Prime Minister welcomes golden era with China

Posted by Simon Hadley in Personal Finance on 11 November 2016 - Simon is a Credit Analyst at checkmyfile.

The Prime Minister believes that Britain is on the verge of a “golden era” in its relationship with China, after welcoming a Chinese developer’s plans to build a £1.7bn business hub in London.

Theresa May held talks with China’s vice-premier, Ma Kai, on Wednesday in order to repair frosty relations and to show that the UK is still open to overseas investment in the wake of Brexit.

Mrs May initially delayed the approval of the part-Chinese financed nuclear power plant at Hinkley Point C after succeeding David Cameron in July, causing China’s ambassador to the UK, Liu Xiaoming, to describe the relationship between the two countries as being at a “crucial historical juncture.”

"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,” says Mrs May.

Chinese developer, ABP, is leading the development project at the Royal Albert Dock, and a representative is set to sign a funding agreement this week in order to ensure that work will be begin in east London next year.

The plans for the business district are also supported by former London mayor, Boris Johnson, who describes ABP’s commitment to the project as a “mark of faith in the UK market.”

Chinese contractor CITIC Construction is set to invest £200m, while ABP’s Thai development partner, Charoen Pokphand Group, will contribute £425m. Four yet-to-be-named Chinese banks will also pledge £1.2bn to the 35-acre scheme.

Chancellor Philip Hammond, who is also set to meet Mr Ma this week, will unveil a “Northern Powerhouse investment portfolio” worth £5bn to Britain’s economy, in order to attract additional Chinese investment. The portfolio includes 13 investment and development opportunities that were put into place as part of George Osborne’s Northern Powerhouse vision.

"The mutual benefits are clear. China is the world's second-largest economy. UK exports to China have grown rapidly and Britain is home to more Chinese investment than any other European country,” says Mr Hammond.

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