Li Ruihuan Urges UK Businesses to Develop in China

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Last updated at: (Beijing Time) Thursday, May 30, 2002

Li Ruihuan Urges UK Businesses to Develop in China

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Visiting Chinese leader Li Ruihuan described the Chinese and British economies as being "highly complementary" Tuesday in London, encouraging British businesses to increase cooperation and exchanges with their Chinese counterparts.

Speaking at a welcoming luncheon hosted by China-Britain Business Council, Li said British businesses could find substantial opportunities in a market of 1.2 billion consumers in China, which is "currently in need of a large influx of overseas capital, technology and managerial know-how due to its ongoing massive economic construction and the implementation of its Western Development Strategy."

Li said that the past 30 years saw substantial achievements in the relationship and gratifying momentum in bilateral trade and economic cooperation between China and Britain.

The 3,110 British-invested projects now in China with a total paid-in capital of nearly 10 billion U.S. dollars has made Britain the No.1 European investor in China.

Britain is China's second largest trading partner in the European Union with two-way trade growing year after year, reaching 10.3 billion dollars in 2001.

He said the two countries are highly complementary economically and enjoy tremendous room for expanded trade and economic cooperation.

"The UK is very strong in science, technology, financial capital, management and energy, as well as in biotechnology, pharmaceuticals, iron and steel, chemicals, electronics and IT industry, in order to meet the needs of our country," Li said.

Viewing Sino-British relationship from a strategic and long-term point of view, Li expressed the hope that the two countries will do even more to increase contact, understanding, consultation and cooperation.

"we are ready to join the UK in a concerted effort to build a better, more prosperous, and more harmonious world in the interest of human progress," he said.

Li praised Britain for its contributions to human civilization and progress, saying, "China has always attached importance to the United Kingdom and its role in Europe and the world."

Turning to international affairs, he said that "all countries, big or small, rich or poor, strong or weak, are all equal members in the world community, and such practices as power politics, the big lording over the small, and the strong bullying the weak must not be allowed."

Li noted that disputes between states should be resolved peacefully through negotiations, and countries should establish and develop friendly relations and cooperation on the basis of the Five Principles of Peaceful Coexistence.

As permanent members of the U.N. Security Council, "China and the UK shoulder major responsibilities and have extensive shared interests in safeguarding world peace and promoting common development," Li said, stressing that "it is incumbent upon us to step up cooperation."

In a welcoming speech on the occasion, Lord Powell, president of the China-Britain Business Council, said Li's visit to Britain was taking place "at an exciting time in China's development, with membership of the World Trade Organization newly agreed upon and with extraordinary economic growth and progress achieved."

On Monday, Li held talks with Lord Chancellor Right Honorable Lord Irvine of Lairg. They agreed that the relationship between China and Britain has entered a new stage of comprehensive development and exchanged views on such issues as democracy and legal systems.

Li is on a six-day visit to Britain at the invitation of Lord Chancellor Right Honorable Lord Irvine of Lairg.

Britain is the last leg of Li's four-nation European tour which also included Bulgaria, Slovenia and Ukraine.

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