UK Prime Minister David Cameron and Chinese Premier Li Keqiang have announced trade deals worth approximately US$24 billion as the two sides agree to cooperate to boost growth in their two countries.
26 agreements were signed on Tuesday, the second day of Li’s three-day visit to the UK. Li spent the beginning of his first full day at Windsor Castle for an audience with the Queen before later attending a ministerial summit with Cameron. The annual UK-China summit was attended by ministers from both countries, including Chancellor George Osborne, Foreign Secretary William Hague and Energy Secretary Ed Davey on the British side.
Approximately 200 Chinese business leaders are accompanying Li on his visit to the UK, representing a wide range of sectors including nuclear power, solar power, general environmental engineering, telecommunications and financial services.
Li has stated that he hopes his visit will help to “change misperceptions and misgivings” about China as well as advance business and cultural ties.
The two countries’ economic relationship is flourishing, with two-way trade reaching US$70 billion in 2013. Among EU nations, Britain is China’s third largest trading partner and second largest source of investment.Chinese investment into the UK is also booming, with more investment in the past 18 months than in the previous three decades. China invested approximately US$13.6 billion in the UK in the 2013-14 fiscal year.
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