Applications for the British Business Awards 2020, which recognizes the innovative endeavors of enterprises from the UK and China in fostering bilateral cooperation,have officially opened.

The biennial awards serve to exchange knowledge and expertise as well as maintain and build trade ties between the UK and China, said Chris Wood, British Consul-General in Shanghai.

"Although the epidemic has hit global trade hard, including trade between our two countries, Britain and China maintain confidence in the prospects for future economic and trade cooperation," Wood said during an inauguration ceremony held in downtown Shanghai on June 11.

The awards are supported by UK's Department for International Trade, The British Council, the China-Britain Business Council, the Confederation of British Industryand the British Chambers in Beijing, Guangdong and southwest China.

Wood believes that British and Chinese businesses will be at the heart of global economic recovery and cooperation, and that the awards will "play a hugely important role in highlighting the skills and expertise which British businesses can offer to China".

This year's awards have been expanded to include three new categories, namely British Exporter of the Year Award, Leadership Award and Best Employer Award, taking the total number of sub-awards to 10.

"We are living in truly unprecedented times, and it is only by working collaboratively across all boundaries that we can overcome the challenges and make sure business continues to grow between the UK and China," said Ray Chisnall, chairman of the British Business Awards 2020.

Last year, total bilateral trade between China and the UK reached GBP 104.5 billion ($131.2 billion). The UK is the top global destination for foreign direct investment in Europe and was the largest recipient of Chinese investment in Europe in 2019.