Chinese envoy calls for Britain to show ‘sincerity’ on investment

Zheng Zeguang says companies are closely watching policy changes and it’s important to improve the environment for investors

It comes after UK international trade secretary said Chinese firms were welcome to invest in non-strategic parts of the economy

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Zheng Zeguang, China’s ambassador to the UK, called for “a favourable environment for business cooperation”. Photo: Reuters

Published: 6:00pm, 20 Oct 2021Updated: 9:01pm, 20 Oct 2021

Britain needs to offer more than lip service and improve the investment environment for Chinese companies, according to Beijing’s ambassador to London.

Zheng Zeguang – who was barred from Britain’s parliament last month amid tensions over Hong Kong and Xinjiang – made the remark days after the UK government said Chinese firms were welcome to invest in non-strategic parts of the economy. Chinese companies have been blocked from the UK’s 5G network and its nuclear power industry.

“Chinese investors are closely watching the changes in policies in the UK,” Zheng told reporters via video link on Tuesday, according to an embassy statement.

“If you tell investors that they are welcome to come and invest, they would show some interest – but only when you demonstrate sincerity with your actions would they make an investment decision,” he said. “Therefore, it is important that the UK continues to improve the investment environment for Chinese investors.”

Britain is courting green investment as it seeks to cut carbon emissions. Photo: TNS

Asked about green investment, Zheng said Chinese and British companies could work together in areas ranging from green technology and finance to civilian nuclear energy projects and electric vehicles. He said Chinese companies were already involved in car battery and wind power projects with UK firms.

“We hope that the British side will work closely with the Chinese side in the same direction to create a favourable environment for business cooperation between the two countries and to promote more fruitful business cooperation,” he added.