China, UK hold hands to build mutually beneficial tech ecosystem

By Sun Wei in London Source:Global Times Published: 2018/6/13 17:08:39

The UK and China have a leading role to play in global tech, and working closer will open up new business opportunities, said the founder of Tech London Advocates (TLA) at the third annual China-UK Hi! Tech Festival.

Organized by Europe's first Chinese-funded investment platform Cocoon Network, the festival held on Tuesday and Wednesday is a key part of London Tech Week.

Russ Shaw, founder of TLA, a community of more than 6,000 tech leaders and experts, told the Global Times Tuesday that areas such as fintech and deep tech, including artificial intelligence (AI), are some exciting areas for cooperation.

"We are ecosystems that complement each other," Shaw said, adding that China has the infrastructure and capital to help innovative British startups to scale, while the UK can offer innovation, creativity and access to European markets for China.

Shaw recently visited Shenzhen, South China's Guangdong Province, and Shanghai to participate in the launch of Tech Shanghai and Tech Shenzhen Advocates, creating platforms upon which strong ties can be built.

"We want to help UK tech companies to scale in China, as well as encourage more Chinese students to stay in the UK for longer, in order to develop businesses and networks. This will in turn position them to drive China-UK collaboration," Shaw added.

John Liu, managing director of ChinaEquity Group, believes that Chinese investors are particularly interested in AI, healthcare and clean tech industries, because they can offer solutions to China's current challenges. Also, as China's tech sector rapidly expands, the UK can be a bridge to European markets.

The challenges for cooperation between the two countries lie in culture and different perspectives on how the markets are working, but they are not insurmountable, as collaboration and exposure to each other will create greater relationships, Shaw said.

On the first day of the festival, four brand new collaborations were announced between Cocoon Networks and highly accomplished global companies and institutions such as TopChain Group, Join, the London School of Economics and Political Science, and leading Chinese incubator Shenzhen Galaxy Holdings.

"We are delighted about these newest high-profile collaborations, which will allow us to bring together the best entrepreneurial talent and the key players of the Chinese and UK tech and investment industry. By doing so, we hope to achieve an unprecedented level of technology transfer between both countries," said John Zai, founder and CEO of Cocoon Networks.

Posted in: ECONOMY

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