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UK government and business in push for China trade | UK government and business in push for China trade |
(about 7 hours later) | |
A UK government and trade mission to China is the "largest and most high powered" visit to the country from a UK delegation, Chancellor George Osborne has said. | |
On Tuesday Prime Minster David Cameron will join the trip designed to ramp up business with China. | |
The chancellor, Business Secretary Vince Cable and Energy Secretary Chris Huhne have already held talks. | |
About 50 UK business leaders are also on the trip. | |
Mr Osborne told the BBC that this was not a new chapter in British relations with China. | |
But he said the country had reached a stage in its development where it was "more likely to want the things which Britain is good at". | |
These included financial services, insurance and luxury goods, he added. | |
'Important' | |
As well as trying to boost business, Mr Cameron will also raise the issue of China's human rights record. | As well as trying to boost business, Mr Cameron will also raise the issue of China's human rights record. |
The visit is the prime minister's second major trip to an emerging economy since taking power. | |
It follows a high-profile visit to India in July. | It follows a high-profile visit to India in July. |
Mr Cameron's office said he would challenge China on its human rights record, but was not specific about which subjects he would raise. | Mr Cameron's office said he would challenge China on its human rights record, but was not specific about which subjects he would raise. |
Mr Osborne said that discussions about human rights had been going on for many years but added it was "not the only thing we talk to the Chinese about". | |
"Our economic relationship is an incredibly important and strong one," he said. | |
Trade deals | Trade deals |
Mr Cameron's coalition government has made broadening global trade links a priority, with particular emphasis on the fast-growing developing markets typified by China and India, both of whose economies are growing strongly. | Mr Cameron's coalition government has made broadening global trade links a priority, with particular emphasis on the fast-growing developing markets typified by China and India, both of whose economies are growing strongly. |
Currently, exports to China, although growing fast, are relatively small compared with other markets. For example, the UK exports twice as much to the Irish Republic than to China. | Currently, exports to China, although growing fast, are relatively small compared with other markets. For example, the UK exports twice as much to the Irish Republic than to China. |
The BBC's business editor, Robert Peston, points out that the trade gap with China is substantial. | The BBC's business editor, Robert Peston, points out that the trade gap with China is substantial. |
"In 2009 we sold £8.7bn of tangibles and intangibles to China, and we bought three times as much, £25.8bn, from the Chinese," he says. | "In 2009 we sold £8.7bn of tangibles and intangibles to China, and we bought three times as much, £25.8bn, from the Chinese," he says. |
"Although over 10 years our sales of goods and services to China have increased by a seemingly healthy 4.6 times, imports have risen by a far greater multiple, 6.6 times." | "Although over 10 years our sales of goods and services to China have increased by a seemingly healthy 4.6 times, imports have risen by a far greater multiple, 6.6 times." |
Business Secretary Vince Cable said China had huge potential. | Business Secretary Vince Cable said China had huge potential. |
"There are about 15 business deals that the group are working their way through today, you know everything from coal gasification technology to architects to an auto-collaboration to work with Tesco and agreements between University College London and Chinese universities," he said. | "There are about 15 business deals that the group are working their way through today, you know everything from coal gasification technology to architects to an auto-collaboration to work with Tesco and agreements between University College London and Chinese universities," he said. |
Among those taking part in the visit are executives from companies including Rolls-Royce, Barclays and Diageo. | Among those taking part in the visit are executives from companies including Rolls-Royce, Barclays and Diageo. |
Some deals have already been announced. | Some deals have already been announced. |
The business secretary earlier signed an agreement that will allow the export of British breeding pigs to China, home to half of the world's pig population. | The business secretary earlier signed an agreement that will allow the export of British breeding pigs to China, home to half of the world's pig population. |
That deal - and future business stemming from the agreement - is valued at about £45m to the British pig industry over the next five years. | That deal - and future business stemming from the agreement - is valued at about £45m to the British pig industry over the next five years. |
The Chinese and British authorities also reached a deal to ensure only whisky produced in Scotland will be marketed in China as Scotch, a move some estimate will increase sales by tens of millions of pounds. | The Chinese and British authorities also reached a deal to ensure only whisky produced in Scotland will be marketed in China as Scotch, a move some estimate will increase sales by tens of millions of pounds. |
Some of the other deals include: | Some of the other deals include: |
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France has already secured £16bn worth of deals with China following a visit by Chinese president Hu Jintao last week. | |
Robert Peston asked Vince Cable if the UK would get anything like that much business. | Robert Peston asked Vince Cable if the UK would get anything like that much business. |
Mr Cable said he was not chasing any particular figure: "We're not trying to compete with the French to produce some big number that may or may not mean anything. | Mr Cable said he was not chasing any particular figure: "We're not trying to compete with the French to produce some big number that may or may not mean anything. |
"I do know there are a lot of very productive investments from deals that are under discussion." | "I do know there are a lot of very productive investments from deals that are under discussion." |