Business / Economy

Li's UK visit marks commitment to bilateral ties

By Zhang Chunyan and Cecily Liu in London (China Daily) Updated: 2014-06-25 07:02

Premier Li Keqiang's recent trip to the United Kingdom has played a significant role in boosting bilateral relations, top business leaders from the UK said on Tuesday.

Li's visit has "created the conditions for some timely and significant investment as the UK economy returns to growth, and highlights the appeal that the British economy and its businesses have internationally and with China in particular," Simon Davies, managing partner of Linklaters, a multinational law firm headquartered in London, told China Daily.

"I was delighted to meet with Premier Li and was impressed by his dedication and vision to strengthen Sino-British relations - something I firmly believe is in the interest of both countries," Davies said.

Li and UK Prime Minister David Cameron signed deals on investment, trade and business collaboration worth $30 billion in London on June 17. China is already the second-largest overseas investor in London and the third-biggest in the UK as a whole, according to UK government data.

Mark Boleat, policy chairman at the City of London Corp, said Li's visit provided significant progress on a wide variety of shared issues, including the internationalization of the renminbi and new opportunities to further develop London's offshore yuan market.

Li's visit heralded direct trading between the British and Chinese currencies for the first time. China Construction Bank was designated as clearing-service provider for offshore trading of the yuan in London.

"We view Premier Li's visit to the UK as a sign of China and the UK's commitment to further develop stronger trade and investment opportunities," Boleat said.

Global oil major BP signed an agreement worth $18 billion to provide China National Offshore Oil Corp with liquefied natural gas for 20 years.

The State-owned China Development Bank signed an agreement, with TheCityUK, a private financial services association. It will encourage bank lending in the UK as well as trading in the yuan, which will open up trade opportunities for Chinese and UK businesses.

Li's UK visit marks commitment to bilateral ties

Li's UK visit marks commitment to bilateral ties

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China's FDI rose 16.11% in January 

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