China State Visit will unlock more than £30 billion of commercial deals
Industries that will benefit include the creative sector, retail, energy and financial services, technology and education.
The Prime Minister will welcome the President of China, Xi Jinping, this week in a State Visit that will see more than £30 billion worth of trade and investment deals completed, creating over 3,900 jobs across the UK.
As the second biggest economy, numerous commercial deals spanning a range of sectors such as the creative industries, retail, energy, health and technology, financial services, aerospace and education will be signed, providing an opportunity for British and Chinese businesses to forge stronger links.
The visit will also open up 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 the Prime Minister and President visit Manchester at the end of the week.
Speaking ahead of the state visit, the Prime Minister said:
This is going to be a very important moment for British-Chinese relations. Trade and investment between our two nations is growing and our people-to-people links are strong. This visit will be an opportunity to review all of these things but also talk about how the UK and China can work together on global issues such as climate change and tackling poverty. It’s a real opportunity to deepen our relationship.
Amongst the industries benefitting is retail with over £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 State 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, most recently the Chancellor’s visit last month.
During the State Visit the Prime Minister will hold talks with President Xi in Downing Street on Wednesday afternoon with further talks held at Chequers on Thursday.