Lord Grimstone then proceeded to provide the audience with an overview of his new role as Minister of State for Investment: whereby he will work to attract investment into the UK; support those investing in the UK; and help those in the UK to invest overseas. He introduced his in-depth knowledge and experience of China to the audience: having undertaken nearly 300 visits to China over his lifetime, as well as having chaired 70 consecutive board meetings for his former employer in Tianjin. He described his feelings of positivity towards China, and espoused the mutual advantages that China and the UK both gain from investments and exports.
 

Lord Grimstone also took the chance to extend his sympathies to those affected by the COVID-19 pandemic. He noted that under these unique circumstances, the UK will need to position itself in a new world order following the pandemic. Indeed, there will be a need for the whole global community to recapitalise simultaneously. This looks set to lead to a change in investing and trading relationships with the UK and other countries’ priorities shifting as a result. 
 

He expressed his deep interest in learning about CBBC's members’ views of the future, and how they will prepare themselves for change. He also noted the great work of the Department for International Trade’s team in China - with a particular mention of HM Trade Commissioner for China, Richard Burn and his team’s work on PPE procurement.

Following Lord Grimstone’s introductory remarks, Matthew Rous, Chief Executive of the China-Britain Business Council set the scene for the trade and investment environment in the UK and how this has been impacted by COVID-19. 
 

He described how CBBC is adapting its service offering to best meet the needs of members, with webinars and the delivery of virtual trade missions, one-to-one digital business clinics, and so on, providing a comprehensive service offering. He then provided an overview of key sectors in the UK and how they have been impacted by COVID-19:
 

• The automotive sector has been greatly impacted, with Wuhan being an important centre for the automotive industry. Players have experienced supply issues, drop in demand, a lack of consumer confidence, and a dip in innovation.
• For the technology sector the outcome has been more mixed, some companies have been deeply affected, whilst others are adapting quickly. Chinese tech giants have been particularly adaptable in response to the pandemic, and China has continued its investment in technology with 5G.
• In the consumer sector, retail has experienced a big early hit, however many companies are now recovering. In particular, health & beauty brands look set to offer big potential growth in the future. Consumer confidence is growing and interest in prioritising sustainable brands and products continues to increase. 
• In regards to food & drink, the UK’s food safety still remains a key selling point for Chinese consumers who take food safety very seriously. Cross border ecommerce opportunities are opening up within this sector.
• For the creative industries: the games industry is experiencing particularly strong demand. More traditional creative organisations are also showing impressive adaptability and innovation, with many UK galleries and museums offering online events.
• In the education sector, the impact has been huge. With education comprising such an important part of the UK economy, universities have moved to online teaching; and language schools have been particularly hard hit. 
• Within the energy & infrastructure sector, China remains a large consumer of UK energy products; kit and services. With the new draft of the China Energy Law coming into effect. CBBC is working with members to prepare policy admissions for this. 
• For Healthcare & Life Sciences: demand for PPE and medical devices continues to grow. In addition, e-medicine and tele-help are playing an important role whilst social distancing is in effect. In China, the platform, WeDoctor has seen particularly impressive growth.  
• Finally, for the Financial and Professional Services sector, businesses are adapting quickly and responding with agility to the pandemic.

Following Matthew Rous’s insights, acting consultant to CBBC, Andrew Peaple, interviewed Lord Grimstone. Through the Q&A, Lord Grimstone provided insights on a number of topics. He shared his views on doing business in China, stressing the importance of trust and personal relationships to facilitating trade. 
 

In response to criticism of China in the UK media, and calls to re-examine the UK’s relationship with the country, Lord Grimstone described China as a nation that excites strong emotions amongst many. He emphasised the importance of a strong UK-China relationship so as to overcome the challenges faced in the post-COVID-19 world. He also stressed the importance of a constructive relationship with Hong Kong, and opined that the UK’s decision to work with Huawei has been of benefit to UK-China relations and favourable to future trade. He also addressed concerns regarding a potential fall in asset prices in the UK and the risk of profiteering.
 

Lord Grimstone emphasised the importance of the development and activation of Free Trade Agreements in post-Brexit Britain and highlighted the particular opportunities that accompany a strong UK-China relationship. He described great potential, in particular, in the areas where the UK enjoys a competitive global advantage; amongst them: tech, innovation, manufacturing, life sciences, and education. He also described the UK’s SMEs as the backbone of the economy and emphasised their critical importance to the UK’s economic growth and recovery. 

Concluding the webinar, Matthew Rous took the chance to introduce a number of members to Lord Grimstone. These members - representing the manufacturing, education, and local government sectors - then posed their questions directly to Lord Grimstone, who provided in-depth advice and tailored recommendations to them, based on his extensive expertise.  
 

To learn more about CBBC membership and to become a member, please contact our membership team by emailing membership@cbbc.org