Geraldine?McCafferty?delivers?a?speech?at a forum?during?the?2023?China?International?Fair?for?Trade?in?Services?(CIFTIS)?held?in?Beijing?from?September?2?to?6.?(PHOTO:?CCG)

By?GONG Qian

“The UK does not believe in the narrative of decoupling [from China]. We think that trade is a good thing,”?Geraldine?McCafferty,?deputy?head of?mission?at the?British?embassy?in?Beijing, said at a forum?co-hosted by “Two Zones” (Integrated National Demonstration Zone for Opening Up the Service Sector and China (Beijing) Pilot Free Trade Zone) and Center for China & Globalization,?during?the?2023?China?International?Fair?for?Trade?in?Services?(CIFTIS)?held?in?Beijing?from?September?2?to?6.

This year’s CIFTIS? is especially important as the UK had the privilege of being the guest country of honor,?said?McCafferty.?The UK?had a?largest business?delegation to?China?in over?four?years with?more than 60 companies and organizations actively participating in?CIFTIS and making?policy dialogues with?their Chinese partners.

CIFTIS?presents the UK?with the opportunity to deepen?bilateral?trade relationships, said?McCafferty.?A?positive trade relationship brings benefits to both countries and the rest of the world.?She said?China is already the?UK's?fourth?largest trading partner with bilateral trade worth over?100 billion?GBP?last year.?

?“China is an ever expanding market and international businesses can play an important role in supporting China's economic objectives. The more we reform and open up our economies, the better it is for global prosperity,” said?McCafferty.

In her speech,?McCafferty?highly appreciated?Beijing's?“Two?Zones”?initiative?and hoped it?would be a significant role model in opening up and boosting trade with?UK.

The?“Two?Zones”?initiative?was proposed in 2020, namely?a national integrated demonstration zone for greater openness in the services sector,?and a pilot free trade zone characterizing scientific and technological innovation, opening-up of the services sector, and digital economy, according to the government of Beijing municipality. The initiative?offers?preferential policies for both foreign and domestic investors in sectors such as sci-tech, culture, entertainment, finance, tourism and healthcare.

McCafferty?also?said that?both countries?benefit from the services sector.?The service industries accounted for 79?percent?of total UK economic?output but trade and services are underrepresented?in the?UK’s?trading relationship with China, said?McCafferty.??

Education is one of the key areas in service sector where both countries could work together. Recently,?many?British schools have signed memoranda of understanding with Chinese institutions?to expand their collaboration, said McCafferty.

“I firmly believe that there are many more mutually beneficial opportunities in the services sector,”?said?McCafferty.??