The China-UK "Golden Era" has shifted into a higher gear. At the beginning of this year, Prime Minister May paid a successful visit to China, and came back with fruitful outcomes in China-UK cooperation across the board. This has underlined the strategic, practical, global and inclusive features of our bilateral relations.

Someone quoted Lord Rothschild as saying that there are unusual opportunities in unusual times. I need help from Lord Rothchild to find the original quote, but it coincides with a Chinese adage which says, "Those who see the trend are wise and those who seize the trend will win." Only by seeing and seizing the trend can we grab the unusual opportunities in unusual times. What are the opportunities for China-UK business cooperation in this new era? I think there are four major opportunities up for grabs.

First, China's economic restructuring is an opportunity to open up new areas for cooperation.

Thanks to years of development, China now has the world's largest middle-income group of over 300 million with an ever growing consumer demand. This number is still growing at a fast pace, and is expected to reach 600 million in 2030. China is implementing a series of measures, such as: promoting balanced development of all regions; advancing urbanization; improving social security and livelihood; and improving the eco-system. These measures have created enormous room for the development of emerging industries.

According to a latest report of Goldman Sachs, China has created new opportunities for the world through the development of the new industry, the internet, new consumption and the health economy. Consumption now contributes 58.8% of China's economic growth. Added value in the service sector accounts for 60% of GDP. There are huge investment opportunities in the following areas: First, manufacturing sector such as automobile and high-end consumer goods and service sector such as tourism and insurance resulting from upgraded consumer needs. Second, livelihood-related areas such as medical care, education and elderly care. Third, urbanization-related planning, designing, intelligent transportation and new energy. China and the UK have complementing advantages in all these areas, and thus enjoy a huge potential for cooperation.

Second, China's innovation-driven development is an opportunity to create new highlights in China-UK cooperation.

China is shifting from a development model that relied on natural resources and capital to one that is driven by innovation in science, technology, management, business model and culture. To facilitate this transformation, China is working to develop emerging industries such as big data, cloud computing, artificial intelligence, clean energy and bio-medicine, create new business models such as sharing economy and digital economy; upgrade traditional manufacturing sector and service sector; and encourage business startups and innovation. With 750 million internet users, China's online retail has been growing at an annual rate of 30%. The size of the sharing economy has reached 3.5 trillion RMB yuan and annual mobile payment stands at 158 trillion RMB yuan.

I believe those of you who have been to China would have been impressed by the strong driving force and huge investment potential behind China's "four great new inventions", that is, high-speed rail, e-commerce, mobile payment and sharing economy. I am pleased to say that China-UK innovation cooperation is making constant progress: Last December, our two countries issued the Joint Strategy for Science, Technology and Innovation Cooperation. The Pitch@Palace China founded by The Duke of York has gained great popularity in China. The building of the China-UK Innovation Industrial Park in Qingdao is progressing steadily. Moving forward, high-tech, digital economy and innovation industry are areas where China and the UK could further enhance cooperation in order to add new driving forces into our overall bilateral relations.

Third, China's further opening-up is an opportunity to set a new example for cooperation.

Since the beginning of this year, the Chinese Government has announced a series of measures to open up wider to the world. These include: put in place a complete management system of pre-establishment national treatment plus a negative list; promote further opening-up of such industries as the financial, services, manufacturing, agricultural and mining industry; improve facilitation for foreign investment in China; encourage mergers and acquisitions by foreign companies; improve IPR protection; cut tariffs on automobiles and daily consumer goods; and create a more favorable investment environment. The latest good news came last week when China announced that it will lift the ban on imports of British beef.

In the coming 15 years, China is expected to import $24 trillion of goods and open up a $2 trillion market for foreign direct investment. These are good news for companies from all countries, Britain included. We hope that more and more British companies and financial institutions will invest and establish a foothold in China and benefit from China's development dividends. There is plenty of good news between China and the UK. During Prime Minister May's visit to China at the beginning of this year, our two countries signed business contracts worth about 9.89 billion pounds. In the financial sector: Since the end of last year, China announced major measures to raise the limit on foreign ownership in banking, securities and insurance sector joint ventures. The financial sector is unveiling a new landscape of further opening-up.

The Shanghai-London Stock Connect, which is expected to be launched soon, will take China-UK financial cooperation onto a new stage. Not long ago, the Agricultural Bank of China opened its London Branch. Both the Industrial and Commercial Bank of China and the Bank of China issued green bonds in London, giving their endorsement to London as a green financial centre. We will also encourage more Chinese companies to invest in Britain. We stand ready to enhance cooperation with the UK on infrastructure development, high-end manufacturing, investment, financing, financial services and trade. Together we will continue to take the lead in and set as an example for cooperation between the East and West. This coming November, China will host the first International Import Expo in Shanghai. This is the world's first import expo ever held at the national level. The UK will be a guest of honor at the Expo. I urge British companies to take part in the Expo, introduce their products and services to the Chinese market, and explore new growth point for trade.

Fourth, the Belt and Road Initiative is an opportunity to point to the new direction of cooperation.

The UK is a "natural partner" for cooperation on the BRI. It has been leading other major Western countries in BRI cooperation. The UK is the first to apply to join the Asian Infrastructure Investment Bank (AIIB) and contribute to the AIIB special fund, the first to approve and sign the Guiding Principles on Financing the Development of the Belt and Road, and the first to appoint a BRI special envoy and set up an Expert Board. UK enjoys close relations with countries along the BRI routes and has unique strengths and rich experience in the financial, legal and consulting. This promises huge potential and promising prospects for China-UK cooperation on the BRI.

China and the UK could enhance business cooperation relating to the BRI, explore such areas as investment, financing, infrastructure connectivity, green finance, fin-tech, insurance and project consulting, and jointly develop a third market. Together, we could build up cooperation brands, create highlights and deliver win-win results to all the parties involved.

Ladies and gentlemen,

Recently, I went back to Beijing and had the honour to attend the Central Conference on Work Relating to Foreign Affairs. At the Conference, President Xi Jinping pointed out that China is in the best time for development since modern times. The world is experiencing profound changes unprecedented in a century. This best time of China and the unprecedented changes of the world are intertwined and mutually reinforcing. China is full of hope and opportunities. This great vessel of China is sailing with the currents of multi-polarization and globalization. I am sure my friends from the British business and financial communities present today will appreciate the historical trend, seize the opportunities of China's development and deepen mutually-beneficial cooperation. I hope you will join hands with your Chinese partners to contribute more "golden fruits" in the China-UK "Golden Era", and do your bit for building a community with a shared future for mankind and contribute your part to creating a better and more beautiful world.

Thank you!

Now, I would like to take your questions.