China-UK Cooperation: Pitch @ Palace serves to boost innovation ties between the two and beyond

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Europe

03:19

Pitch at Palace China has taken place for the second year running in Beijing. It serves as the qualifying contest for Pitch at Palace, a British business incubation initiative established by the Duke of York in 2014. Our reporter Wei Lynn Tang finds out what's buzzing in the local start-up scene.

A platform for startups in the East to meet backers and mentors from the West and the rest of the world. Pitch at Palace China in its second year running has exceeded the Duke of York's expectations.

Prince Andrew describes the current state of China-UK cooperation--when it comes to startups--as "burgeoning", and still very much in early stages citing the endless opportunities for Chinese businesses within its network to expand internationally, and vice versa.

PRINCE ANDREW THE DUKE OF YORK, UNITED KINGDOM "Again some of it comes back to the conversation that the President Xi and I had in 2015 – we have continued over the last 3 years – we are going to expand our cooperation in China to take in as much as we can."

When asked how Chinese startups are being accepted globally, Prince Andrew says there is still what he calls a small cultural gap.

PRINCE ANDREW THE DUKE OF YORK, UNITED KINGDOM "And we got to do is break down those cultural gaps between what goes on here and the rest of the world. But let me tell you – none of your businesses in China are unwilling to learn and wants to expand into other parts of the world."

Forty-two entrepreneurs were narrowed down out of twenty thousand applications. Of this, twelve businesses were selected to participate in the finals. From the ability to save water when washing your hands in public facilities.

WU XIAPING, CHIEF OPERATING OFFICER BEIJING MUYU TECHNOLOGY CO., LTD. "Besides targeting the domestic market, we are also eyeing the overseas pie. This is a good opportunity for us to promote our products as the level of consciousness to save water is higher in Europe."

To robots for security and patrol inspection purposes be it in warehouses or any compound areas.

GAO YUAN, CEO DALU ROBOTECH TECHNOLOGY (BEIJING) CO., LTD. "China is definitely the world's biggest consumer market. But when it comes to the machine field--from a scale and proportion viewpoint, it may be easier to promote and sell this concept overseas, as labour costs in the West are higher. And hence, so is the higher suitability to replace human labour."

But for those who did not make it to the final twelve, opportunities are not lost. 78-year-old Zheng Long is passionate about keeping Chinese culture alive. Her software system is able to process 100-thousand Chinese characters.

ZHENG LONG, CHAIRPERSON BEIJING ZHENGMA CENTURE CO., LTD. "Just like what the Prince said yesterday, if there is no pressure, there is no meaning. I feel the same way. If there's work, there's pressure. Only by being able to contribute to the country, will life have meaning."

As China pledged to continue opening up and ramp-up its independent innovation efforts, the world is the oyster for these startups and this entrepreneurship spirit goes beyond age and gender. WLT, CGTN, Beijing.