News Content

China is keen to strike trade deal with post-Brexit Britain

CHINA intends to do more business with post-Brexit Britain, says its ambassador Liu Xiaoming - just as Britain is looking for more deals with China, reports London's Daily Telegraph.

"Britain is now China's major trading partner and investment destination in Europe -the Brexit referendum has certainly not dampened the enthusiasm of Chinese businesses about investing in this country," Mr Liu told HSBC's China and the renminbi forum.

"On the contrary, it opens the door for the possibility of exploring a higher level of financial, trade and investment arrangements."

China's current 'One Belt One Road" initiative to grow trade "is setting the stage for China and the UK to engage in multiple forms of co-operation - the opportunities are limitless," he said.

The ambassador said China is particularly keen to use Britain's finance, education, legal and professional services industries to fund major infrastructure projects, arrange contracts and train workers as Beijing builds new ports and railways on its One Belt One Road trade-boosting project.

London has already taken steps to become the second-biggest global hub for raising funds in China's currency, the renminbi, and Mr Liu indicated the country is keen for that to continue as China and its businesses seek more funds on the international markets.

The ambassador also hinted that China will tie its plans for Britain to the success of the Hinkley Point nuclear plant, however, indicating that it expects good treatment in major projects, following the delays to the plant's approval over the summer.

"Hinkley Point" is the single largest Chinese investment in the UK, and in fact is larger than any other Chinese investment in Europe," Mr Liu said.

"It is a symbol of Chinese-British co-operation moving up to the next level. We look to the smooth execution of the Hinkley Point project. We hope its implementation will benefit the people of both countries and serve as a fine example of co-operation in other fields," he said.

Meanwhile, Britain's Transport Secretary Chris Grayling announced that the UK and China had agreed to more than double the number of flights between the countries. Up to 200 passenger flights per week can now travel between the countries, up from 80 previously. The number of cargo-only flights will no longer be restricted.