‘Equality and Mutual Benefit’ or in Chinese ‘Pingdeng Huli’, the motto of The 48 Group of British Traders with China, echoes the words used by Zhou Enlai, China’s much-loved Premier from 1949 to 1976, who first used the phrase in public in 1953. Veteran of the China Council for the Promotion of International Trade, Bo Yibo and Jack Perry, greet each other in Beijing.

He was setting out China’s ‘Five Principles’ of cooperation with the outside world to a visiting Indian delegation. By taking up such a principle from its earliest days (today we’d call it a mission statement), The 48 Group demonstrated how closely it would follow and seek to understand China’s developments. In this way it would try to match China’s development needs by introducing relevant British companies and their products to the market. This was often in the face of adversity and always with limited resources. As a result, Britain and The 48 Group earned a special place in the annals of international trade history – the first western country to open trade with the new China, on a platform of mutual respect.

The strength and success of the Group and its forerunners were not financial, but lay in the work of a few visionaries such as Jack Perry, Tod Sloan, Roland Berger, Percy Timberlake, Professor Joan Robinson and the British companies which formed its membership – a mutually supportive network. Equally important was the very close relationship with Chinese counterparts, for example the China Council for the Promotion of International Trade whose Chairman, Bo Yibo became a firm friend.

As a privately constituted body which had led the campaign against the British government’s embargo of trade in those earliest days of the new China, the Group had no recourse to public funds, nor did this trouble them. By working directly with and for British industry they could keep their agenda sharp, pertinent and flexible to changing needs. To keep up with China’s modernisation agenda it was always important to ensure Group events were relevant to the membership. By focusing on China’s requirements and introducing specific technologies / products in a timely and effective way, British companies were ensured an excellent chance of winning business and Chinese customers were satisfied – often returning for repeat orders because trust and quality had been established. The small number of importers in the Group were just as active as the exporters and gave China a chance to earn hard currency with which to buy further British goods – a virtuous circle was created and for many years Britain led the trade with China among western countries.

This was long before China became the very popular business destination and major economic power that it is today. It took determination and hard work, but bilateral trade increased dramatically over the years so that Britain was China’s premier western trade partner up until the late 1970s. Companies joined, left and re-joined the Group, but membership always grew steadily as business took off. By the 1980’s when China’s opening-up reform programme started, Germany, the US and others began to go to China in greater numbers. New challenges faced British industry.

Without official government backing, the hostility directed at those who wanted to open trade with the new China cannot be underestimated and many personal sacrifices were made. The hard-won breakthroughs were worth it in the end; the pioneers foresaw China’s huge potential, they envisioned a world where China could take its rightful place among a community of peaceful trading nations, and predicted the benefits that would accrue to both Britain and China.