China's economy & UK ties: A promising future

China's economic development prospects are promising. In 2024, China's GDP reached about $18.5 trillion, increased by 5 percent year-on-year. In the first quarter of 2025, the country's GDP increased by 5.4 percent year-on-year, and its total goods imports and exports increased by 1.3 percent year-on-year. Institutions such as the World Bank and JPMorgan Chase have raised their expectations on China's economic growth, showcasing their great confidence in the Chinese economy.

Chinese economic prospect: untapped potential awaits

China has been the world's second largest commodity consumption market for more than 10 consecutive years. In 2024, China's total retail sales of consumer goods reached about $6.7 trillion. From January to May this year, the number further increased by 5.0 percent year-on-year, while retail sales of services increased by 5.2 percent year-on-year.

China continues to cultivate and expand new quality productive forces and vigorously promote innovation. Relying on continuous technological innovation, a sound supply chain and sufficient market competition, Chinese companies have launched a large number of high-quality products and technologies.

China is committed to high-level opening up, and creating a market-oriented, law-based and internationalized business environment. All restrictions on foreign investment's access to China's manufacturing industry have been lifted. Restrictions on access to telecommunications, medical and other service industries as well as the capital market have been further relaxed. In February this year, the Chinese government issued the "2025 Action Plan for Stabilizing Foreign Investment" to further support and encourage foreign investment in China.

China-UK cooperation: boundless possibilities

China and the UK have strong economic complementarity and huge potential for cooperation. The UK is China's third largest trading partner, the second largest direct investment destination and the third largest source of foreign investment in Europe. But at the same time, in 2023, China accounted for only 2 percent of the UK's service exports, and UK investment in China accounts for only 0.5 percent of its outward foreign direct investment stock, indicating huge potential for cooperation between the two countries in the fields of service trade and investment.

The UK is a world leader in R&D and has obvious competitive advantages in many fields. It is reasonable to believe that more and more British companies, especially service trade companies, will actively participate in the China International Import Expo to open up new areas and seize new opportunities for cooperation with China.

With the dialogue mechanisms of the two sides in various fields resuming one after another, new impetus will be injected into further promoting practical economic and trade cooperation.

(The author is an international affairs observer.)