UK enterprises eye closer ties with China amid Starmer's visit

Visitors explore the UK Pavilion at the ongoing China International Consumer Products Expo in Haikou, South China's Hainan Province on April 13, 2025. Photo: Chen Tao/GT

Multiple British businesses on Wednesday expressed optimism about the long-term prospects of China's economy and vowed to continue to invest in the Chinese market, with a group of senior executives from more than 50 major British firms and representatives of British institutions accompanying UK Prime Minister Keir Starmer on an official visit to China from Wednesday to Saturday.

Starmer's visit to China provides a good opportunity for both sides to further expand cooperation on the existing basis, promote the development of trade in goods and services, advance two-way investment, and unleash growth potential, said Bill Winters, group chief executive of Standard Chartered, who is a member of the UK's business delegation.

As an international bank based in the UK with a continuous presence of 168 years in China, Standard Chartered has always been optimistic about the long-term development prospects of China's economy and continuously invests and expands its business in the Chinese market, the bank said.

It is understood that during the visit, Starmer is leading a delegation comprising senior executives from more than 50 major British firms and representatives of British institutions, representing Britain's leading sectors that span finance, medicine, manufacturing, culture and creativity, according to China's Ministry of Commerce (MOFCOM).

Such a large delegation reflects the sincerity of the Labour government and its pragmatic approach to cooperate with China, Li Guanjie, a research fellow at the Shanghai Academy of Global Governance and Area Studies under the Shanghai International Studies University, told the Global Times on Wednesday.

"Previously, some UK governments took a relatively tough stance toward China, viewing China in terms of challenges and threats. However, judging from the current Starmer government's policy toward China, it is basically sending a signal of cooperation," Li said.

In 2025, China-UK trade in goods reached $103.7 billion, with trade in services estimated to exceed $30 billion and two-way investment stock reaching nearly $68 billion. Pragmatic cooperation between the two countries is full of vitality, according to the MOFCOM.

Despite changes in the external environment and mounting domestic difficulties and challenges in 2025, China's economy posted 5 percent growth to reach a record 140.1879 trillion yuan ($20.01 trillion), according to data released by China's National Bureau of Statistics. China's economic resilience and vitality has also elevated the confidence of British companies.

"Our confidence in the Chinese market has never wavered, and we will continue to boost our localization strategy," said Fu Yue, head of corporate affairs for the Chinese mainland and Hong Kong at British consumer health giant Haleon.

Fu pointed to the company's full acquisition of its Tianjin joint venture and an agreement to expand production in Suzhou, East China's Jiangsu Province. "These moves reflect our long-term commitment to the Chinese market, and we will also continue to reinvest our earnings in China. Achieving this progress would not have been possible without the support from China's efforts to build a 'service-oriented government' and the transparent regulatory environment," he said, noting that this also provides key impetus for Haleon to sustain its rooted development in the Chinese market.

Today, China is a stabilizing force in the global economy and China's contribution to the world is also increasingly practical, Jack Perry Junior, chairman of the 48 Group Club and CEO of London Export Corp, told the Global Times.

He said that China's robotics and automation help other economies address labor shortages and productivity challenges, while clean technologies support global climate goals, which are the solutions that the world actively needs.

"The strongest opportunities for China-UK economic and trade cooperation lie in high technology, life sciences, clean energy, advanced manufacturing, financial services, and education. Robotics and automation stand out as areas where Chinese innovation and British expertise can work together in a very tangible way," he said.

As to the future of China-UK bilateral trade, Li said that he is looking forward to the point where it can reach 150 billion pounds ($206.82 billion) a year.

On the one hand, "as a developed economy, the UK primarily focuses on the services sector, and thus there is great room for its exports of services to China. On the other hand, the UK needs products that China manufactures. Therefore, China-UK economic and trade cooperation is promising if the British side takes a pragmatic attitude," Li said.