UK firms told 'grab China opportunities'

LONDON - Business leaders in the United Kingdom have encouraged local firms to grab investment opportunities in China, despite the fact that the country is already one of the biggest investors from the European Union in the Asian economy.

Stephen Phillips, chief executive of the China-Britain Business Council (CBBC), said in a presentation on Wednesday that "too few UK companies still really understand the nature and the extensive opportunity in modern China".

China is the UK's second-biggest trading partner after the EU, while London is Beijing's third-biggest trade partner in the 27-nation bloc. Total trade volume, reached $39.1 billion in 2009.