China, UK trade set to boom, say experts

July 6, 2011 at 7:00 am

BEIJING – China and the United Kingdom will see bilateral trade and mutual investment boom in the coming years, experts and officials are predicting.

“Frequent high-profile visits between the two nations will continue to inject new vitality into bilateral trade and investment relations,” said Sun Yongfu, director of the department of European affairs at the Ministry of Commerce.

Premier Wen Jiabao started his latest European visit on Friday in Hungary and arrived in the UK on Saturday ahead of his planned stop in Germany.

Agreements to be signed between China and the UK during Wen’s visit will focus on regional trade and investment cooperation, service trade and avoidance of double taxation, while commercial agreements involve resource development, cooperation between banks and companies as well as architecture and design industries. The visit is a sign of the deep-rooted and wide-ranging economic ties between the two countries, Sun said.

The two nations signed 15 deals, worth $4.6 billion, when Vice-Premier Li Keqiang visited the UK in January and British Prime Minister David Cameron led a business delegation to China that yielded a host of deals last year.

China is the UK’s second-largest trading partner outside the European Union. Bilateral trade in goods and services reached a record $63 billion in 2010. Total trade volume in goods surged by 17.4 percent year-on-year to more than $20 billion in the first five months of 2011, according to the Ministry of Commerce.  Read more.

L. Lan, China Daily, 2011-06-28

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Entry filed under: China, Trade, U.K..

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