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Foreign and Military Affairs

Investment environment in China will be better

By Zhang Haizhou and Zhang Chunyan (chinadaily.com.cn)
Updated: 2010-11-03 21:29
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Investment environment in China will be better
Chinese Ambassador to the UK Liu Xiaoming [File photo]?

LONDON – China will further improve its investment environment to attract more foreign companies, Chinese Ambassador to the UK Liu Xiaoming said on Wednesday, six days before British Prime Minister David Cameron's first China visit since taking office in May.

Boosting bilateral trade and investment is set to top Cameron's agenda. He will be accompanied by Chancellor of the Exchequer George Osborne, Secretary of State for Business, Innovation and Skills Vince Cable, Climate Change and Energy Minister Chris Huhne and Education Minister Michael Gove, as well as more than 50 leaders in the business and commerce industry.

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During Wednesday's interview, Liu said the total volume of trade of goods between China and the UK was $35.75 billion from January to September this year. Total trade volume in 2009, in comparison, was just $39.1 billion.

He also said the UK's total investment in China so far this year is $16.75 billion, enhancing London's role as the biggest investor of all 27 European Union countries in China.

China is now the sixth-biggest foreign investor in the UK, with total investments surpassing $1 billion, Liu added.

"By making active efforts to increase market access and protect intellectual property rights more effectively, the Chinese government has committed to creating a more open, fair and transparent investment environment for foreign companies," Liu said.

Liu also expressed hope for the British government to improve its own investment environment for Chinese companies in the UK.

Cameron's delegation will stay in Beijing on Tuesday and Wednesday, and then he will go to Seoul for the upcoming G20 Summit.

During Cameron's one-and-a-half day in Beijing, he will meet with President Hu Jintao and hold talks with Premier Wen Jiabao, Liu said.

The two countries will simultaneously hold ministerial dialogues on finance, economics, trade, education and energy.

Liu said some deals may be reached, but didn't elaborate.

The two economies are "mutually complimentary to each other", Liu said.

The UK, is strong in high-end manufacturing industries, such as making airplanes and cars, in service sectors, such as finance and information, and in high-tech industries, such as green energy, said Liu.

China has rich labor resources, strength in more basic manufacturing and a big goods market, added Liu.

"China wants to work with the UK to make Cameron's visit a success and inject a new dynamic into Sino-British relations," Liu said.

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