CBBC’s Annual Report 2023-2024 brings together highlights of CBBC’s achievements in membership and commercial activities, as well as the organisation’s financial statements.
Below is an extract from CBBC Chair Sir Sherard Cowper-Coles’ foreword to the report:
I am delighted to introduce CBBC’s Annual Report for 2023-2024 after another busy and successful year for the China-Britain Business Council. The UK’s trade relationship with China is a critical one. Two-way trade with China and Hong Kong, excluding fuel and gold, amounted to some £108.5bn in 2023, making it the UK’s third largest trade partner. With rebuilding economic growth central to the new UK government’s strategy, this underlines the importance of the trade and investment relationship with the world’s second-largest economy to the UK’s economy and employment rate.
Throughout this year, geo-political tensions continued to present challenges for business confidence, with the conflicts in Ukraine and the Middle East generating uncertainty for decision-makers.
On the other hand, the year saw the very welcome lifting of remaining pandemic-related travel and other restrictions in China, allowing a return to in-person visits and events, towards something much more closely approaching business as usual. CBBC took full advantage of this change to launch a busy programme of in-person visits and events across China.
Throughout our visits, the consistent message from our Chinese hosts was the wish to rebuild and grow trade links, and the priority given to ensuring a favourable environment for foreign investors. High-level meetings provided a vital opportunity for our Members to convey key messages and requests to Chinese policymakers at the most senior level.
Throughout the year, we continued our public affairs work, highlighting to UK parliamentarians, policymakers and opinion formers the importance to the UK economy of the trade and investment relationship with China. And this impact 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.
Here in the UK, we of course now have a new government. We look forward to working with the government to develop and grow further the trade and investment relationship with China – as a vital contributor to the economic growth that the government is prioritising. We firmly believe that 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.
Looking ahead, I am confident that we are in a strong position to support our Members and their customers through 2024 and beyond. I am proud to say that the China-Britain Business Council continues to work hard on its mission of helping its Members develop their business in the exciting but complex China market.
Read CBBC’s Annual Report 2023-2024 in full here
