Honorable Ambassador Fu Ying,

Dear Friends from the Business Community,

Ladies and gentlemen,

Good afternoon.

Today, we hold the Seminar on China-Britain Economic and Trade Cooperation jointly organized by the China Chamber of Commerce for Import and Export of Mechanic and Electronic Products and the China-Britain Business Council. On behalf of the Ministry of Commerce of the People’s Republic of China, I’d like to extend heartfelt congratulations on its opening. It brings together government officials and business people from China and Britain to explore ways to tackle the crisis and promote development. The theme --- “New Challenges, New Opportunities”, is highly relevant. I look forward to a successful meeting.

Without doubt, this international financial crisis has landed the world economy in the most difficult situation since the Great Depression. China, as a developing country with heavy reliance on foreign trade, is experiencing a hard time in economic growth, particularly in foreign trade and investment. Since November 2008, China’s imports and exports have seen negative growth for 3 consecutive months, while inward investment has been sliding. We’ve also noted that economic growth and employment here in Britain has also been dealt a heavy blow. Two-way trade between China and Britain has suffered as well. In January 2009, bilateral trade value dropped 21.6% year on year. The gravity and speed of the decline are unprecedented indeed.

To tackle the crisis and challenges, countries have taken various countermeasures, contributing greatly to restoring confidence and mitigating the consequences of the crisis. However, in the face of a crisis, efforts of a single country are far from enough. In a world featuring globalization, economies are inextricably interwoven with each other. The history of world economy has proven that insulation and protectionism offers no way out; openness and cooperation is the right recipe to heal a crisis. The visit of the China Trade and Investment Promotion Delegation, which I lead, to Britain is an important follow-up to Premier Wen Jiabao’s “Trip of Confidence” earlier this month. It shows the stance and resolution of the Chinese government to oppose protectionism under difficult circumstances.

New challenges often present new opportunities. To China and Britain, this crisis will serve as a catalyst to enrich our reciprocal cooperation. At present, governments at all levels in China are in full gear to implement measures targeted at maintaining the steady growth of economy. With the execution of large-scale projects in public welfare, infrastructure, and ecological environment, hundreds of thousands of companies with foreign including British investment will be able to share these new business opportunities. During my investigation and study tours around China, I found that many Chinese enterprises, especially private ones, are very interested in buying more advanced technology and equipment from Europe. Among all EU countries, Britain is the third largest trade partner for China and has made the most investment in cumulative terms. Our two countries enjoy huge potential in such fields as biology, information and environmental technology, low-carbon economy, energy technology, new materials, pharmaceuticals and healthcare. China is the fastest-growing market for international services trade and high-end goods, which could be translated into more opportunities for many famous British brands and companies in such service sectors as finance, distribution, design and consultancy to compete in the Chinese market. Of course, more and more Chinese companies will possess the caliber to cooperate with British companies. We encourage companies from the two countries to further deepen exchanges and cooperation in every field and share those valuable opportunities.

Ladies and Gentlemen,

Despite the severe challenges in front of us, globalization based on scientific advance and global allocation of resources will remain irreversible. Economies will be even more linked to and dependent on each other. Britain is the birthplace of the idea of free trade. Adam Smith’s theories have influenced international trade over the past 200 odd years. Selecting Britain as the last lag of our trip has added special significance to this event. Along the way, we have had candid and in-depth dialogues with friends old and new. We have reaped tangible and intangible fruits by signing contracts or negotiating intentions. Most importantly, we have demonstrated to the rest of the world our sincerity and confidence to tide over the difficulties by opening mind and joining hands. We believe that there are boundless opportunities in the future, and spring is right around the corner.

Thank you.