UK Foreign Secretary David Lammy”s visit to China on Friday and Saturday will mark a significant opportunity for a new beginning in Sino-British relations. The relationship between the United Kingdom and China is not only of importance for the people of both nations but also for the wider global community.

As two permanent members of the United Nations Security Council and two of the world’s nuclear powers, their cooperation — or lack of it — has far-reaching implications for international peace, development, climate change mitigation, and the reform of the global governance system. It is crucial that Lammy’s visit leads to concrete steps toward re-establishing a productive partnership between the two sides, one that can help shape the future of the world.

China and the UK have shared periods of both strong collaboration and discord. The “Golden Era” of Sino-British relations demonstrated the potential of a positive, mutually beneficial partnership. During this period, which started two years after the 2008 global financial crisis, trade between the two sides surged significantly, and diplomatic ties strengthened. In 2015, The Plough, a pub in Cadsden, Buckinghamshire, hosted then UK prime minister David Cameron and Chinese President Xi Jinping for pints and fish and chips.

However, this period of goodwill was later marred by growing tensions, most notably over the situation in the Hong Kong Special Administrative Region. The political disagreements between the two countries on a range of issues caused a deterioration in Sino-British relations, straining both diplomatic and economic ties.

Now, as the world faces unprecedented challenges, whether in terms of geopolitical instability, climate change, or the need for a more inclusive global economic system, there is a pressing need for the UK and China to find common ground. It should be the foremost objective of diplomats to seek and establish common ground in pursuit of the common good.

That’s why Lammy’s visit could be a step toward healing old wounds and forging a renewed path of cooperation. The stakes are high: as significant powers, both economies are key players in the ongoing reform of international institutions such as the United Nations, the World Trade Organization, and global climate agreements. Their ability to collaborate could set the tone for how effectively these global bodies can address pressing issues such as poverty reduction, environmental protection and peacekeeping.

The UK’s diverse population, which includes significant communities with roots in the Global South, makes the UK a unique bridge between China and developing nations. This offers the UK the chance to engage in dialogue between China and other parts of the world, particularly Africa and South Asia. As China advances its Belt and Road Initiative, which has connected many developing nations to Chinese investment and infrastructure projects, the UK’s position in Europe as a hub for these conversations can be pivotal.

Economically, the UK’s service sector is one of the most sophisticated and competitive in the world. The sector includes finance, insurance, life sciences, pharmaceuticals, education and creative industries. China’s recent reaffirmation of its commitment to comprehensively advance reform and opening-up presents a significant opportunity for British exporters of goods and services. As China transitions from an economy focused on quantity to one that emphasizes quality, British expertise could play a critical role in this shift.

The UK’s world-class educational institutions, in particular, are well-placed to support China’s aspirations to become a more innovation-driven economy. Additionally, the insurance and financial sectors stand to benefit from the growing affluence of the Chinese middle-income group and their increasing need for more sophisticated financial products and services.

In emerging fields such as green technologies and sustainable development, there is enormous potential for collaboration between the two nations. As the world increasingly prioritizes the transition to a low-carbon economy, the UK and China both have much to gain from pooling their expertise. The UK’s leadership in climate finance and environmental innovation, combined with China’s massive scale in green technology manufacturing, presents a promising avenue for future cooperation toward addressing climate change.

The UK’s historical and cultural ties with the United States are strong, and maintaining the “special relationship” with the US has always been a priority for the UK’s foreign policy. However, as global dynamics shift, particularly with the sustained rise of China as an economic and political global power, it would be a strategic mistake for the UK not to engage more deeply with China.

While the UK continues to value its relationship with the US, it must also recognize the opportunities that China’s re-emergence presents. Failing to do so will not only limit Britain’s potential influence in shaping the future global order but also weaken its economic prospects in an increasingly interconnected world.

John Quelch CBE is executive vice-chancellor of Duke Kunshan University and honorary fellow at the London Business School; and David Gosset, a sinologist, is the founder of the China-Europe-America Global Initiative.

The views don’t necessarily reflect those of China Daily.