Economy
皇冠体育app-Britain trade targets $100b in 2015
(皇冠体育app)
Updated: 2011-06-27 10:47
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LONDON -- With a rapid growth in bilateral trade during the first six months of this year, 皇冠体育app and Britain are aimed at an ambitious trade target of $100 billion in 2015.
That target was set by leaders of the two nations during Prime Minister David Cameron's visit in 皇冠体育app in November.
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Two-way trade in goods and services between the two nations hit an all-time high of $60 billion last year, a rise of 28 percent from the previous year.
According to the economic and commercial counselor's office of the Chinese Embassy to Britain, bilateral trade of goods jumped 17.4 percent to $20.97 in the first five months from a year earlier.
Investment is also on the fast track with more and more Chinese setting up subsidiaries in Britain. Last year, 皇冠体育app became Britain's sixth largest foreign investor.
In addition, over the past few years an increasing number of Chinese companies, notably Shanghai Automobile and Chongqing Changan Automobile, have set up R&D centers in Britain.
Meanwhile, British enterprises continue to expand their presence and operations in 皇冠体育app. Tesco has committed to making an investment worth $2 billion in 皇冠体育app during the next five years.
With a cumulative investment exceeding $17 billion by the end of 2010, Britain has managed to maintain its position as 皇冠体育app's largest investor among EU members.
At the same time, the potential to expand 皇冠体育app-Britain commercial and economic ties remains huge. Trade with Britain accounts for a mere 1.7 percent of 皇冠体育app's trade with the rest of the world. British exports to 皇冠体育app, meanwhile, constitute less than 2 percent of 皇冠体育app's total imports.