Business secretary Vince Cable is leading the UK's largest-ever trade mission to China, in a bid to open doors for British companies looking to do business in the east.
Cable opened proceedings at the annual Joint Economic Trade Commission, meeting China’s commerce minister Chen Deming ahead of signing a number of deals between British and Chinese companies.
UK business giants such as: Shell, Alliance Boots, Rolls-Royce, Virgin, Airbus, Standard Chartered and Tesco are all hoping that the government can negotiate trade deals with China. While smaller companies such as the east Midlands architects' practice Benoy and SgurrEnergy, a Scottish-based renewables consultancy, are also hoping to break into China.
Cable said: "It's a very big delegation and that reflects the seriousness with which we're treating China,
"This is about long-term relationship building, though I'm confident there will be some good contracts coming out of this."
While China is the world’s second largest economy with a 10% economic growth rate, its trade with Britain remains small, with UK exports to China totaling just £7.7bn in 2009.
However, according to government figures, UK exports to China increased by 44% in the first eight months of this year.
Prime minister David Cameron has said he wants to forge a “much stronger” relationship with China, as Britain looks to the export market to help boost the economy.
© Crimson Business Ltd. 2010