China's old industrial base welcomes British investment

Source: Xinhua| 2019-05-24 11:09:35|Editor: ZX
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LONDON, May 23 (Xinhua) -- China's old industrial base the Liaoning province welcomes British businesses to invest in as its transformation will generate new opportunities.

"The transformation of Liaoning as an old industrial base has gathered pace. Liaoning and the UK are highly complementary in industry, so we can work together in equipment manufacturing, petrochemical, new energy, automobile, shipping and finance," Tang Yijun, the Liaoning governor, said Thursday when addressing an event in London on promoting bilateral economic and trade cooperation.

Liaoning and Britain can share experiences on the transformation of resource-based regions and cooperate to build industrial parks aimed at quality growth, Tang said.

The province in China's old industrial Northeast will provide stronger protection and better business environment for overseas investors in line with China's foreign investment law newly approved in March, Tang noted.

Chen Wen, charge d'affaires a.i. of the Chinese embassy, said that while China is deepening reform and opening-up, Liaoning is working for revitalization on all fronts.

The building of the China-Britain advanced manufacturing industry pilot park in Dalian in southern Liaoning is well underway, and it offers business opportunities to British companies and welcomes more investment, Chen said.

"This park could play a positive role in advancing China-UK sub-national cooperation and in expanding the opening-up of Liaoning and the whole northeastern China at a higher level," she added.

"Against the background of these efforts, trade and investment between the UK and Liaoning has grown steadily. So too has the representation of UK companies physically on the ground in Shenyang (provincial capital) and Dalian," said Chief Executive of the China-Britain Business Council, Matthew Rous, citing offices of the banks HSBC and Standard Chartered, of the international audit firms PWC, Deloitte, and EY, of the oil company BP, and of the property agent Savills.

Looking to the future, Rous expressed the confidence that Britain and China can explore the potential for cooperation in many different sectors ranging from advanced materials, new energy, pharmaceuticals to artificial intelligence and higher education.

Trey McArver, partner of the consultancy Trivium China, told Xinhua he is impressed with how wide China is open to foreign investors, and that he is convinced such openness will attract more foreign investments.

"Last year the high-profile investment by (automaker) BMW has gained a lot of attention in the foreign business community and it is positive for Liaoning and China's reputation as a place more and more open to foreign businesses," McArver said.