The China-Britain Business Council recently announced the publication of its Annual Report 2022-2023, which brings together highlights of CBBC’s achievements in membership and commercial activities, as well as its financial statements.
Below is an extract from CBBC Chair Sir Sherard Cowper-Coles’ foreword to the report:
I am delighted to introduce this Annual Report for 2022-2023, after a busy and successful year for the China-Britain Business Council. UK exports to China broke a new record in 2022, growing over 35% to £38 billion. Two-way trade was over £110 billion. This underlines the importance of the China opportunity for UK business. And at a time when rebuilding economic growth is the top national priority, and with exports and inward investment key drivers of that growth, it underlines the importance of the UK-China trade and investment relationship to the UK economy and employment.
While businesses felt the effect for some of the year of pandemic restrictions in China, the ending of lockdown measures in late 2022 helped set the stage for a welcome normalisation of business activity and for the further growth of this critical trade and investment relationship with the world’s second-biggest economy.
The China-Britain Business Council is proud of its role as the voice and the vehicle for this vital business relationship.
Meanwhile, geopolitical tensions had an impact on business confidence, with Russia’s invasion of Ukraine and, at the time of writing, the conflict between Hamas and Israel adding new elements to those geopolitical differences.
The China-Britain Business Council continued to support our members in navigating these challenges via the range of Membership activities and services we provide, and by championing the importance of the UK-China business relationship.
In the UK, we stepped up our public affairs work, highlighting to UK policymakers and opinion formers the importance to the UK economy of the trade and investment relationship with China. The impact of trade with China is substantial: some 800 Chinese enterprises in the UK directly employ more than 75,000 people nationwide. Research shows that our exports to China support – at a conservative estimate – a further 120,000 jobs.
In early 2023, the British Government released its ‘Refresh’ of the Integrated Review. We were pleased to see that, in regard to China, alongside the recognition of the need for the UK to protect its national security interests and stand up for its values, there was recognition that “…. a positive trade and investment relationship can benefit both the UK and China”.
We are encouraged by the positive context this sets for further developing the UK-China business relationship. A sound economic relationship with China is a foundation which allows the UK to pursue its broader goals with China. And that relationship means globally competitive companies, employment, and prosperity right across the UK.
Read CBBC’s Annual Report 2022-2023 in full here
