William Hague seeks 'strong and transparent partnership' with China

 

Britain and China should build a "strong and transparent partnership", William Hague said today as he opened a summit aimed at boosting trade between the two countries.

The meeting came as ministers seize the chance to tout for business and encourage investment as London welcomes the world for the Olympics.

The Foreign Secretary said: "As the relationship between our economies grows, Britain can be a springboard for China into European markets, and China's appetite for British goods and services will only grow."

China, the world's second biggest economy and whose capital Beijing hosted the last Games in 2008, has rocketed from seventh to third in the league of nations launching inward investment projects in the UK over the past year.

Last year, trade between Britain and China was worth £44.6 billion. It is due to rise to £63.7 billion by 2015.

The Government hopes the Games will generate economic growth in double-dip recession Britain, and is taking the chance of world leaders descending on London to drum up business.

Yesterday's Global Investment Conference opened a series of summits to showcase the UK and attract business worth £1 billion.

Today sees the first of two meetings dedicated to deals with individual countries. The other summit will be held with business leaders from Brazil, which hosts the next summer Olympics at Rio de Janeiro in 2016.

Brazil and China are two of the four "Bric" countries - the others are Russia and India - emerging economies set to become huge markets for global trade.

Mr Hague said: "We want companies from China and across the world to thrive in the UK market, and we want our companies to do the same in China.

"We must continue to build a strong and transparent partnership between our two countries.

"Our shared interests outweigh our differences and they are growing all the time.

"We have much to learn from each other and it is a relationship that is mutually beneficial."

He added: "Commercial diplomacy - using our diplomatic influence to help boost growth and attract inward investment - is a key element for the UK's economic recovery and future prosperity.

"It is at the heart of a huge amount of work occurring across the Foreign Office's worldwide network of missions.

"Engaging with the emerging economies is a vital part of this effort."

Culture Minister Ed Vaizey said: "We are taking every opportunity to maximise the economic benefits of hosting the Olympic and Paralympic Games in London in 2012.

"Around four billion people will tune in to watch the opening ceremony this evening, and every day of the Olympics will be another incredible chance to show the world what Britain represents today, and what we have to offer.

"We will continue to do all we can to provide a welcome environment for Chinese business and investment, and to support emerging Chinese brands as they take their businesses to the global markets, including the UK."

PA

Suggested Topics
Start your day with The Independent, sign up for daily news emails
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Recruitment Genius: Direct Mail Machine Operative

£13500 - £15000 per annum: Recruitment Genius: This is an opportunity for an i...

Recruitment Genius: Customer Accounts Executive

£14000 - £18000 per annum: Recruitment Genius: This is an opportunity for the ...

Recruitment Genius: Team Administrator / Secretary - South East

£14000 - £17000 per annum: Recruitment Genius: Full time Administrator/Secreta...

Recruitment Genius: Parts Advisor

£16500 - £18500 per annum: Recruitment Genius: One of the leading Mercedes-Ben...

Day In a Page

Why the cost of parenting has become so expensive

Why the cost of parenting has become so expensive

Today's pre-school child costs £35,000, according to Aviva. And that's but the tip of an iceberg, says DJ Taylor
Fifa corruption: The 161-page dossier that exposes the organisation's dark heart

The 161-page dossier that exposes Fifa's dark heart

How did a group of corrupt officials turn football’s governing body into what was, in essence, a criminal enterprise? Chris Green and David Connett reveal all
Mediterranean migrant crisis: 'If Europe thinks bombing boats will stop smuggling, it will not. We will defend ourselves,' says Tripoli PM

Exclusive interview with Tripoli PM Khalifa al-Ghweil

'If Europe thinks bombing boats will stop smuggling, it will not. We will defend ourselves'
Raymond Chandler's Los Angeles: How the author foretold the Californian water crisis

Raymond Chandler's Los Angeles

How the author foretold the Californian water crisis
Chinese artist who posted funny image of President Xi Jinping facing five years in prison as authorities crackdown on dissent in the arts

Art attack

Chinese artist who posted funny image of President Xi Jinping facing five years in prison
Marc Jacobs is putting Cher in the limelight as the face of his latest campaign

Cher is the new face of Marc Jacobs

Alexander Fury explains why designers are turning to august stars to front their lines
Parents of six-year-old who beat leukaemia plan to climb Ben Nevis for cancer charity

'I'm climbing Ben Nevis for my daughter'

Karen Attwood's young daughter Yasmin beat cancer. Now her family is about to take on a new challenge - scaling Ben Nevis to help other children
10 best wedding gift ideas

It's that time of year again... 10 best wedding gift ideas

Forget that fancy toaster, we've gone off-list to find memorable gifts that will last a lifetime
Paul Scholes column: With the Premier League over for another year, here are my end of season awards

Paul Scholes column

With the Premier League over for another year, here are my end of season awards
Heysel disaster 30th anniversary: Liverpool have seen too much tragedy to forget fateful day in Belgium

Liverpool have seen too much tragedy to forget Heysel

Thirty years ago, 39 fans waiting to watch a European Cup final died as a result of a fatal cocktail of circumstances. Ian Herbert looks at how a club dealt with this tragedy
Amir Khan vs Chris Algieri: Khan’s audition for Floyd Mayweather may turn into a no-win situation, says Frank Warren

Khan’s audition for Mayweather may turn into a no-win situation

The Bolton fighter could be damned if he dazzles and damned if he doesn’t against Algieri, the man last seen being decked six times by Pacquiao, says Frank Warren
Blundering Tony Blair quits as Middle East peace envoy – only Israel will miss him

Blundering Blair quits as Middle East peace envoy – only Israel will miss him

For Arabs – and for Britons who lost their loved ones in his shambolic war in Iraq – his appointment was an insult, says Robert Fisk
Fifa corruption arrests: All hail the Feds for riding to football's rescue

Fifa corruption arrests

All hail the Feds for riding to football's rescue, says Ian Herbert
Isis in Syria: The Kurdish enclave still resisting the tyranny of President Assad and militant fighters

The Kurdish enclave still resisting the tyranny of Assad and Isis

In Syrian Kurdish cantons along the Turkish border, the progressive aims of the 2011 uprising are being enacted despite the war. Patrick Cockburn returns to Amuda
How I survived Cambodia's Killing Fields: Acclaimed surgeon SreyRam Kuy celebrates her mother's determination to escape the US

How I survived Cambodia's Killing Fields

Acclaimed surgeon SreyRam Kuy celebrates her mother's determination to escape to the US