Cameron hails £40 billion of deals with China

The four-day state visit to the UK by China President Xi Jinping has so far resulted in trade and investment deals worth £40 billion, according to Prime Minister David Cameron.

Xi Jinping
Much of the money is tied up in civil nuclear projects – China's one-third stake in EDF's new reactors at Hinkley Point, Somerset, and plans for further power stations in Suffolk and Essex – but other sizeable deals have been clinched.More than £2 billion of healthcare trade deals and collaborations have been signed between Chinese and UK companies, universities and organisations. One involves a £700 million scheme for Sinophi Healthcare to build four hospitals in China.There is also a £204 million partnership for International Hospital Group to build a facility in the south of China, a £57 million agreement for Counton GMS to treat severely-ill Chinese patients in the UK and a £16 million programme for Annie Barr International to train Chinese care workers.Glasgow Caledonian University and Kings College London are also to be involved in the training of Chinese health professionals in Nanjing, Beijing, Shanghai, Chengdu and Shenzhen.Coming the other way is a deal to bring Chinese oncology imaging technology to the UK. George Freeman, minister for life sciences, said, "With a population of more than one billion and a rapidly developing economy, China is set to become the world's fastest growing healthcare market."Today's £2 billion trade package for UK exports in research, hospital construction, training, diagnostics and drug discovery shows the huge potential of UK/Chinese life science trade."All of these collaborations announced today show how Chinese and UK organisations recognise each other's potential. Together we have a real opportunity to make a difference to people's lives and improve the health outcomes for millions across the globe."UK leadership in life science is helping to support both UK economic growth and the sustainable development of emerging economies. This is a win-win for the NHS, UK and China"In another deal, Scottish manufacturer Alexander Dennis Ltd (ADL) has signed a deal to build vehicles for China's BYD, the world's largest producer of electric buses, which could be worth up to £2 billion.ADL, based in Larbert, near Falkirk, will manufacture of 200 single-deck buses a year under a 10-year joint venture. Wang Chuan-fu, chairman of BYD, said, "Working with top industry partners such as ADL will enable us to speed up acceptance of our vision for fully-electrified public transport systems that can make a major contribution towards the clean air challenges facing cities around the world."ADL's know-how and local market experience in the UK, combined with their global expertise in the double-deck sector and our class-leading knowledge of electric technology, creates the perfect platform to jointly develop a range of cost effective, emission-free vehicles to suit every requirement."Meanwhile, York University has announced a £200 million investment to develop new education and training programmes, working in conjunction with the China Culture Investment Group, to provide opportunities within the TV and film industry for up to 300 students a year from China and other nations.There have also been tie-ups announced between the Chinese and Imperial College London and Warwick University. The Chinese Scholarship Council said the agreement with Imperial would enable scores of China's most academically able scholars and students to receive funding to attend the college, while support for Imperial's top PhD students would allow them to undertake research work at Chinese universities.Away from the academic world, Merlin Entertainments has won contracts to build a string of attractions across China, including a Legoland park in Shanghai, in partnership with China Media Capital.UK ministers and officials have formally signed agreements with their Chinese counterparts on a range of issues including:
  • A deal for closer customs co-operation between HM Revenue & Customs and the Chinese General Administration of Customs.
  • An agreement between the Treasury and China's National Development and Reform Commission on infrastructure and public sector franchises.
  • An enhanced co-operation over emerging strategic industries and local co-operation on trade and investment.
  • An agreement with China's Ministry of Commerce on sustainable development goals.
"Trade and investment between the two sides have been surging these years, and financial and infrastructure cooperation has also been deepening, as the two countries have agreed to conjoin China's 'Belt and Road' Initiative with Britain's 'Northern Powerhouse' project," the official Chinese news agency Xinhua reported.Click for more Re:locate news and features on China and the UK Economy.

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