China's ambassador to the United Kingdom told business leaders that both countries can turn the pandemic crisis into an opportunity.
The UK is cautiously restarting its economy while imposing social distancing and remote working measures to curb the spread of the virus. While the region braces for its economic reopening, UK businesses have been eyeing China and other countries to boost their business activity.
According to China's ambassador to the UK Liu Xiaoming, the impacts of the pandemic on the global economy curbed international trade. Acting as a guest speaker during a webinar hosted by the Confederation of British Industry, the crisis caused enormous economic hardships, but, at the same time, created business opportunities.
He shared that there is a growing trend for new digital business segments that the Chinese government supports. He noted that China supports the trend with policies that would favor small and medium-sized firms to flourish. These policies include the easement of loan credit terms.
Liu added that China is restoring its confidence about the global market both at home and with its trading partners abroad. He also played down trade tensions subsisting between China and the US. Liu revealed that China still sees a good relationship with the US since both countries remain the largest economies of the world. He then manifested that China and the US would lose from confrontation and better gain from cooperation.
He also suggested that building a relationship based on mutual respect between the countries is crucial during this crisis. He then noted that the relationship involves the participation of both countries who are in equal footing about their intentions.
Liu further discussed the preventive and control measures observed in factories and offices around the world. He claimed that business operations are back on track and that businesses continue to follow temperature checks, staggered office hours, and mandatory wearing of face masks.
He then said that practical concerns about global demand and supply chains subsist. He then suggested that business leaders and countries must continue to coordinate to better adapt to the present conditions. He then noted that everyone must remain committed to free trade. He also suggested that the UK must make sure that it is still a business-friendly country for Chinese businesses.
Liu then warned that some UK politicians have been spreading the argument for decoupling against China. He said that the practice is harmful to business ties. However, China believes that the sentiments do not represent the UK government's position.
He further discussed the easements on business travel under certain conditions. Those possessing special health visas have easier access than some. These cover business people operating in critical sectors, logistics, financial services, and technical businesses that would be under a particular category of visas. He then claimed that China is hoping that the K would reciprocate the same easements for Chinese businesses once its economy restarts.