Foreign and Military Affairs

UK's ambassador: Combined green strengths bring opportunities

By Ai Yang (China Daily)
Updated: 2011-03-08 11:57

Sebastian Wood, the UK's Ambassador to China, talked to China Daily about what new opportunities China’s 12th Five Year Plan could bring to Sino-UK relations.

China Daily: British Prime Minister David Cameron visited China in 2010 with the largest ever trade delegation, and more cooperation frameworks were set early this year when vice Premier Li Keqiang went to the UK. Investment and trade wise, could you give us some examples on how are the targets being transformed into reality now?

Sebastian Wood, the UK's Ambassador to China

Ambassador: Since the Prime Minister's visit in November we have been working to turn our leaders' vision of the UK and China as 'Partners for Growth' into a reality. In many areas it already is.

Our governments have set a target of reaching $100 billion in bilateral trade by 2015 and significantly increasing investment in both directions. The UK is already one of the largest foreign investors in China with particular strengths in energy, retail and financial services. We have rapidly rising exports of goods and services in areas like the automotive and aviation sectors, advanced engineering, creative and design industries, low carbon and green technology, urban development and infrastructure, and life sciences. There are over 80,000 Chinese students in the UK. More and more Chinese companies are making investments and establishing international headquarters in the UK. And more and more UK companies are working with Chinese partner companies in other countries around the world. Our countries also have unrivalled policy cooperation on financial sector reform and low carbon development.

China Daily: As one of the main focuses of the Plan for China is having a greener economy, and Britain is leading the way in low-carbon and new energy technology, what new opportunities could come out of that for both countries?

Ambassador: The global transition to a low carbon economy is not just vital for preventing dangerous climate change. It is also a business opportunity. China has estimated that its green industry will be valued at RMB2.8 trillion (US$400 billion) by 2012, and the opportunities in the EU and globally will be similarly huge. We can combine our green strengths to take that opportunity together. For example, offshore wind: China has been making great strides with onshore wind over the past few years, and there are ambitious projections for offshore wind. The UK has deep expertise in operating offshore from our experience in developing North Sea oil and gas resources, and already has the largest offshore wind farm in the world, in the Thames Estuary. Working together on offshore wind will lower the costs for both of us.

China Daily: Are there hopes or concerns regarding bilateral cooperation as China carries out the 12th Five Year Plan?

Ambassador: Protectionism is a threat to our growth and we need to work together against this threat. The UK is a free-trading nation, and we will continue to support open trade and investment in the EU and globally, and China needs to help us do this by demonstrating that it is becoming more open as it becomes more prosperous. So I hope that China will continue progressively opening areas of its economy to foreign participation – such as government procurement and services.

I would also like to see greater protection of intellectual property rights in China, as this will unleash more innovation in the Chinese economy, as well as giving more foreign businesses confidence to bring their leading technology to China.