China and UK eye stronger re­la­tions

Ma­jor in­fra­struc­ture in­vest­ments set to be an­nounced at na­tions’ bi­lat­eral di­a­logue

China Daily (USA) - - BUSINESS - By CECILY LIU and LIWENSHAin Lon­don

Top Chi­nese and UK of­fi­cials dis­cussed the next step for in­ten­si­fy­ing the eco­nomic and trade re­la­tions at a high level di­a­logue in Lon­don on Thurs­day.

The eighth UK-China Eco­nomic and Fi­nan­cial Di­a­logue brought the most se­nior Chi­nese del­e­ga­tion to Britain this year and in­volved a se­ries of events, in­clud­ing dis­cus­sions on trade, fi­nan­cial ser­vices, in­fra­struc­ture and en­ergy. Bil­lions of pounds of projects were show­cased.

A se­ries of an­nounce­ments on in­fra­struc­ture were ex­pected to be­madein­clud­ing CITIC and Chi­nese De­vel­oper ABP’s in­vest­ment of 320 mil­lion pounds ($397 mil­lion) in the 1.7 bil­lion pound Lon­don Royal Al­bert Docks project and up to 40 mil­lion pounds of in­vest­ment by the UK gov­ern­ment in the Asian In­fra­struc­ture In­vest­ment Bank based in Bei­jing, ac­cord­ing to the of­fi­cial Bri­tish gov­ern­ment web­site.

Chi­ne­seVice-PremierMaKai and Bri­tish Prime Min­is­ter Theresa May af­firmed the de­sire of both sides to strengthen Theresa May, the “golden era” of re­la­tions as theymet onWed­nes­day.

Ma passed on the best wishes from Pres­i­dent Xi Jin­ping and Pre­mier Li Ke­qiang to May. He said that the meet­ing be­tweenXiandMay at theG20 Lead­ers Sum­mit in Hangzhou in Septem­ber was an­other af­fir­ma­tion of China and the UK’s “golden era” of re­la­tions.

The term “golden era” was coined by Xi and for­mer UK Prime Min­is­ter David Cameron last year dur­ing Xi’s state visit to theUK, whenal­most40 bil­lion pounds worth of deals be­tween the two coun­tries were agreed.

May said that she is very glad to meet Pres­i­dent Xi in Hangzhou, and said she wanted China to know that Britain was “open for busi­ness” as it pre­pares for life out­side the Euro­peanUnion.

“As we take the next step in this golden era of re­la­tions be­tween the UK and China, I am ex­cited about the op­por­tu­ni­ties for ex­pand­ing trade and in­vest­ment be­tween our two coun­tries,” saidMay.

Ma said it is oblig­a­tory for World Trade Or­ga­ni­za­tion mem­bers to ob­serve Ar­ti­cle 15 of the Pro­to­col on China’s ac­ces­sion to the WTO. China strongly op­poses any prac­tice to con­tinue com­par­ing the cost of China’s ex­ports with that of a sur­ro­gate coun­try.

Ac­cord­ing to Ar­ti­cle 15 of the Ac­ces­sion Pro­to­col of China to the WTO, other WTO mem­bers are al­lowed, in an­tidump­ing­cases, to­com­parethe cost of China’s ex­ports with that of a sur­ro­gate coun­try (third coun­try). How­ever, this prac­tice was only to be main­tained for 15 years, mean­ing it is com­ing to an end in 2016.

Ma said China ex­pects the UK to main­tain ob­jec­tiv­ity on this mat­ter, and ful­fill its obli­ga­tions in due time and in a com­pre­hen­sive and thor­ough way.

May said the di­a­logue is an im­por­tant part of the golden era of re­la­tions and she ex­pects more Chi­nese in­vest­ment in the UK.

Apart from in­vest­ment, CITIC Con­struc­tion will also es­tab­lish its UK HQ at Royal Al­bert Dock. When com­pleted, the project is ex­pected to cre­ate 30,000 jobs and be­come a com­mer­cial hub of a com­pa­ra­ble scale to the City of Lon­don and Ca­nary Wharf.

I am ex­cited about the op­por­tu­ni­ties for ex­pand­ing trade and in­vest­ment be­tween our two coun­tries.” Bri­tish Prime Min­is­ter

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.