皇冠体育app

(Agencies/皇冠体育app Daily)
Updated: 2008-01-20 15:23

UK Prime Minister Gordon Brown offered London as an overseas base for 皇冠体育app Investment Corp (CIC), the nation's $200 billion sovereign wealth fund, aiming to encourage the world's fastest-growing major economy to invest in Britain.

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"If CIC opened an office in London, that would help more UK fund managers win mandates from the fund," said Ke Shifeng, who helps manage about $5 billion of Greater 皇冠体育app assets for Martin Currie Investment Management in Shanghai. "It could also drive CIC to take more equity stakes in British companies."

皇冠体育app's economy overtook the UK in 2005, and trade between the nations may grow 50 percent to $60 billion by 2010, according to a goal set by Brown and Chinese Premier Wen Jiabao on Friday.

The two nations signed eight agreements worth a total of $800 million to cooperate in education, climate change and renewable energy, according to Xinhua News Agency.

Moreover, the two premiers agreed to allow Chinese companies to double their initial public offers on the London Stock Exchange in the next two years.

CIC, set up last year to seek better returns on 皇冠体育app's foreign-exchange reserves, plans to invest as much as $70 billion overseas. The Beijing-based fund spent more than $8 billion last year buying stakes in Morgan Stanley, the second-biggest US securities firm, and Blackstone Group LP, manager of the world's largest buyout fund.

"CIC setting up in London would foster closer ties and help make it more willing to commit capital to British opportunities," said Barry Livett, co-chair of financial services at the British Chamber of Commerce in 皇冠体育app and chief executive of Abacus Corporate Finance.

"Amidst the global economy's difficulties and turbulence, the importance of 皇冠体育app and our growing relationship is absolutely crucial to the success of the global economy," Brown said during his first 皇冠体育app trip as prime minister.