Chinese and UK economies continue in their "golden era" of relations

21 Jun 2017 09:47

Chinese and UK economies continue in their "golden era" of relations

Chinese companies are making an increasingly significant contribution toward the United Kingdom economy as the two countries continue in their "golden era" of relations, says a business association chief in CCCUK ( Chinese Chamber of Commerce in the UK). The organization, which was established in 2015, has almost 170 members most of which are Chinese companies with UK subsidiaries. Around 500 Chinese companies have a UK presence, according to government figures.
The chamber's services to members include hosting business events, communicating Chinese businesses' needs to governments and partner organizations, and hosting sports activities for the employees of Chinese companies.

Jin Xu, the minister counsellor in the economic and commercial office at the Chinese embassy in Britain, said the contribution of Chinese companies to UK-China relations is increasingly significant and noted that the chamber is "a home" to Chinese companies in the UK.

"China and the UK's increasingly close political relationship and growing cultural understandings are supporting the growth of bilateral business relations," said Jin. "Encouragingly, Chinese companies are also very interested in the UK's regional growth opportunities and initiatives, such as the Northern Powerhouse and Midlands Engine for Growth."

China's direct investment in the UK's nonfinancial sectors reached an aggregate 14 billion pounds ($17.6 billion) as of December 2016, which was higher than any other European country.

During the past year, Chinese companies made about 60 investments in the UK, of which about 40 were completed after Britain's decision to leave the European Union.

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