UK-China Agree £14bn Trade And Investment Deals

£14bn of trade and investment deals have been agreed between UK and Chinese firms following Chinese Premier Li Keqiang's visit to the UK.

The Chinese Premier met David Cameron at this latest UK-China summit, just six months after the Prime Minister's visit to China.

The summit took place as bilateral business levels stand at record levels, up by 8% overall last year, and with UK exports to China having more than doubled since 2009. Britain is currently the most popular European destination for Chinese investment, which has created or safeguarded over 6,000 national jobs in 2013/2014.

New deals include a £12bn agreement between BP and the China National Offshore Oil Company for the supply of liquified natural gas and the first London office of the China Merchant Securities firm, which is expected to create 40 new jobs in the capital.

China’s largest private sector investment group China Minsheng Investment Corporation will also open its European HQ in London, while MAP Environmental Ltd. and Z N Shine Solar have entered into a joint venture, involving a three-year project to purchase, develop, construct and manage £400 million of UK solar PV goods.

Mr Cameron said: "This government is committed to implementing our long-term economic plan and to turning our country around.

"We are starting to see that plan bear fruit. I’ve always said that a key part of that plan is linking this country up to the fastest growing economies on the planet and China is central to that."

Both governments signed other deals over different areas such as banking - with a Memorandum of Understanding between Lloyds Banking Group and China Development Bank Corporation - and culture - with a collaboration agreement between China Merchant’s Group and the Victoria and Albert Museum to support the develop of the first major museum of design in China.

(CVS/IT)