LONDON - Chinese Ambassador to the United Kingdom Zheng Zeguang on Tuesday urged businesses to explore cooperation and mutual benefits at the third UK-China Business Leaders Summit.

In his keynote speech, Zheng stressed that Sino-British economic and trade cooperation is beneficial and aligns with the fundamental interests of both countries.

"China's economy is open and inclusive, and we will continue to reduce the negative list for foreign investment. After having already removed restrictions in the manufacturing and financial sectors, we will further relax restrictions in the medical and telecommunications service industries as well," said the ambassador.

China's economy is open and inclusive, and we will continue to reduce the negative list for foreign investment. After having already removed restrictions in the manufacturing and financial sectors, we will further relax restrictions in the medical and telecommunications service industries as well.

Zheng Zeguang, Chinese Ambassador to the United Kingdom

Zheng also noted that China's competitiveness in the new energy sector stems from technological advantages, industrial models, and economies of scale, rather than government support.

He stated that China's manufacturing capacity meets global demand for green energy products, helping countries combat inflation, accelerate the transition to green energy, and address challenges posed by climate change.

"China does not have excess production capacity, nor does it export excess capacity," said Zheng.

The ambassador said China is willing to share opportunities and provide space for cooperation with global entrepreneurs through its development.

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Organized by the UK Chinese Business Association, the 3rd UK-China Business Leaders Summit runs from May 27 to 29, under the theme of illuminating new opportunities for both UK and Chinese businesses. Over 400 business leaders from both countries attended the summit.

During the summit, business leaders and government officials conveyed confidence in the prospect of trade, investment and bilateral ties of the two countries.

"Business is the glue between people. If we have more business, we will have more understanding, more relationships, and better opportunities," said Stephen Perry, president emeritus of Britain's 48 Group Club, at a meeting on Tuesday.

Business is the glue between people. If we have more business, we will have more understanding, more relationships, and better opportunities.

Stephen Perry, president emeritus of Britain's 48 Group Club

Chen Xu, vice-president of the China Overseas Friendship Association, said the Chinese government will continue to improve the mechanism for protecting the rights and interests of foreign investors, further shorten the negative list for foreign investment, and relax market access restrictions in sectors such as telecommunications and healthcare services.

Fang Wenjian, chairman of the China Chamber of Commerce in the UK, said surveys of Chinese enterprises in the UK highlight a wealth of opportunities in sectors such as renewable energy, finance, technology, and education. On the flip side, the UK also seeks collaborative partners to advance zero-carbon ambitions, enhance the digital economy, and boost high-end manufacturers.

"We welcome Chinese life sciences companies to the UK and work together in setting common and shared standards," said David Willetts, member of the House of Lords and former minister of state for universities and science.

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From now on, the summit will become an annual event, alternatingly held in the UK and China, announced Zhang Jinlong, chairman of the UK Chinese Business Association.