Column: Britain cannot afford to ignore the developing world, especially China

by Timothy Russell Hailes

This year marks the 80th anniversary of the founding of the United Nations -- a reminder of why international cooperation matters, and why we must renew our commitment to building a fairer, more inclusive world.

As I am set to serve as the 698th Lord Mayor of the City of London from November 2026, I believe the role's greatest strength lies in its soft power -- its unique ability to bring people together, open doors internationally, and promote understanding between nations. I share these thoughts not merely as reflections on Britain's past, but as a vision for the world we need to build in the years ahead.

A VISION FOR INCLUSIVITY AND SHARED PROGRESS

My worldview is one of inclusivity. In an increasingly divided world, this is not always a popular position to take. Yet the case for multilateralism has never been stronger.

The world is facing greater migration, deeper inequality, and rising polarization. None of these challenges can be addressed by one nation alone. To build a multilateral system that works for everyone, it must truly be shaped by everyone.

That is why London matters. Not just the Square Mile with its centuries of history and ceremony, but the wider City -- where 40 percent of our workforce was born outside the United Kingdom. Here, people from different backgrounds, nations and beliefs work side by side, often without even thinking about it. Inclusivity is not our slogan; it is our strength.

A DECADE OF PROFOUND CHANGE

The coming decade will be one of deep uncertainty and interconnected risks. The institutions that emerged from the ashes of the Second World War -- from the United Nations to the World Bank -- are now struggling to reflect the realities of the 21st century. Rising powers are seeking greater representation, while many nations no longer accept the need to operate within a Western-dominated system.

Power is shifting. The G7's share of global GDP has fallen from 45 percent in 2010 to an estimated 30 percent by 2030. The U.S. dollar, long considered the bedrock of global trade, has weakened amid concerns over debt and policy unpredictability. Meanwhile, members of the BRICS group are exploring alternative financial frameworks that no longer rely solely on Western institutions.

We are now witnessing the rise of a genuinely multipolar world.

THE IMPORTANCE OF ENGAGING THE DEVELOPING WORLD

Some see this transformation as a threat to the West. I see it as an opportunity to listen, to learn, and to partner.

China is projected to be the world's largest economy by 2030. India is not far behind, set to become the third-largest and to account for about 15 percent of global growth this decade. At the same time, around 80 percent of global population growth will come from regions such as Sub-Saharan Africa, South Asia, and the Middle East.

If Britain seeks to remain globally relevant, it cannot afford to ignore these regions -- nor China, whose role in trade, technology and green innovation is vital to the global future. The prosperity of the next generation will depend not on competition alone, but on how effectively we build new partnerships with the developing world.

TECHNOLOGY, FINANCE, AND SUSTAINABILITY

Advances in artificial intelligence, biotechnology, and renewable energy are reshaping our economies, our security, and even our society. By 2030, the digital economy could make up a quarter of global GDP. Technology, if guided by shared principles and ethical frameworks, can serve humanity rather than divide it.

Here, the City of London has a critical role. In 2023, private equity and venture capital invested about 10 billion pounds in UK FinTechs. We can lead the way in setting global standards that drive progress with purpose.

Sustainability, too, is at the heart of our mission. The City issued 26 billion U.S. dollars in green bonds in 2023 to support climate and social projects. But we must go further -- by helping developing nations transition to clean energy, by supporting carbon-efficient innovation, and by ensuring that green growth benefits all.

OUR TASK IS TO BUILD BRIDGES

Our place in the world will not depend on dominance -- not on military might or market size -- but on connection. The United Kingdom's strength lies in its networks: through the Commonwealth, through trade, through education, through arts and culture, through diplomacy, and through the financial ecosystem of London.

In a fractured world, our task is to build bridges, to meet cynicism with optimism, and to hold fast to the founding belief of the United Nations eighty years ago: That a future of peace, dignity and equality, on a healthy planet, depends on nations working together.

Editor's note: Timothy Russell Hailes, a senior Alderman, will serve as the 698th Lord Mayor of the City of London, subject to formal election, beginning next year in November 2026.

The views expressed in this article are those of the author and do not necessarily reflect those of Xinhua News Agency.