On 11 June, Simon Mead, CEO of CW (Cambridge Wireless), and LiHui Peng, Secretary General of the China Electronics Chamber of Commerce (CECC), marked the start of closer collaboration between the technology and electronics sectors of our two nations.
Electronics and data are two of the most vigorous industries in the world and innovation in these areas has important strategic and practical significance for global economic growth. Science and technology are developing at a high speed, facilitated by organisations such as CW and CECC. In today’s highly connected, international business society, innovations in one country are accessible and of huge relevance to customers in another. Rapid adoption of new technology, no matter the country of origin, can offer businesses significant commercial advantages. CW and CECC are building a long-term partnership to facilitate greater international collaboration with electronics innovators and entrepreneurs. We will also mutually inform members of new, relevant, local industrial policies and favourable opportunities for international enterprise expansion.
13% of the CW membership is international, and with China representing 15% of the global economy and continuing to grow at pace, the nation is a growth target for many of our members. It is second in the global ranking of technology spending, and its information consumption market is set to hit £670 billion by 2020. Meanwhile, highlighting the sheer size of the Chinese start-up universe and the extent of investor optimism, China's unicorn herd accounts for 66% of the global total in 2017 in terms of valuation.
CW already delivers multiple activities on the global stage, for example the CW International Conference, the recent 5G for Good Summit in Geneva, the Telecom Italia exchange programme and regular Department for International Trade visits. In fact, there is a DIT Chinese Delegation visiting this Friday, hosted by CW at the Bradfield Centre and featuring Alibaba Cloud, JD AI, TusPark and iFlytek.
Our two teams have agreed to work together to realise the industrialisation of scientific and technological products specifically related to the digital economy, electronic information, the internet, internet of things, intelligent manufacturing, new energy, intelligent medical care and numerous other undertakings. Specific joint activities between CW and CECC will be announced later in the year and if you would like to express interest in these, please email the CW team.