UK, China can jointly strengthen business growth

Over the past 10 years, business relations between China and the United Kingdom have seen their fair share of fluctuations. From global socioeconomic impacts brought by the COVID-19 pandemic to, more recently, the new economic realities and changes in international politics, there have been profound transformations that have had an impact on Sino-British economic relations.

Despite these changes and fluctuations, the important bilateral business ties still stand strong and are highly valued.

London, as a global business and tech hub, is open for business with Chinese companies. A key way of ensuring bilateral business ties and creating successful relationships comes through nurturing and bridging networks and ecosystems across Chinese business hubs like Shanghai, Beijing and Shenzhen to create growth outcomes for companies on both sides.

In terms of Chinese investment in London, a lot has changed over the past 10 years.

The focus at the beginning of the last decade was on real estate and infrastructure. We have seen this evolve to embrace a more varied array of sectors, including high-growth tech and financial services, with real estate continuing to be a major area of interest.

There's also growing attention paid to creative industries, healthcare and green energy, all of which aligns strongly with unprecedented growth in the tech sector in recent years, as well as the emergence of new technologies.

This surge creates even more potential for cross-ecosystem growth between London and major Chinese business and tech hubs, particularly in high-growth areas.

As new and exciting technologies develop around the world, there are opportunities for collaboration across both ecosystems on how they can be used to address some of the world's most pressing issues, from climate change and healthcare solutions to artificial intelligence and the impact it can have. One clear example of such collaboration is how Chinese electric vehicle maker BYD expanded in the UK.

The story began during the London 2012 Olympic Games, when senior executives of the Chinese automaker visited the city and met with Transport for London officials, where initial talks began to kick-start its entry in the UK market.

Soon after, BYD partnered with ADL, a leading European bus manufacturer. In 2015, they launched London's first fully electric double-decker bus and began securing orders from Transport for London.

In 2023, BYD expanded further by launching its electric car range for UK consumers.

Today, 2,500 BYD electric buses operate across the UK, including 1,500 in London, giving BYD a 70 percent share of the capital's electric bus market.

Reaching London's net-zero carbon goals will depend on global partnerships and companies like BYD, which shows just how powerful that collaboration can be.

In terms of foreign direct investment, there are now more Chinese-led projects in London, and they have brought in more than ￡7.5 billion ($10.4 billion) since 2013, according to data from fDi Markets, a UK-based research firm.

Over the past few years, we have welcomed some major tech companies and institutions to London. They include Tencent — one of China's largest diverse multinational corporations as well as one of the highest-grossing multimedia companies in the world, based on revenue.

Tech companies aside, financial services have also been a huge draw in London, given its status as a major global financial hub.

In addition to traditional banks and financial institutions, such as the Bank of China and Industrial and Commercial Bank of China, we have seen Chinese financial technology companies grow in London, such as PingPong Payments and WooshPay.

London is a gateway for Chinese companies to go global. We will continue to encourage more initiatives engaging in supporting networks across both places and help Chinese companies grow in London, as well as help London-grown companies expand into the Chinese market.

UK Prime Minister Keir Starmer made an official visit to China from Jan 28 to Jan 31. The trip attended to bilateral economic and business relations and created more opportunities for businesses of both countries to advance cooperation and forge more solid partnerships.

The author is chief representative of London & Partners Greater China.

The views do not necessarily reflect those of China Daily.