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China, UK seek more cooperation opportunities under Belt and Road

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Published: 12:22 GMT, Jan 20, 2018 |
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China and the UK are seeking to develop more economic cooperation opportunities under the Belt and Road Initiative after Brexit, as discussions were made on the China-UK Economic and Trade Forum in London Thursday.

The forum was attended by over 200 political and business leaders from the two countries including Liu Xiaoming, China’s ambassador to the United Kingdom. The UK has got many unique resources, and is a natural partner driving the cooperation of the Belt and Road Initiative in the West, said Charles Bowman, the Lord Mayor of the City of London, at the forum.

Among the experts present at the forum, Jinny Yan, chief economist of the ICBC Standard Bank, said the UK will be focused in terms of Belt and Road and thus local institutions are very interested in the initiative.

“If they are successful in terms of engaging the relevant initiatives and institutions, then this will boost the economic growth in the longer term. This is one of the key focus points for the UK government, because this is in fact going to be a propeller for the growth of the UK economy, particularly after Brexit,” added Yan.

Over the past years, the British government has actively participated in the Belt and Road Initiative proposed by China. Liam Fox, the UK’s Secretary of State for International Trade, announced in January that the government will provide 25 billion pounds for the British enterprises who are involved in the Belt and Road Initiative. Headed by UK’s former Prime Minister David Cameron, a China-UK bilateral investment fund of 750 million pounds will also be launched to support projects under the Belt and Road Initiative.

“The UK and China can collaborate in many ways, not just in terms of financial aspect, but also in terms of other aspects in terms of developing the Belt and Road Initiative,” said Gerard Lyons, chief economic strategist of Netwealth Investments.

The UK can help China in terms of all the financial aspects of the Belt and Road, added Lyons.

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