Reception marks PRC's anniversary

The event gathered participants like Sherard Cowper-Coles, chair-elect of the China-Britain Business Council, who reaffirmed confidence that Sino-UK trade ties are on a right track. "It is an indispensable economic relationship, indispensable for the UK because of our need to engage with an economy of the size and sophistication of China's, indispensable for China because China's best friend in the West is the United Kingdom," said Cowper-Coles, who emphasized that huge synergy lies in the Sino-UK partnership on the China-proposed Belt and Road Initiative.

"China has the political will and the economic will. Britain sometimes has the expertise, and can form the win-win partnerships that are of mutual benefit for both sides," he said.

Liu said China has gone through reforms and opening-up and changed from a secluded, backward and impoverished nation to a strong nation of prosperity and strength. China's GDP increased by more than 450 times, from $30 billion in the early years of the PRC to more than $13.6 trillion last year, he said.

China is now not only the world's second-largest economy, but also the largest industrial country, the largest trader in goods, the biggest holder of foreign exchange reserves and top producer of more than 200 products.