By Max Clarke
Chancellor George Osborne today hosted official talks with China’s Vice-Premier of the State Council, Wang Qishan, as part of the UK/China Economic and Financial Dialogue. Vice-Premier Wang is accompanied by a high-level delegation of Chinese ministers and business leaders.
Talks covered China’s role, as part of the G20, in rebalancing the global economy. Other issues on the agenda included financial regulation and international economic policy coordination. Minister for Trade and Investment, Lord Stephen Green led discussions on the UK-China commercial relationship.
Vice-Premier Wang today gave China’s backing for London to become an offshore centre for renminbi (RMB) trading. This will make it easier for Chinese companies to do business here and facilitate Chinese inward investment.
“This new agreement on infrastructure marks an important step forward in the UK-China relationship as Partners for Growth,” commented Mr Wang Chao, Vice-Minister, from China’s Ministry of Commerce, Minister for Trade and Investment, Lord Green upon the signing of a landmark Memorandum of Understanding on Enhancing Co-operation on Infrastructure “UK companies are already finding significant success in the growing number of high-value infrastructure opportunities available as China continues on its steady path of development.”
“The UK is also very keen to attract Chinese inward investment into priority infrastructure projects; this is important in maintaining the UK's global competitiveness, securing growth and creating jobs. “
The agreement will create a UK-China Infrastructure Task Force - a high-level forum to highlight investment opportunities in each other’s respective markets. It will enable more effective engagement with Chinese enterprises and Sovereign Wealth funds, whilst helping UK companies access High Value Opportunities in China. The task force will include UK Trade & Investment, Infrastructure UK and the Chinese Ministry of Commerce.
The signing of this agreement followed an Infrastructure lunch at Downing Street with the Chancellor, Lord Green and Lord Sassoon, as well as leading UK and Chinese CEOs.
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