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Bosltered China-UK ties are of global significance

Editor: Li Kun 丨CCTV.com

10-23-2015 15:46 BJT

By Zhao Minghao, research fellow, Charhar Institute Beijing and adjunct fellow, Chongyang institute for financial studies, Renmin University of China

Beijing and London announced a "global comprehensive strategic partnership" for the 21st century, which opened up a golden era of enduring, inclusive, win-win relations. President Xi Jinping's United Kingdom trip has taken the bilateral relationship to a new level. Some hold that economic interests alone propel the Beijing-London embrace, but the fact is that the global effects of Sino-British ties involve much more than money.

 

China and the UK were allies in the World War II. Both countries are the permanent members of the United Nations Security Council, As a key member of the UN, the UK  enjoys a special relationship with the United States. China is the largest developing country whose economic scale ranks only second to the US. In 2014, China's foreign direct investment surpassed its absorption of foreign capital, which marked the deepening connection between China and the world economy.

University of Cambridge researcher Martin Jacques said David Cameron's administration has been implementing bold changes in post-World War II diplomatic policies. He stressed that a country either changes with the times or is abandoned or marginalized. But a golden era for China-UK ties is a two-way process involving changes in both China and Great Britain.

Firstly, to adjust the international economic and financial governance system demands cooperation of China and the UK. The UK has already realized China's important role in global economic affairs and its decision-making influence.

Although the UK is no longer an empire on which the sun never sets, it still occupies a leading position in the world's financial fields. Moreover, Britain is a leading offshore Renminbi (RMB) trading center after Hong Kong. It is also the first Western country to issue RMB sovereign bonds and the first major Western country to apply for full membership of the Asian Infrastructure Investment Bank. All of these moves demonstrate the UK’s good will to China and its open attitude towards a new type of international multilateral financial mechanism.

Secondly, international cooperation has become a highlight of China-UK ties. Considering Britain has experience in international development, China has every reason to join hands with UK for more close cooperation. For example, they can coordinate aid to South Asia and African countries, bringing so-called "one plus one exceeds two" results.

Thirdly, China and Britain can deepen cooperation in terms of nuclear non-proliferation, international peacekeeping and anti-terrorism. Earlier this year Iran's nuclear agreement was reached largely thanks to policy coordination between China and Britain. During Xi's UK visit, China and Britain announced discussions about a cooperation mechanism for international peacekeeping. Additionally, both have reached agreement on commercial espionage problems that will contribute to the establishment of international cyberspace rules.

Some Europeans have publicly warned Britain to remain vigilant toward China. Historical facts will prove that the good development of China-UK ties will not only bring benefits to both countries but also facilitate the stability and peace of the entire world. It is short-sighted for someone to look at China-Britain ties only from the perspective of economics.

 

( The opinions expressed here do not necessarily reflect the opinions of Panview or CCTV.com. )

 

 

Panview offers a new window of understanding the world as well as China through the views, opinions, and analysis of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

Panview offers an alternative angle on China and the rest of the world through the analyses and opinions of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

 

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