Senior Government Ministers have met leading UK and Chinese industrialists at a global business summit in London, timed to take advantage of the Olympic Games and aimed at fostering trade ties with China, the world’s second largest economy.
The China Entrepreneur Club, which groups the leaders of businesses that account for around 4% of China’s GDP, has partnered on this event, which is one of 17 global business summits taking place during the Games, organised by UK Trade and Investment (UKTI).
Among the companies attending from both countries will be SOHO China, Bosideng, Jaguar Land Rover and Net-a-Porter.
Foreign Secretary William Hague said: “We have been working to increase our already strong bilateral ties with China, expanding our range of co-operation and adding 60 new staff across the Foreign and Commonwealth Office’s China Network.”
In figures recently announced by UKTI, China moved up to third place as a source of inward investment projects for the UK, with pride of place going to a consortium led by Cheung Kong Infrastructure Holdings, which is acquiring UK gas company, Wales and West Utilities.
The total value of this deal, including the debt component, is almost £2 billion.
Secretary of State for Energy and Climate Change, Edward Davey, said: “This is an exciting time for the UK, as we welcome visitors from around the world for the Olympics. This is a chance for us to showcase not just our capital and our nation’s sporting heritage, but also the investment opportunities on offer – especially in the energy sector.”
Coinciding with the Summit, the Building Research Establishment has announced that British companies have won over £600,000 of construction contracts for the Beijing Green Building Park, and Chinese retailer Bosideng has opened its first overseas flagship store, on London’s Bond Street.
This £35 million investment will create 40 new jobs.
