Keynote Speech by H.E. Ambassador Liu Xiaoming at the KPMG Breakfast Meeting: The Chinese Economy: What has changed and what has not?

First, you could find opportunities in forging a strong link between China and the UK based on our industrial and policy synergy.

Both China and the UK support free trade and an open economy. It is important that we work together to uphold open cooperation, safeguard the open economy, oppose protectionism of all forms and foster a fair, transparent and non-discriminatory business environment for the companies of our two countries.

China is lifting and easing restrictions on foreign ownership in joint venture firms in sectors such as banking, insurance, securities, auto manufacturing and ship building. This has created more favourable conditions for our two countries to deepen business cooperation.

This year, China will host the second International Import Expo. We welcome British companies to the Expo and hope you will bring more British products and services to the Chinese market.

Second, you could find opportunities in building a platform for cooperation on the Belt and Road Initiative.

Thanks to BRI development, countries along the routes have enhanced trade, tapped investment potential and benefited from major projects.

In 2019, China will host the second Belt and Road Forum for International Cooperation. We look forward to working together with global partners to ensure that BRI development is of higher quality, up to a higher standard and at a higher level.

According to a recent report, BRI will add $117 billion to global trade this year, including $61 billion worth of imports by China from about 80 countries.

BRI promises great potential for China-UK cooperation. I read and appreciated the two reports on BRI issued by the KPMG. I look forward to more suggestions and ideas from you in the new year.

Third, you could find opportunities in the innovations brought about by the new round of scientific and technological revolution.

This round of scientific revolution, and the industrial transformation that comes with it, is all dimensional. Its impact on the production model, lifestyle and value will be profound.

To keep up with this trend, we should take prompt actions to stimulate the innovation potential, invigorate the market, and enhance international exchanges and cooperation on innovation. We must get ready to take on our respective and common challenges in the future development of our countries.

In April this year, the 17th China International Talent Exchange Conference will be held in Shenzhen. The UK will be the only “country of honour”. I am sure this event will give a fresh boost to China-UK cooperation on innovation and talent exchange.

Ladies and Gentlemen,

Dear Friends:

Entrepreneurs are an important force leading economic growth and riding the waves of globalisation.

In 2005, the KPMG established the China Desk and has since expanded its business in China and made positive contribution to China-UK relations and mutually beneficial cooperation.

I sincerely hope that, in the new year, the business communities of our two countries will join hands to seize the opportunities and deepen cooperation. Together, you could make greater contribution to the steady and sustained development of the China-UK “Golden Era”!

Thank you!

Now I would like to take your questions.