World / Europe

UK among China's top investment destinations

By Lan Lan ( Updated: 2014-06-27 21:30

The UK has emerged as one of Chinese companies' most popular investment destinations, said the British Ambassador to China.

The past 18 months saw more investment from China to the UK than in the previous 30 years, said ambassador Sir Sebastian Wood at a meeting hosted by the International Cooperation Center of National Development and Reform Commission to deepen China-UK bilateral investment cooperation in manufacturing industries in Beijing.

"The UK and China has great complementary than ever before. Investment is a strong theme," said the ambassador.

During Premier Li Keqiang's visit to the UK earlier this month, the two sides agreed to set up a RMB clearing bank in London and initiate direct trading between the RMB and the British pound, which will reduce transaction costs and exchange risks and ease mutual investment and trade.

"The growing internationalization of the RMB is and will continue to make a huge difference to inward investment," said Katie Lee, strategic relations counselor of the British Embassy Beijing.

Chinese companies looking to invest in the UK have an easier financing platform enabling them to bring RMB into the UK, she said, adding that London already accounts for nearly two-thirds of RMB trading outside Chinese mainland and Hong Kong.

Regeneration projects, including commercial and residential property development are an area attracting significant Chinese investor interest.

The summit, held during Premier Li's visit to the UK, has highlighted the developing collaboration between UK and Chinese companies in the energy sector and most significantly the oil and gas industry and civil nuclear power generation.

"The UK also represents a huge opportunity in the area of advanced manufacturing and in particular the automotive and aerospace industries," she said.

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