00:00Chris Torrens is Chair of the British Chamber of Commerce in China and Managing Direction.
00:05For Greater China at APCO, the Strategic Advisory Company.
00:10Chris Torrens, welcome.
00:11Well, you, I think, were in the conference with the UK delegation.
00:15Give us the inside story.
00:16How was it?
00:17Well, thanks very much for having me.
00:20Thank you for having me on the show, Jamie.
00:21It felt really positive, to be honest, and it's been a good few years.
00:25Since we've felt that kind of optimism and that positivity, I think really the new
00:30relatively new UK administration, 18 months now, has done a really good job to
00:35build some momentum, put together a pragmatic China strategy.
00:40And it's beginning to pay off, certainly for businesses on the ground that the Chamber represents.
00:45Here, there's been some optimism creeping in over the course of the last eight years.
00:5015 months, but the sense that real action is taking place and real progress is taking place.
00:55It was really palpable in the room today and throughout all the meetings.
01:00So, very positive from our perspective.
01:03What does that mean, though, practically?
01:05For businesses?
01:06So, there are...
01:07So, there are...
01:10There are some sectors where I think there are greater opportunities than others.
01:15There are...
01:15There are also some sectors we know which are probably facing challenges.
01:18And it's not to say that there are...
01:20There aren't still operational complexities to operating in China.
01:24And that's...
01:25And that's part of what these meetings are all about.
01:29Because as we...
01:30As we build the relationship.
01:31As we build trust.
01:32As senior government leaders get together.
01:35So, businesses can present their...
01:39The challenges they have...
01:40The issues they have around market access issues.
01:42Things like that.
01:43Or intellectual property...
01:45The issues they have around market access issues.
01:46They can present those in an environment where they're heard.
01:50So, it's...
01:51It's really positive from that perspective.
01:53I think specifically around...
01:55Around the services industry.
01:56Where, of course, UK is...
01:58You know, is a world leader.
02:00And...
02:00And services are so important to the UK economy.
02:03I think there's a...
02:04A fantastic opportunity there.
02:05And we're already seeing progress being made there.
02:08Both for service companies...
02:10Expanding their operations into China.
02:12But also supporting Chinese companies.
02:15As they go out.
02:16Whether it's to the UK or elsewhere.
02:18So much of this, I know, is about what...
02:20Watching the mood music.
02:21I mean, what did you feel were the most positive or constructive?
02:25Signals that you felt during this...
02:28Time together.
02:30Well, I think there was a feeling...
02:33I mean, the Prime Minister actually...
02:35Referred to, you know, the eight-year hiatus since the last...
02:38Last visit by...
02:40Then Prime Minister Theresa May.
02:43And I think...
02:44He...
02:45He was saying how proud he was to have re-engaged at this level.
02:49So I think...
02:50That...
02:51That sense of...
02:52Really senior support.
02:53That sense of...
02:54Momentum.
02:55Has created a much more positive mood.
02:58In...
02:59In...
03:00In...
03:01Across the business community.
03:02So...
03:03I think that's...
03:04Now...
03:05An opportunity for us to continue the work when the senior government leaders have gone.
03:10And to continue to build the relationships that we now have with government stakeholders.
03:14So...
03:15So there is a sense that there's real progress taking place.
03:17This isn't symbolism.
03:18This is about...
03:19Building...
03:20Stronger trading links.
03:21And I think it's positive for UK business going into China.
03:24But also as I...
03:25As I said for...
03:26Chinese business going into the UK.
03:28And seeing how UK service companies...
03:30Can help to make that happen.
03:32And is it about services that you think where...
03:35Obviously the biggest opportunities for China-UK cooperation in the coming...
03:40Yeah.
03:41Well that's one of the strengths of the UK economy but...
03:45You may also have heard that there was an announcement by the CEO of AstraZeneca...
03:50Committing I think another 15 billion dollars to investment in China.
03:54Now that's real...
03:55And that helps with the whole trading relationship and what is I suppose a bit of a...
04:00The trading imbalance at the moment.
04:02So healthcare another great area for China for the...
04:05The UK in terms of sector excellence.
04:08That's a good example of non-services...
04:10Being pushed into...
04:12Into China.
04:13And we're seeing other areas...
04:15It's around advanced manufacturing, around creative industries, around sport...
04:19All of...
04:20These are growth sectors in China as well.
04:22So while I would say that services is probably...
04:25The biggest piece...
04:26We shouldn't forget the other areas of excellence.
04:30That's the UK is known for...
04:33And where there is definitely going to be growth in China.
04:35In the coming years.
04:36Chris, good to talk to you.
04:37Thanks so much for coming on the programme.
04:39Chris Torrance.
04:40I'm the Chair of the British Chamber of Commerce in China.
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