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Publish Date : 19-Jun-2014

Ł14 billion of trade and investment deals have been signed between UK and Chinese firms as the Chinese Premier Li Keqiang meets Prime Minister David Cameron during a visit to the UK.

The annual UK-China summit takes place just 6 months after the Prime Minister's visit to China and with bilateral trade at record levels – up by 8% overall in 2013. UK exports to China have more than doubled since 2009, and are growing faster than our French and German competitors. Last year UK exports to China averaged more than Ł1 billion each month.

The UK is the most popular European destination for Chinese investment, benefitting from over Ł8 billion in 2013/14 alone, creating or safeguarding over 6,000 jobs in the UK.

Trade and investment deals announced during the UK-China summit include:
BP and the China National Offshore Oil Company (CNOOC) signed an agreement worth Ł12 billion on the supply of liquefied natural gas. The deal will see BP supply CNOOC with 1.5 million tonnes of gas per year over the next 20 years, starting in 2019.

China Minsheng Investment Corporation (CMI), China's largest private sector investment group – with capital of $8 billion - announced today that it will open its European HQ in London with an investment of around Ł1.5 billion. Investments will cover a range of sectors including financial services, advanced technology, offshore engineering, new energy, and environmental protection.

MAP Environmental Ltd and Z N Shine Solar entered into a joint venture to purchase, develop, construct and manage Ł400 million of UK solar PV assets. The project will involve a 3 year construction programme in conjunction with some of the UK's largest engineering, procurement and construction contractors and the on-going maintenance will run for up to a further 20 years. The project will generate up to 50 new UK jobs in design, administration and operation roles with a further 500 new UK jobs in construction and maintenance created over the period of the contract.

China Merchant Securities (CMS), China's third largest securities firm in terms of net capital, opened its first London office which has been authorised by the Financial Conduct Authority today, creating at least 40 new UK jobs in its initial stage. CMS will increase the volume of commodity trading in London and play a significant part in the internationalisation of the Chinese currency Renminbi (RMB), reinforcing London's position as the second largest offshore RMB trading centre.

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