UK gets a taste of China
China's rise 'an opportunity' for UK
Eight 'Mosts'between China and the UK 1. UK is the first western power to recognize the new China. 2. UK is most open and optimistic towards China's economic development. 3. UK is the European country which likes China most. (According to the data from Pew Research Center in July, 48 percent of the UK people hold a favorable impression towards China, the highest rate among the European countries) 4. UK is China's major trading partner, with the fastest growth of trade volume with us in the EU. In the past six years, trade volume between the two has doubled; over the past four years, China's exports to the UK have doubled. 5. China's investment in the UK has the fastest growth rate. 6. UK is the largest overseas market of RMB, accounting for 62 percent of RMB's overseas market. 7. UK is the first western country to sign a currency-swap agreement worth 20 billion pounds ($32.4 billion). 8. UK has the most Chinese students and Confucius Institutes and Confucius classes among the EU countries. (At present, we have about 120,000 people studying in the UK and 24 Confucius Institutes and 76 Confucius classes). Britain 'very open' to overseas investment A high-level openness to foreign investment is a key factor in making the United Kingdom attractive for Chinese investment, said Nick Baird, CEO of UK Trade and Investment, in a recent interview with China Daily. "I think it's highly unlikely that any other developed countries would be as open to investments, not just from China, but more generally, as we are," said Baird, who heads the British government agency that looks after inbound investments. China's investment in UK is 'strong' China's investment in the United Kingdom has maintained strong momentum this year, especially in infrastructure and real estate, a senior Chinese diplomat said. "The UK has been China's leading investment destination in Europe," said Zhou Xiaoming, minister counselor of the Chinese embassy in the UK. Chinese companies boost UK economy Chinese companies are thriving in the UK and making a significant contribution to the UK economy, according to the Grant Thornton Tou Ying 25 tracker 2013. The tracker monitors UK businesses with Chinese parent companies to identify the fastest-growing 25 companies by year-on-year change in turnover. The 2013 tracker monitors revenue growth for the full years ending in December 2011 and 2012. UK finds source of investor support in China Increased investment from China in recent years is now all the more important for Birmingham and the rest of the UK. The UK is now home to more than 400 companies from the Chinese mainland, according to the government department UK Trade and Investment.
China-UK trade 'to reach $16.39b by 2015'
Vice-Premier Wang Yang pledged on Monday to increase China-UK trade to at least 100 billion yuan ($16.39 billion) by 2015, envisioning broader cooperation and less restrictions.
Wang said China recorded 62 billion yuan of imports from the UK in 2012, toping the list of Britain's export growth. Bilateral trade is also expected to increase at a similar level this year.
London to develop further as yuan trading hub
China and the United Kingdom on Tuesday agreed to continue to build London into a major offshore market for yuan trading, underlining the strong financial ties between the two countries.
Both sides welcomed strong growth of London's renminbi markets, making the capital city the most active renminbi center in the world outside China, according to a joint statement after the fifth China-UK Economic and Financial Dialogue held in Beijing.
Eyeing a slice of the financial pie
Apart from its stature as a leading financial center, London is also known to have the largest offshore yuan market in Europe with total deposits exceeding 100 billion yuan ($16.3 billion).
The offshore yuan market is often seen as the test-bed for China's currency internationalization moves. In June, the United Kingdom became the first G7 country to sign a yuan currency swap deal with China.
London and Beijing agree currency swap
Bank of England Governor Mervyn King and his Chinese counterpart Zhou Xiaochuan agreed to a three-year currency swap line to promote financial stability and aid trade between China and Britain.
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