British-based business leaders optimistic about future China-West cooperation

British-based business leaders have expressed their optimism about the future China-West cooperation despite uncertainties caused by COVID-19.

Frederick Fisher, the UK managing director of French crystal and glass purveyor Lalique, said he sees a bright future for business in China.

"So far, as far as Lalique is concerned, our Chinese market is doing really well," he said during the East Meets West Business Leader Event held Tuesday in London.

Lalique opened its first store in Hong Kong in 1992 before opening stores in Shanghai and Beijing.

Fisher said he foresees a robust growth in the coming years thanks to the strong purchasing power of the growing Chinese middle class.

In order to attract Chinese customers, the company has created and manufactured specific pieces exclusive to the Chinese market such as crystal version of the Chinese zodiac signs, he noted.

However, its business in Britain has been impacted by the COVID-19 pandemic, as Chinese tourists usually represent about 20 percent of its clientele in central London. He expressed hope that businesses in Europe will rebound in the post-pandemic era.

"At the moment, we miss our Chinese customers in the UK," he said. "We are looking forward to welcoming Chinese tourists back."

Ian Zhu, head of China outbound investment at Grant Thornton UK, who has 20 years of experience in China-Britain collaboration across various sectors, said the potential in the cooperation between the two sides remains huge.

Zhu noted that in the past 20 years, the Chinese consumer brands entering the European market have evolved from the traditional model of OEM manufacturing, to a model with "self-dependant innovation" at the core, focusing on smart functionality, client experience and quality.

With the advantage of artificial intelligence manufacturing and big data insights, the smart Chinese consumer brands will become increasingly popular in the European market, he said.

Antony Peart, director of brand and communications at Haier Europe, a leading Chinese household appliance manufacturer, said the company will strive to roll out new products in Europe in the coming years featuring innovative use of connectivity and cutting-edge technology.

Trupti Shah, director of Burlington Arcade, also hostess of the event, said she remains very optimistic that the West-East bond would continue to strengthen.

As an iconic department store, Burlington Arcade attracts about 4 million visitors from around the world before the coronavirus pandemic.

The trend of globalization will hopefully continue in the best interest of both businesses and customers, she said.