The de-politicization of business between countries at this time is important to ease economic pressures and clearing up misunderstandings and dialogue are vital elements during the process, according to St John Moore, chairman of the British Chamber of Commerce in China (BCCC).

"We do appear to be witnessing a growing number of people that are questioning the value of globalization and who are politicizing that environment. Open, honest and informed dialogue and engagement are absolutely vital if we aim to break through this lack of understanding," Moore said. 

Moore also mentioned that during the latest Two Sessions, China's annual parliamentary meetings, the government vowed to improve the business climate even more for foreign companies, putting them in a position where they're equal to Chinese companies and Chinese law.

"Chinese and foreign businesses are treated as equal and could engage in fair competition. Delivering on this type of commitment is really critical and will help clear some of this misunderstanding right now," Moore added.

Recently Britain appointed Caroline Wilson as its new ambassador to China, in succession to Barbara Woodward.

Moore said it's delightful to see a great new ambassador with a long history of engagement with China.

"Looking forward, we will be talking about the real opportunities that sit in this country and across the bilateral relationship, corrective and very engaged manner can only benefit all of us," Moore illustrated.

Fair, open and well-regulated

The BCCC earlier launched its Position Paper 2020, which said that Beijing's ongoing reforms can help improve the business environment for foreign companies and create new opportunities in the Chinese market. Given Britain's global leadership in the service sector and innovation and China's increasing dominance in new technologies, the two economies remain complementary.

Moore also pointed out the uniqueness of this year's paper. "We represent a diverse group of about 850 organizations, ranging from the largest FTSE 100 companies to the some of the most cutting edge SMEs. But this year's Position Paper is unlike other Position Papers on. It really does capture the uncertainty that is impacted. That means we take all the parties into considerations, regardless of whether British or Chinese, in this operating environment."

Moore emphasized that fundamentally the Position Paper is addressing underlying issues, as the heart of it is about how BCCC advocate for a fair, open, transparent, and well-regulated business environment.

Improving environment for foreign companies

During recent months, various industries in China saw recovery from pandemic. Take consumption for example, data from National Bureau of Statistics shows that retail sales of consumer goods, a major indicator of consumption growth, declined 2.8 percent year on year in May, rebounding from a drop of 7.5 percent in April. Specifically, daily necessity and car demand recovered remarkably.

"We see those green shoots of recovery coming through around Beijing. And this presents new opportunities and confidence, which really highlights the fundamentals in the country," Moore said.

He also mentioned that for businesses, what they really crave is certainty, clarity and consistency in their engagement.

Talking about the possible opportunities for UK companies operating in China, Moore highlighted some certain industries like finance, tourism and services sector remained the core strength of the British economy, saying "they are where we can add huge value into the market here and build a mutually beneficial relationship."

(Cover image via VCG)