Premier calls for stronger economic cooperation

Premier Li Qiang called on Thursday for strengthening economic and trade cooperation between China and the United Kingdom amid rising unilateralism and protectionism and aggravating geopolitical tensions to secure shared prosperity.

Li made the remarks while addressing the closing ceremony of the UK-China Business Council meeting at the Great Hall of the People in Beijing. Visiting British Prime Minister Keir Starmer attended the meeting.

Li highlighted China and the UK as significant economic and trade partners with broad shared interests, saying that as long as both sides uphold mutual respect, dispel disturbances and promote openness and cooperation, they could achieve mutual success and shared prosperity.

Amid rising unilateralism, protectionism and geopolitical tensions that affect the global economy, enhancing cooperation between China and the UK is not only a rational choice for them to address risks and promote development, but also a demonstration of their responsibility as major countries in tackling global challenges, he said.

Li noted that China's economy has shown resilience and vitality over the past year despite strong headwinds. As China embarks on its 15th Five-Year Plan (2026-30), it aims to reach new economic milestones, optimize structures and expand new growth drivers, offering vast opportunities for China-UK cooperation, he said.

The premier called on both countries to make joint efforts to expand bilateral trade, particularly in services trade, foster innovative development in fields such as artificial intelligence, clean energy, biomedicine and high-end manufacturing, explore third-market cooperation and enhance cultural and people-to-people exchanges.

Recognizing both countries as major world economies with extensive common interests, Starmer expressed the UK government's commitment to developing a long-term consistent comprehensive strategic partnership with China based on mutual respect and trust, and jointly addressing global challenges.

More than 110 representatives from Chinese and British enterprises and institutions were present at the meeting.

Speaking at the meeting, Liu Bo, acting director-general of Department of European Affairs at the Ministry of Commerce, said that China will prioritize further opening-up of the services sector during the 15th Five-Year Plan period, placing the UK — a leading global player in services trade — in a strong position to benefit from the agenda.

Sebastian Wood, chair of the China-Britain Business Council, the UK's national business network promoting trade and investment with China, said the British prime minister's visit will provide a vital political boost to bilateral trade.

Bilateral trade value of goods between China and the UK reached $103.7 billion in 2025, and two-way investment stock stood at nearly $68 billion. The trade value of services is expected to exceed $30 billion, data from the Ministry of Commerce showed.

UK Trade Commissioner for China Lewis Neal said high-level engagement and long-term strategic dialogue will give fresh momentum to bilateral trade and investment. Both sides bring complementary strengths in financial services, life sciences, clean energy, advanced manufacturing and the creative economy, creating wide space for deeper collaboration, Neal said.

He said mutual openness, transparent regulations and stronger business connectivity would further expand opportunities, noting that innovation partnerships, two-way investment and people-to-people exchanges will support sustainable growth for companies in both countries.

Business leaders from both the UK and China echoed this view, pointing to growing opportunities in services, innovation and two-way investment.

Bill Winters, group chief executive of Standard Chartered, said that China and the UK have highly complementary economic structures, and both countries firmly support free trade and the multilateral trading system. Through open cooperation, they are committed to driving global growth and prosperity, he said.

"Long-standing economic and financial dialogue mechanisms have strengthened mutual trust and created a stable and predictable environment for bilateral trade, investment and financial cooperation," he added.

Pascal Soriot, CEO of British pharmaceutical company AstraZeneca, said: "We are fully confident in China's business environment and will continue to expand our investment in the country. China is not only a key strategic market for us globally, but also an important hub of innovation worldwide."

China attracted 747.69 billion yuan ($107.61 billion) in foreign direct investment in 2025, while investment from the UK rose 15.9 percent year-on-year, statistics from the Ministry of Commerce showed.

Lei Jun, chairman and CEO of Chinese tech company Xiaomi Corp, said his company plans to step up investment in the UK, open around 150 stores in the country within four years, and gradually introduce its broad product lines, from smartphones and wearables to home appliances and cars.