While visiting China last month, CBBC’s CEO Peter Burnett sat down with Sijie Yuan from 21st Century Business Herald to discuss his experience of witnessing China’s economic development achievements since the reform and opening up
In an interview with China’s 21st Century Business Herald (read the full interview in Chinese here), CBBC CEO Peter Burnett said that when he first came to work in Hong Kong, the UK’s GDP was twice that of China. Today, China’s GDP has jumped to the second highest in the world, the country’s capital market has been further opened, and the rapid growth of foreign trade has led to a wave of foreign investment. All of these changes have greatly affected Burnett’s view of business.
“This change has had a profound impact on the global economy, and I have had the privilege of experiencing it firsthand,” Burnett told Yuan.
“Many of our member companies have been deeply involved in the Chinese market for many years,” Burnett remarked. “Many British companies are very familiar with the Chinese market. They see the business opportunities contained in China’s huge economy and are full of confidence in China’s long-term development in the future.”
Burnett believes that the current problem of Chinese consumer confidence is only short term; the consumer market will recover soon, and British companies with deep roots in China will continue to maintain strong growth in the Chinese market.
“With a middle-income population of around 800 million people, China is an attractive market for companies in the consumer goods industry that cannot be ignored,” Burnett noted.
In recent years, British companies have continued to increase their investment in China. According to China’s Ministry of Commerce, actual investment in China from the UK increased by 81.0% in 2023. CBBC predicts that about a quarter of the top 100 British companies operating in China will continue to invest between US$200 million and US$1 billion in the Chinese market. China will continue to be a key part of the global presence and source of revenue for many United Kingdom companies.
Burnett emphasised that the Guangdong-Hong Kong-Macao Greater Bay Area is a key area for British companies to invest in China. “The policy resources of the Guangdong-Hong Kong-Macao Greater Bay Area, such as efficient logistics, high-quality production and convenient financing measures, have provided solid support for enterprises’ business expansion,” he said.
Burnett emphasised that since its establishment 70 years ago, CBBC has been committed to the development of economic and trade cooperation between China and the UK, which is now more important than ever.
“The global economy cannot function properly without China. And China’s economy cannot function independently without being connected to the world.”
To hear Peter Burnett’s full insights, you can watch the full interview here:
