Chinese companies like UK approach to business
Updated: 2015-03-10 07:55
By Cecily Liu in London(China Daily USA)
Traditional trading nation can use experience to assist China in opening up its investment
The UK's open-for-business attitude is proving to be particularly attractive to Chinese businesses, and the UK's experience in creating this open environment can greatly help China liberalize its economy, said Dominic Jermey, chief executive of UK Trade and Investment.
"What the Chinese companies tell us is that they appreciate our transparency, our low corporate tax rates and the ease with which companies can access talent in the UK," Jermey said.
He said the UK and China have many areas of great potential cooperation, and a further opening-up of China's investment environment will allow these opportunities to flourish. The creation of the Shanghai Free Trade Zone, for example, is already a big step in this direction.
"I'd like to see that kind of development grow and broaden to other parts of the Chinese economy," said Jermey.
In addition, Jermey said, his team welcomes the Chinese government's efforts to strengthen intellectual property rights in China, creating "a freedom for businesses to be entrepreneurial, and stability of environment and rule of law".
Jermey said there is no restriction on Chinese investment in the UK, and all Chinese companies in the UK are on a level playing field with all other firms, due to the UK's historical attitude to welcome foreign businesses.
"I think it's instinctive. The UK is a trading nation, which has traditionally welcomed people to do business there and celebrate their success," he said.
Jermey said there are many areas of great complementarity between the UK and China's economies, including education, financial services, the medical industry and the creative industries, which is a key strength of the UK economy that can help China to achieve its desired structural shift to high value-added growth.
"The roots of the UK's creative industries go back centuries, to the development of the film and TV industries in London in particular. Global hits like Sherlock Homes, Downton Abbey and Shaun the Sheep are all projects that Chinese businesses want to see and want to participate in," he said.
"My judgment is that China is developing its service industry now in the way it's done outstandingly with its manufacturing industry over many decades. As there are so many innovative businesses in the UK, that allows opportunities for new trading partnerships. Chinese companies want to be cutting edge, and that's where UK businesses can help," Jermey said.
(China Daily USA 03/10/2015 page6)