China-UK business leaders explore Belt and Road opportunities

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‍China's Belt and Road Initiative has been a topic of much discussion among over 200 British and Chinese business leaders who attended the "UK-China Economic and Trade Forum" in London Thursday.

The Belt and Road Initiative was one major focus area. But the big question is: How should the UK attract and manage Chinese trade and investment after Brexit?

Lord Mayor of the City of London, Charles Bowman, speaks at the forum in the City of London’s Guildhall hosted by the China Chamber of Commerce in the UK. /CGTN Photo

As the UK is set to leave the EU next year, it is seeking to forge new trade deals with the rest of the world. The Belt and Road Initiative may well have a major influence on the shape of post-Brexit Britain.

During a visit to Beijing last year, Chancellor Philip Hammond stressed that the UK can be China's natural partner in delivering related infrastructure and supporting the necessary finances, design, and delivery.

The forum was hosted by the China Chamber of Commerce in the UK, a prominent business association also known as CCCUK. /CGTN Photo

"UK will continue to be very focused in terms of Belt and Road. This is why the UK institutions are very interested in the Belt and Road Initiative," said Jinny Yan, Chief China Economist at ICBC Standard Bank. "If they are successful in terms of engaging relevant initiatives and institutions, then this will boost the economic growth in the longer term. This is one of the key focus points of the UK government because it is in fact going to be a propeller of the growth of UK economy, particularly after Brexit."

The forum is attended by around 200 British and Chinese government representatives and business leaders. /CGTN Photo

The UK is already participating in the Belt and Road Initiative. The government announced it would provide funding of 25 billion pounds (34.65 billion US dollars) to support the initiative early this year, while former Prime Minister David Cameron will lead a 750-million-pound Belt and Road investment fund.

"From a UK prospective, it is not only about seizing these quick wins. It is very important that later aspect as well, building relationship with China for longer term," said Gerard Lyons, former chief economic adviser to the mayor of London and chief economic strategist at Netwealth Investments.

The forum features keynote speakers including Liu Xiaoming, China's ambassador to the UK. /CGTN Photo

UK Prime Minister Theresa May is preparing her visit to China this month, with Belt and Road Initiative high on the agenda. "In terms of the future visits by Prime Minister May and President Xi, we don't necessarily expect a major change overnight. It is about cementing the existing relationship," said Lyons.

Any future collaboration on the Belt and Road Initiative will benefit both China and the UK. But in times of change, strong and stable relationships are needed more than ever to see the new Silk Road become a reality.

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