"The scale and potential of the Chinese market are worth long-term investment" - An interview with Peter White, President of the China-Britain Business Council

From the ancient city walls of Xi'an to the Innovation Works in Shenzhen, from the financial center of Shanghai to the trade hub of Guangzhou, Peter Bai, President of the China-Britain Business Council, recently led a delegation of 35 British companies to visit China. Over the course of two weeks, they visited six cities including Xi'an, Beijing, Shanghai, Guangzhou, Shenzhen, and Hong Kong. "This is a journey to rediscover China," said Peter Bai, unable to conceal his excitement when talking about this trip. Having traveled back and forth between China and the UK for many years, he has witnessed the decades-long leap of China's economy. This time, he saw a different scenery.

Peter White told reporters that the modernization of Xi'an Xianyang International Airport, the well-developed expressways leading to the city center, and the constantly emerging new buildings along the way had shattered the traditional impression of the delegation members towards cities in western China. During their stay in Xi'an, the delegation visited the Shaanxi History Museum and the Taikoo Li Xi'an project under construction. The former allowed the British entrepreneurs to closely experience the profoundness of China's thousand-year civilization, while the latter demonstrated how modern business can coexist harmoniously with historical and cultural landmarks.

The British companies comprising this delegation hail from various sectors, including financial services, professional services, consumer goods, educational technology, and green energy. When asked whether any companies had reached cooperation intentions during this trip, Peter Bai humorously said, "Business cooperation is like falling in love. It's hard to get engaged immediately after the first meeting. But this visit has made many 'heart-pounding' moments possible." He revealed that at least a dozen projects have entered the advanced negotiation stage. "I've noticed that Chinese companies are undergoing a shift in their internationalization thinking, and they hope to establish long-term partnerships with British institutions, such as setting up joint ventures in the UK, jointly building research and development centers, and sharing market channels."

Peter White said that the China-Britain Business Council had conducted a special study to compare China's 14th Five-Year Plan with the UK's modern industrial strategy, and "the results were surprising - the overlap between the two was over 50%". He explained, "The UK's traditional strengths in professional services, creative industries, sports, and engineering are precisely aligned with China's key development directions."

Peter White specifically emphasized the consensus between the two countries in the field of green development: "Although the specific paths may differ, our goals of achieving 'net zero emissions' are completely aligned. China's manufacturing advantages in the new energy sector can complement the UK's experience in green finance, carbon trading mechanisms, and other areas."

"Those British companies that have achieved long-term success in the Chinese market share a common characteristic - they do not view China as a place for short-term profit, but are willing to navigate through economic cycles and grow together with the Chinese market," said Peter White. He said that some British companies in China have increased their investment in digital transformation and localized research and development, "because they understand that the scale and potential of the Chinese market are worth long-term investment."

"If you want to truly understand China, you can't just read articles or reports. You must go to China, visit various cities, and communicate with the people there," Peter White emphasized. "Since its establishment, the China-Britain Business Council has always been an important bridge for promoting economic and trade exchanges and people-to-people contacts between the two countries. Important mechanisms such as economic and financial dialogues and strategic dialogues have been restarted between Britain and China. The communication channels between the two sides are more open, and the foundation for cooperation is more solid." Peter White is full of confidence for the future.