation visiting Hainan province this week was healthcare, Burnett stressed that there is vast untapped potential in the UK's services and creative industries sectors.

"For the UK, 80 percent of our economic output is in services. Many companies in our delegation are in services — not just financial services, but also engineering, media and creative industries," he said.

Sports also present a unique export opportunity. "Some of our greatest exports include the Premier League and snooker," Burnett said, adding that, as China becomes more prosperous and the middle-income group grows, people want to spend their leisure time more productively.

Artificial intelligence is another powerful area of collaboration. "The UK has great research institutions like Oxford University, Cambridge University and Imperial College London. A lot of that research is ultimately commercialized, and China is a very good place for that," said Burnett.

His optimism is backed by solid numbers. According to the General Administration of Customs, China-UK imports and exports grew by 13.1 percent year-on-year in the first quarter. The latest Business Sentiment Survey by the British Chamber of Commerce in China found that about one-third of British companies plan to increase investment in China in 2026.

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For instance, the UK pharmaceutical company AstraZeneca announced in January that it would invest more than 100 billion yuan ($14.8 billion) in China by 2030.

Rene Haas, CEO of the UK-based chip giant Arm Holdings, said in an earlier online interview that his company's first in-house chip designed for AI data centers is eligible for sale in China, and that he expects demand for this product to be very strong. Having visited Hainan several times, Burnett said the island's free trade port is gradually being discovered by international investors. "I expect to see investment, growth and prosperity," he said. "You can come to work, invest in Hainan, and feel like you're on holiday. It offers a great work-life balance."

Contact the writers at masi@chinadaily.com.cn