China, UK to boost investments during Xi’s visit

CCTV News

File photo of Chinese President Xi Jinping (R) meeting with British Prime Minister David Cameron in The Hague, the Netherlands, March 25, 2014 [Xinhua] File photo of Chinese President Xi Jinping (R) meeting with British Prime Minister David Cameron in The Hague, the Netherlands, March 25, 2014 [Xinhua]

Chinese President Xi Jinping will pay a state visit to the United Kingdom from Oct. 19 to 23, in a bid to boost mutual investments and bilateral ties.

Xi’s state visit, the first by a Chinese president in 10 years, is at the invitation of Queen Elizabeth II and will include stays in London and Manchester.

According to China’s Foreign Ministry, Xi will be welcomed by Queen Elizabeth II, hold talks with Prime Minister David Cameron, meet leaders of opposition parties and address a banquet hosted by Lord Mayor of the City of London. In Manchester, he will attend a banquet and visit research projects and local businesses. 

Experts say both countries are expected to make progress on trade and economic cooperation during the visit.

“The two countries have great cooperation potential. Under the principles of openness, tolerance and win-win, we will deepen economic cooperation with the U.K. to better benefit people in both countries,” said Zhang Ji, Assistant Minister of Commerce.

He added that the two countries could make full use of their respective advantages to explore markets in third countries.

Official data show that direct investment from China to Britain has risen 400 times in the past decade, reaching over $40 billion by the end of last year. The U.K. is now China’s largest investment destination in Europe with over 500 Chinese companies setting up shops there, while China ranks as UK’s fourth-largest trading partner.

According to the Financial Times, the U.K. is trying to attract Chinese investment to northern England, which includes a $18.5 billion (12 billion-pound) contract for a high-speed rail line.

Meanwhile, the British Army’s Household Cavalry Mounted Regiment has been practicing in recent weeks, in preparation for the ceremony to welcome President Xi. Approximately 90 horses will be in the escort. It is also the first time that mounted bands will be used in a state visit.

STORY BY CCTV NEWS.