BEIJING: President Xi Jinping’s state visit to the United Kingdom will see more than £30 billion ($46.41 billion) worth of trade and investment deals completed, creating in excess of 3,900 jobs across the country, according to the British embassy in Beijing.
As the world’s second biggest economy, China will sign numerous commercial deals spanning a range of sectors such as creative industries, retail, energy, health and technology, financial services, aerospace and education, providing an opportunity for British and Chinese businesses to forge stronger links.
The visit will also open export opportunities for UK companies looking to expand into China and attract Chinese investment into the regions. The Northern Powerhouse will get a boost as China is expected to announce further investment into the region when British Prime Minister David Cameron and the president visit Manchester at the end of the week.
Among industries benefitting is retail with more than £1 billion in export deals to be agreed, which will see UK-based companies expand their global footprint into China.
As well as commercial deals, the visit will provide an opportunity for the UK and China to discuss how they can better work together on global issues including the threat of terrorism and extremism.
This week’s deals are set to eclipse those agreed at the UK-China Business Summit last year where £14 billion worth of deals were signed. It comes at a time when the UK and China are embarking upon a golden era in relations, with an unprecedented level of ministerial visits to China.
The prime minister will hold talks with Xi in Downing Street on Wednesday afternoon with further talks at Chequers, the PM’s country retreat, on Thursday.
