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China, Britain aim for closer ties

China and Britain want to fully tap their potential in bilateral trade, particularly of high value-added and hi-tech products, and in service trade and infrastructure projects. The intention is to have an upgraded and closer bilateral relationship in all aspects, especially in economic and trade exchanges.

China wishes to promote the export of high value added products to Britain while making good use of Britain’s advantage in high-end manufacturing, high and new technology, and research, to expand bilateral trade.

Potential areas of cooperation are technological innovation, e-commerce, financial and legal services, medical care and creative industries. Other areas are high-speed trains, nuclear power, life science, satellite application, new energy, and new energy cars.

Britain is China’s second largest trading partner within the European Union, while China is Britain’s fourth largest trading partner. In 2014, bilateral trade value increased 15.3 per cent year on year, with the growth rate ranking the first among all China’s trade partners in the European Union.

China hopes Britain will play a positive role in promoting the export of European high tech products to China. An early realisation of a China-Europe investment agreement and a feasibility study on the China-Europe free trade zone will be conducive to sustainable bilateral trade and investment cooperation.