Shanghai, 9 January 2017 – Speaking at UBS's flagship Greater China Conference (GCC), the former Prime Minister of the UK, the Right Honourable David Cameron, said that during his tenure, relations between Britain and China enjoyed a golden era based on mutual investment. "We took a conscious decision to invest in our relations with China. China is the rising emerging power and the best thing to do is to invest in each other's countries. I am sure the current government will want to invest in China with as much vigour and as much verve as we did."
Speaking in a hall packed with many of the 2,000 delegates, the former Head of the UK Government acknowledged the surge in populist sentiment that underpinned the UK's decision to leave the European Union. He noted that the issue of Britain's relationship with the EU had been 'poisoning' British politics and needed to be addressed. From the outset, the UK was an almost ambivalent member of the club, he said. "We were in the EU but out of many of its parts. Now we will be out of the EU but, hopefully, in many of its parts. We need to make sure that we still have good and friendly relationships with our neighbours. We are heading for quite a separation but it needs to be orderly," he said.
When asked if rising populism, embodied by the UK's decision and Donald's Trump's victory in the US Presidential election, presaged the end of globalization, Mr Cameron pointed to multiple factors, encompassing the economic, social and cultural, as underpinning the results. "The pace of change has been too fast for some and they feel that they have been left behind. What is required now is a course correction," he said
Nonetheless, in conclusion he urged a positive mindset. "Let's not be too pessimistic at the start of 2017. We have so much going for us – the UK can make a success of it," he said.
“We are delighted to have the Right Honourable David Cameron join us to share his perspective on some of most important issues facing us, including the future of the European Union as well as Britain following Brexit, and the rise of populist politicians and parties," said UBS Chairman, Axel Weber.
Now in its 17th year, the GCC is the premier forum for investors seeking to understand the opportunities and challenges of investing in China.
Since its inception in January 2001, the annual conference has established itself as one of the largest gatherings of corporate managers, policy makers, analysts and investors in China. The GCC addresses the latest investment trends and developments and provides unparalleled access to domestic and international China specialists, from current and former policy makers, through leading economists and strategists, to industry and company experts.
Photo caption: Former Prime Minister of the UK, the Right Honourable, David Cameron on stage with moderator, David Soanes, Global Head of Financial Institutions, Investment Bank and UK Country Head, UBS at the 17th UBS Greater China Conference in Shanghai.
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