Despite the obvious decline in trade between China and its major European partners during January and September this year, China and the UK have maintained stable trade volume, which shows the stable and sustainable relationship between the two countries.
President Xi Jinping’s visit to the UK will bring bilateral economic and trade relations to a new stage, Chinese Minister of Commerce Gao Hucheng told the People’s Daily.
Trade relations between China and the UK have survived the European debt crisis and an unbalanced global economic recovery. The UK has become China’s second-largest trading partner in the EU, as well as China’s second real investment source and investment target country. China is also the UK’s fourth largest trading partner.
According to Gao, China-UK bilateral trade volume in 2014 reached $80.87 billion, with year-on-year growth of 15.3 percent. The growth rate, while doubled the volume five years ago, is the highest among China’s major trading partners in the EU. The UK’s direct investment stock in China is growing steadily. By the end of August, UK had invested in 7,992 programs in China, while real investment reached $19.61 billion.
China’s direct investment stock in the UK sharply rose to $12.8 billion by the end of 2014 from 2010’s $1.35 billion, and now over 500 China-invested enterprises have settled in the UK.
In addition, the two sides are conducting effective cooperation in areas like technological innovation, service trading, local cooperation and third-party markets. Bilateral economic and trade cooperation is steadily progressing, investment is deepening, and new areas of cooperation are developing.
China is drawing up its 13th five-year plan for economic and social development, making efforts to open new doors and accelerate the establishment of an open economic system.
China’s “Belt and Road” initiative, the UK’s status as a founding member of the AIIB and its economic plan for the Northwest UK will provide more opportunities for cooperation between the two countries, said Gao. (The Daily Mail – People’s Daily news exchange item)
Sep 28, 2016 0
Special coverage on China's Two Party Sessions by The Daily Mail - People's Daily