On 24 April 2025, H.E. Ambassador Zheng Zeguang attended and addressed the Tianjin investment environment promotion conference in London. Vice Mayor of Tianjin Zhai Lixin, Chairman of the China-Britain Business Council Sir Sherard Cowper-Coles, and others also made remarks. Nearly 200 representatives from various sectors of China and the UK were in attendance. The full text of Ambassador Zheng’s speech is as follows:

Vice Mayor Zhai Lixin,
Sir Sherard,
Chairman Fang Wenjian,
Mr Seaton,
Distinguished guests,
Ladies and gentlemen,

Good afternoon.

It is my great pleasure to join you today for the Tianjin Investment Environment Promotion Conference.

On behalf of the Chinese Embassy in the UK, I would like to extend a warm welcome to Vice Mayor Zhai Lixin and the Tianjin delegation, and express sincere thanks to all the guests attending this event. I would like to thank CBBC, in particular, for your support given to the delegation.

Tianjin is known for its advantageous geographical location. In history, it had long been a gateway to Beijing and an important shipping, commercial and manufacturing center in Northern China.

Since the beginning of reform and opening up, especially since entering the new era, Tianjin has made great progress in its economic and social development.

I have been to Tianjin many times. When visiting the city, what you will see first would be the row upon row of skyscrapers, the commercial and cultural districts combining tradition and modernity, and the remarkable scenery along the Haihe River.

Today's Tianjin has become an advanced manufacturing, research and development center, an international shipping hub, a financial innovation demonstration zone, and a pacesetter in China’s reform and opening up endeavour. It is now striving to build itself into a strategic pillar in domestic and international dual circulations.

An open, inclusive and pioneering Tianjin presents ample opportunities for businesses from around the world to carry out mutually beneficial cooperation.

Ladies and gentlemen,

Tianjin is a microcosm of China’s development. The Chinese people are implementing the important decisions of the CPC’s 20th National Congress and the third plenum of its 20th Central Committee, and are going all out to promote Chinese modernization through high-quality development. Our goal is to basically realize modernization by 2035 and build China into a great modern socialist country by 2050.

No matter how the world changes, no matter what kind of challenges we may face, we will always stay committed to these targets.

Recently, the US has imposed the so-called reciprocal tariffs on all its trading partners, China and the UK included.

This is in flagrant violation of WTO rules, and a reckless act of unilateralism, protectionism and trade bullying. It has dealt a devastating blow to the multilateral trading system and the global economy, seriously undermining the interests of all countries.

The US is simply trying to turn back the clock, and bring back the dark age when the law of the jungle prevailed.

Now, people around the world are seeing more clearly which country is the disruptor of the international order and a saboteur of the multilateral system.

In the face of such irrational act, China has stated its firm opposition and taken necessary countermeasures. We have done so for our national interests and more importantly, for the multilateral trading system and for international justice.

Over the past few days, there have been confusing signals coming out of Washington. They have continued to exert maximum pressure and claimed to impose tariffs as high as 3500% on some Asian countries. At the same time, they have said they will reduce tariffs on China substantially. You can see their gimmick here, to mitigate their self-inflicted losses and try to influence the capital market.

We have said from day one that tariff and trade wars have no winners. China does not look for a war, but neither are we afraid of it. We will fight, if we must. Our doors remain open, if the US wants to talk.

But at the moment, there is no negotiation on tariffs happening between China and the US. If the US is serious about a negotiated solution, it should stop all its maximum pressure and threatening and blackmailing. Any dialogue should be based on equality, respect and mutual benefit.

At this critical juncture, the international community needs to show solidarity and act together against unilateralism and trade bullying. Much is at stake here, not only the economy of every country, but also the global trading system.

Appeasement or caving in will simply invite more trouble and embolden the bully. Only firm opposition will convince the US to change its current course. On this major issue of principle, it is hoped that the UK, with a long tradition of championing free and open trade, will stay on the right side of history, on the side of multilateralism, and on the side of the majority of the international community.

Ladies and gentlemen,

How is China's economy performing against this backdrop?

China's GDP grew by 5.4% year on year in the first quarter of this year. Retail sales of consumer goods grew by 4.6%. Fixed asset investment rose by 4.2%. Industrial value added of enterprises grew by 6.5% and those for the service sector went up 5.3%, both surpassing last year's growth rates. China's total trade in goods reached 10.3 trillion yuan, with exports up by 6.9%.

All of this shows that the series of measures we have been taking, including expanding domestic demand, stabilizing foreign trade and foreign investment, accelerating the development of new quality productive forces, and expanding high-standard opening up, have been working quite well.

It shows that China's economy has strong resilience and internal driving force.

As China continues its own development, we will also share opportunities with the world through opening up. China’s overall tariff level has been reduced to 7.3%. Today, it was announced jointly by three government agencies that the negative list for market access will be further shortened, from 117 items to 106. We will continue to increase market access and provide better services and protection for foreign investment.

In China, what investors will find is a predictable and consistent macro policy environment, a supersize market of over 1.4 billion people, the most complete industrial system in the world, and an increasingly internationalized, market-oriented and law-based business environment.

Companies from around the world, including the UK, are welcome to join in China's development and achieve mutual benefit. Now is the best time to invest in China.

Ladies and gentlemen,

I am delighted that senior UK officials have been making the case for a deeper partnership with China. Indeed, it will be foolish to not engage with China.

In the meantime, however, you can also hear some anti-China politicians making irritating noises. They try in all ways to smear Chinese enterprises. They are saying things out of context, claiming that Chinese investment is not safe, and there is too much dependence on China. They are just a small group of people, still using 19th century lenses to look at today's China.

In my opinion, arrogance and twisted mentality have blocked their view, so they are not seeing the benefits of Chinese investment in the UK. They are not seeing that these investment is actually creating jobs and tax revenue, and introducing advanced technology and productivity into this country. They are not seeing the benefits of doing business with China. UK exports to China support half a million jobs in this country and investment in China yields good returns.

The reality is: China is no longer a poor and backward country that used to be an easy target for bully. China is the world’s second largest economy, second biggest consumer market, and biggest manufacturer and trader in goods. China needs the world. The world also needs China.

There is abundant space for practical cooperation between China and the UK. I hope that the Chinese and British governments will work in the same direction, to create a predictable, just, fair and non-discriminatory business environment for companies of the two countries to cooperate.

We should create new highlights of cooperation in financial services, clean energy and AI, and expand practical cooperation in trade, biomedicine, education, culture, tourism and creative industries, to bring about more visible and tangible benefits for peoples of both countries.

I hope today's promotion event will help different sectors in the UK to learn more about the opportunities in Tianjin and see a real China. 

I understand that there will be a signing ceremony later on, and would like to offer my warm congratulations on your partnership.

Thank you.