The former chairman of HSBC told his partner Gao Hucheng as well as 400 other business leaders that China’s economic growth represents “an extraordinary historic event.” He explained that business with China is crucial to the UK. “China is now the world’s largest goods exporter and the UK’s largest goods export market outside the US and the European Union,” he said. “But in 2009 only 2% of UK total exports went to China and China received less than 1% of its total imports from the UK. We are keen to realize the immense potential for deepening and broadening areas of commercial cooperation.”

Mr. Gao said that China would be thrilled to boost trade with the UK. He explained that they were prepared to accommodate British companies in China, and stated their commitment to the World Trade Organization’s “conduct for business.”