LONDON - The China-Britain Entrepreneurship Competition, an initiative aimed to support and encourage new business ventures between China and Britain, was launched on Tuesday in Newcastle.

The Competition, now in its 10th year, is supported by governments, universities and businesses in the two countries.

Councilor Ged Bell, cabinet member for Investment and Development at Newcastle City Council, said that Brexit has not affected Northeast England being open to investors and business from China.

George Marston, pro vice-chancellor (Research and Innovation) at Northumbria University, said: "Partnerships, whether they are with the EU or China, are incredibly important."

The China Foundation for Youth Entrepreneurship and Employment (CFYEE) sent a congratulation letter to the competition organizing committee, saying: "CFYEE is very much willing to work together to do more meaningful things for the Chinese and British youth innovation and entrepreneurship."