Strong growth in China-UK bilateral trade
January 26, 2015 Category Foreign trade, Weekly
Bilateral trade between China and the United Kingdom hit a record high of USD80.9 billion, up 15.3% year-on-year in 2014, and China’s investment in the UK also saw robust growth, according to Jin Xu, Minister Counselor of the Economic and Commercial Section of China’s Embassy in Britain. Bilateral trade has doubled since 2009, and the growth rate in 2014 was the fastest among European countries, Jin added. The target for this year is USD100 billion. The UK is China’s second-largest trading partner in the European Union. Trade in vehicles, aviation and communications expanded last year, and China became Britain’s largest supplier of electro-mechanical products. China also surpassed the UK to become Jaguar Land Rover’s largest market. The past year saw some key mergers and acquisitions (M&As) and China’s investment in the UK exceeded USD7 billion, Jin said. Nanjing-based Sanpower Group, owner of the Nanjing Xinjiekou department store, agreed in April to take control of retailer House of Fraser in a deal valuing the company at more than GBP450 million, including GBP250 million of debt. It was the biggest international retail acquisition by a Chinese company. As of December 31, cumulative investment by Chinese companies in the UK exceeded USD40 billion, making the UK the largest recipient of Chinese investment in the EU. China-UK financial ties were also strengthened in 2014, as the China Construction Bank (CCB) was designated as the first Chinese bank to provide yuan-clearing services in the UK, and the UK government issued a sovereign bond in yuan, becoming the first Western country to do so. Lloyd’s has been awarded a license to establish a branch in Beijing and China’s Industrial and Commercial Bank (ICBC) and China Construction Bank (CCB) have been granted a license to set up branches in London.
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