U.K., Nov. 2 -- UK Parliament issued the following news:
In Parliament's first official report on doing business with China, published today, the BIST Committee warns that Government has failed to deliver on its 2024 promise of a new, strategic, long-term, consistent UK approach to China.
Read the report
The Government has embarked on a course of re-engagement with China "without having finalised its China audit or published a strategy" - an approach that highlights a wider failure to manage the tension between promoting economic growth and safeguarding national security and economic resilience.
The Government's record of decision making on China - such as the 11th hour block blocking of Ming Yang's £1.5 billion wind turbine factory investment on the grounds of unspecified national security concerns after years of negotiations, or the emergency takeover of British Steel from the firm's Chinese owners - has been characterised by "reactivity, inconsistency, and opacity".
Successive governments have failed to reassure the security community, the public, or Parliament that they have taken adequate measures to defend UK national security and economic resilience.
The lack of predictability and clear guidance is hampering UK businesses' ability to make commercial decisions about the Chinese market.
Chair comment
Rt Hon Liam Byrne MP, Chair of the BIST Committee, said:
"Britain's businesses cannot plan for the future when the Government keeps making up its China policy as it goes along.
"Ministers promised clarity and consistency. Instead, we have opportunities missed, risks unmanaged and decisions left until the eleventh hour. Britain must shape its own relationship with China, or risk having that relationship shaped for us in Washington or Beijing.
"Our report sets out clear new rules of the game: protect what Britain must control, manage the risks we can mitigate and back British firms where trade can grow. Those rules must have bite. Fair competition requires action against unfair subsidies. Economic security requires stronger supply chains. Human dignity requires a ban on goods made with forced labour.
"We should welcome trade that builds Britain's strength. We should stop the trade that puts that strength at risk. That is how we turn engagement into growth, and growth into lasting security."
Further information
About Parliament: Select committees
Visiting Parliament: Watch committees
Business Innovation, Science and Trade Committee
Image: Adobe stock
Disclaimer: Curated by HT Syndication.
