British Prime Minister Keir Starmer visits the Forbidden City during his visit to China, on January 29, 2026 in Beijing, China. Photo: VCG

The UK-based multinational, science-led biopharmaceutical company AstraZeneca on Thursday announced $15 billion investment in China through 2030 to expand medicines manufacturing and research and development, the Global Times learned from a press release that the company shared with the Global Times on Thursday.

Such an expansion of investment underscores the great confidence of the British businesses to the Chinese market and their strong willingness to take part of the economic development of China, an expert said.

The announcement was made on the sidelines of British Prime Minister Keir Starmer's ongoing official visit to China, which kicked off on Wednesday and will conclude on Saturday, the first visit by a British prime minister in eight years.

Commenting on the investment, Starmer said: "Unlocking opportunities for British businesses across the globe and delivering for working people back home is always the driving force behind my international engagements. AstraZeneca's expansion and leadership in China will help the British manufacturer continue to grow - supporting thousands of UK jobs," according to a press release that AstraZeneca provided to the Global Times on Thursday.

The company said that this latest investment will leverage the country's scientific excellence, advanced manufacturing, and China-UK healthcare ecosystem collaborations to deliver cutting-edge treatments to patients across China and globally.

On a further note, Chief Executive Officer of AstraZeneca Pascal Soriot said: "Today's landmark investment of $15 billion begins an exciting next chapter for AstraZeneca in China... By expanding our capabilities in breakthrough treatments like cell therapy and radioconjugates, we will strengthen our contribution to China's high-quality development and, most importantly, bring next-generation modalities to patients," according to the company.

AstraZeneca is just an epitome of the British businesses eager to expand their presence in the China market as Starmer is leading a delegation comprising senior executives from over 50 major British firms and representatives of British institutions. They represent Britain's leading sectors including finance, medicine, manufacturing, culture and creativity, the Xinhua News Agency reported.

On Wednesday, during Starmer's visit, Standard Chartered China officially opened the Shenzhen Bay Priority Private Banking Center, aiming to provide clients with personalized and professional wealth management services and to support the high-quality development of China's wealth management industry, the Global Times learned from the UK financial institute.

Group Chief Executive of Standard Chartered Bill Winters joined the visit as a member of the UK business delegation and will take part in a series of economic and trade exchanges and visits in Beijing and Shanghai, said the company.

"The size and seniority of the accompanying business delegation underscore that this is not merely symbolic. The UK faces a pressing need to boost economic growth, and increased trade and investment with China can play a constructive role in that effort," John Quelch, the executive vice chancellor, American president and distinguished professor of social science at Duke Kunshan University, told the Global Times on Thursday.

UK-based institutions such as HSBC and Standard Chartered, along with diversified conglomerates like Swire Group, have long-standing commitments in Hong Kong and across China, and can contribute to shaping the future strength and governance of financial services that benefit both markets, said Quelch.

As this year marks the first year of China's 15th Five Year Plan (2026-30), which promotes new quality productive forces, Tom Simpson, managing director of China Operations and China chief representative of the China-Britain Business Council, told the Global Times that the UK businesses will see strong compatibility with China, particularly in trade and services, as China works to strengthen domestic consumption.

"When you look at the long-term outlook, there is generally a greater level of optimism. I think 2026 will be another step in that direction, with a big part of that being the recovery in the growth rate of domestic consumption, which we have already seen begin to rise," Simpson said.