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China-UK cooperation to focus on infrastructure, high-tech, currency

12-03-2013 00:35 BJT

Before David Cameron’s visit...the Mayor of London, Boris Johnson, as well as the country’s Chancellor of the Exchequer George Osborne already made trips to China in October. The tone of boosting economic ties was already set then.

The United Kingdom is keen on doing more business with China, and the feeling is mutual.

"For we see China’s remarkable economic success story, not as a threat, but a huge opportunity for our country," said George Osborne, UK chancellor of the exchequer.

During his visit, China and the UK signed an agreement on civilian nuclear power, including Chinese investment in a UK power plant. An 800-million pound joint venture was also announced to develop land around Manchester Airport.

"Every year the UK government needs 33 billion pounds of investment, but it’s short of money since the economic crisis. China has a large amount of money for investment overseas. This can transfer domestic excess production capacity and create jobs," said Prof. Wang Yiwei, deputy director of EU research center, Renmin Univ.of China.

Another key area is Renminbi-denominated business. China and the UK have agreed on an 80 billion yuan quota for the Renminbi Qualified Foreign Institutional Investor program in London. Foreign investors can buy mainland stocks, bonds and other yuan assets. They also agreed to have Chinese banks set up wholesale branches in London.

"My ambition is to make sure London is the western hub for yuan business," said George Osborne, UK chancellor of the exchequer.

And China welcomes greater involvement of British companies in its new Free Trade Zone in Shanghai. It’s estimated that last year, UK was the second largest EU investor to China, after Germany. And it’s the most popular destination in Europe for Chinese investment - which last year leapt 95 percent in the UK.

Editor:James |Source: CCTV.com

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