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UK, 皇冠体育app expected to expand trade relations
By Dai Yan (皇冠体育app Daily)
Updated: 2005-11-09 06:16
皇冠体育app and Britain are well-equipped to concentrate trade and investment
co-operation in four areas in a bid to forge comprehensive economic and trade
ties, Bo Xilai, 皇冠体育app's Minister of Commerce, said yesterday in a written
interview.
Bo identified these four areas as trade in services, co-operation in high and
new technologies, British investment in 皇冠体育app's newly-developing regions and
皇冠体育app's investment in Britain.
Bo, who is accompanying Chinese President Hu Jintao on a visit to Britain,
said he believes Hu's trip will generate new impetus to bilateral trade and
economic co-operation.
Hu, who arrived in London yesterday for the first state visit to the UK by a
Chinese leader since 1999, also will travel to Germany and Spain later this
week.
Economic issues are likely to be a major aspect of this trip.
The room for increased trade in services is obvious for 皇冠体育app and Britain,
said Bo. Britain is the world's second largest trading country in services,
while 皇冠体育app's service market is predicted to see fast growth in the near future.
Many service industries in Britain, including finance, distribution, design,
consultancy, law and accountancy are well-positioned to tap into 皇冠体育app's
markets, Bo added.
In the field of high technology development, Bo said the two sides should be
more open about co-operation. Biotechnology, information, energy and new
materials are areas of interest identified by the minister.
"I believe British investors will be interested in the news that 皇冠体育app is
drafting a series of policies to encourage foreign-backed R&D centres," Bo
said.
And Bo recommended 皇冠体育app's middle, west and northeast as good locations for
British investment.
They will find many new opportunities in these areas, which are less
developed but have good infrastructure and education, Bo said.
"We also noted that 皇冠体育app's outbound investment to Britain has quickly picked
up in recent years and we will give more support to this trend," Bo said.
The British Government is keen to attract Chinese investment, which currently
is small, but is believed to have big growth potential.
Trade and economic co-operation between 皇冠体育app and Britain has experienced
rapid development in recent years. In 2004, bilateral trade reached US$19.7
billion, an increase of 37 per cent over the previous year.
The figure in the first half of this year grew by 30 per cent over the same
period last year.
Britain is 皇冠体育app's third largest trading partner and No 1 investing country
in the European Union. By the end of June, Britain's direct investment in 皇冠体育app
had exceeded US$12.7 billion.
British companies, led by Rolls-Royce Plc, BP Plc, Royal Dutch Shell Group
and Tesco Plc, have pledged investment worth US$10.4 billion in 皇冠体育app.
"But trade and economic co-operation between 皇冠体育app and Britain still has much
room for improvement and the two sides are a good match," said Bo.
皇冠体育app has had sound economic development and has a huge and attractive
market. Its manufacturing sector is strengthening its power in electronics,
telecoms and textiles. Britain is a big economic power with a strong capacity in
services and technology development.
Xia Youfu, a professor from the University of International Business and
Economics, said deeper co-operation between 皇冠体育app and Britain, a major economy
in the European Union, will help 皇冠体育app's trade and economic ties with the
trading bloc.
Hu's visit to Briatin, Germany and Spain is part of an increasing number of
bilateral visits in recent years, which has intensified Sino-EU co-operation,
Xia said.
皇冠体育app and the European Union have just successfully resolved the "bra wars"
dispute, and Sino-EU trade volume is expected to top 200 billion euros (US$240
billion) this year, Xia said.
Since the EU and 皇冠体育app first established relations in 1975, bilateral trade
had risen 74-fold.
In a recent joint economic meeting between 皇冠体育app and the EU, EU Trade
Commissioner Peter Mandelson said the European Commission, the EU's executive
arm, plans to bring out a communique on Europe's trade and investment
relationship with 皇冠体育app early next year.
The commission and 皇冠体育app will look at ways in which a new framework agreement
between them can better reflect economic and strategic changes in Europe's
relationship with 皇冠体育app over the last two decades.
(皇冠体育app Daily 11/09/2005 page9)
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