Closer business ties with Europe expected

Recent visits to China by top European leaders indicate that the country's rapid development and expanding innovation capabilities will serve as a key engine for deeper economic cooperation and new business opportunities between the two sides, said officials and executives.

While French President Emmanuel Macron led a business delegation during his state visit to China in early December, Finnish Prime Minister Petteri Orpo and British Prime Minister Keir Starmer witnessed the signing of a number of cooperation documents during their official visits in late January.

China and the United Kingdom signed a memorandum of understanding last week related to the "Big Market for All: Export to China" initiative, which according to China's Ministry of Commerce made the UK the first country in the world to officially join the campaign.

UK Trade Commissioner for China Lewis Neal described China's consumer market as highly promising, citing the growing sophistication of Chinese consumers and their clear demand for innovation, quality, and value for money.

This creates strong opportunities for British companies in areas such as consumer retail, health and wellness, and creative industries, Neal said.

Jussi Herlin, vice-chairman of the board of directors of Kone Corp, a Finnish elevator manufacturer, said the group will continue to increase its investments in China, further strengthening its presence in the Guangdong-Hong Kong-Macao Greater Bay Area.

After delivering one of China's largest elevator modernization projects in Kunshan, Jiangsu province, and implementing the solution in 30 provincial-level markets last year, Kone will open its southern China headquarters in Shenzhen, Guangdong province, in March.

Roger Holm, executive vice-president at Wartsila Corp, a Finnish ship engine manufacturer operating four plants in China, noted that both the EU and China possess strong capabilities in clean technologies, digitalization and smart manufacturing.

"We look forward to enhanced cooperation that will accelerate green transition, foster deeper innovation and strengthen local partnerships," he said.

At the same time, Chinese companies are accelerating their expansion into the European market by scaling up local investment and widening business presence.

Lei Jun, chairman and CEO of Chinese tech giant Xiaomi Corp, said that after generating 1 billion yuan ($144 million) in sales revenue in the UK last year, the company plans to step up investment in the country, open around 150 stores in four years, and gradually introduce a broad range of products.

Wu Zuyu, founder and president of Hithium Energy Storage Technology Co in Xiamen, Fujian province, said that based on the strong business prospects in the UK and other EU countries, the company will further deepen its presence in the European market.

As the UK advances its green transition, with long-duration energy storage playing a key role in building a secure, flexible and clean power system, Wu said his company's efficient lithium-based long-duration energy storage solution could address the UK's demand for storage exceeding eight hours.