China and the UK must learn from each other and collaborate to improve innovation, scholars and business leaders said at a forum at the University of Oxford on Thursday.

The Oxford Sino-UK Innovation and Development Forum attracted more than 160 representatives from academia and commerce.

Fu Xiaolan, director of the university’s Technology and Management Center for Development, said technology is changing the way in which value and profits are created, and noted that it will have a profound impact on the economy and wider society.

Despite the opportunities that technology creates, it also poses challenges, such as difficulty in re-employment and risks a "lost generation" and political instability, Fu said.

"Technical progress now moves faster than policy and regulation," explained Fu, who is also a governing council member of the UN Technology Bank. "We need a policy-planning mechanism to ensure inclusive growth and multi-stakeholder participation."

David Burghust, managing director of Oxford University Innovation, a subsidiary of the university that specializes in IP commercialization, called for more cooperation between the two countries.

"We now look actively in China for IP licensing, and some of our spinouts have Chinese backing," said Burghust, who is based in Hong Kong. He added that the institution has set up a joint venture in Jiangsu province.

Stian Westlake, executive director of Nesta, a British independent innovation foundation, said the UK needs to improve its knowledge infrastructure and highlight the country’s edge.

The forum was organized by the TMCD and the Institute of Science and Development at the Chinese Academy of Sciences, China’s national think tank.