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George Osborne begins China trip to boost trade George Osborne begins China trip to boost trade
(35 minutes later)
Chancellor George Osborne is beginning a trip to China to promote UK business and encourage Chinese investors to consider the UK.Chancellor George Osborne is beginning a trip to China to promote UK business and encourage Chinese investors to consider the UK.
Industrial and Commercial Bank of China (ICBC) will sign a deal during the chancellor's visit, which will mean a £650m investment in a business district at Manchester Airport.Industrial and Commercial Bank of China (ICBC) will sign a deal during the chancellor's visit, which will mean a £650m investment in a business district at Manchester Airport.
ICBC will back a consortium planning to build shops, offices and parkland.ICBC will back a consortium planning to build shops, offices and parkland.
London Mayor Boris Johnson is also on a separate six-day visit to China.London Mayor Boris Johnson is also on a separate six-day visit to China.
He will meet political leaders and business chiefs in an effort to promote the capital's trade with the country.He will meet political leaders and business chiefs in an effort to promote the capital's trade with the country.
During his trip Mr Osborne will visit Beijing and southern China.During his trip Mr Osborne will visit Beijing and southern China.
Britain is one of the top 10 nations to attract Chinese investment - more than double the investment of any other nation in Europe.Britain is one of the top 10 nations to attract Chinese investment - more than double the investment of any other nation in Europe.
Chinese investment is concentrated in the UK energy sector, although Barclays Bank, BP, Diageo and Thames Water also have Chinese backing.Chinese investment is concentrated in the UK energy sector, although Barclays Bank, BP, Diageo and Thames Water also have Chinese backing.
'Huge opportunities''Huge opportunities'
Some UK companies are also controlled by Chinese groups.Some UK companies are also controlled by Chinese groups.
Bright Foods owns a 60% stake in Weetabix; the Wanda conglomerate owns 92% of Sunseeker boats and Geely Automobile owns Manganese Bronze, the company that makes London taxis.Bright Foods owns a 60% stake in Weetabix; the Wanda conglomerate owns 92% of Sunseeker boats and Geely Automobile owns Manganese Bronze, the company that makes London taxis.
Chinese firms have also recently made big investments in London.Chinese firms have also recently made big investments in London.
Earlier this year, developer ABP announced a £1bn deal to redevelop the Royal Albert Dock in east London and this month the ZhongRong Group said it would be investing £500m to rebuild The Crystal Palace in south London.Earlier this year, developer ABP announced a £1bn deal to redevelop the Royal Albert Dock in east London and this month the ZhongRong Group said it would be investing £500m to rebuild The Crystal Palace in south London.
On Saturday, Mr Johnson said China's recent economic growth was "nothing short of staggering" and the opportunities that presented for London were "huge".On Saturday, Mr Johnson said China's recent economic growth was "nothing short of staggering" and the opportunities that presented for London were "huge".
Last year 104,000 Chinese tourists visited London, according to the office of the Mayor of London. That is up 28% from 2011 and up 100% since 2009.Last year 104,000 Chinese tourists visited London, according to the office of the Mayor of London. That is up 28% from 2011 and up 100% since 2009.
BBC correspondent John Sudworth, at Beijing Airport, said the two separate but simultaneous visits are being seen as a sign of a diplomatic thaw following an 18-month long chill in relations. However business leaders have called for the visa application process for Chinese tourists to be simplified.
Currently, visitors can apply for a single visa to visit much of Europe - but a separate one is required to travel to the UK, leading to fears many are travelling to other European countries instead.
Nuclear deal
BBC correspondent John Sudworth, at Beijing Airport, said the two separate but simultaneous visits by UK politicians are being seen as a sign of a diplomatic thaw following an 18-month long chill in relations.
"China made no secret of its displeasure after UK Prime Minister David Cameron met the exiled spiritual leader of Tibet, the Dalai Lama, in London last year," he said."China made no secret of its displeasure after UK Prime Minister David Cameron met the exiled spiritual leader of Tibet, the Dalai Lama, in London last year," he said.
Our correspondent said the trade missions were also a sign of the growing importance of China to the UK economy.Our correspondent said the trade missions were also a sign of the growing importance of China to the UK economy.
Both Mr Osborne and Mr Johnson are travelling with delegations of British businessmen and the chancellor is also expected to announce details of planned Chinese investment in a British nuclear power plant. Both Mr Osborne and Mr Johnson are travelling with delegations of British businessmen, and the chancellor is also expected to announce details of planned Chinese investment in a British nuclear power plant.
According to the Financial Times, under the deal, the government will give its backing to Chinese General Nuclear Power Group entering EDF Energy's planned new nuclear plant at Hinkley Point, in Somerset, as a co-investor.
The deal, to be signed in China, will also involve China National Nuclear Corporation, a rival state-owned nuclear group, the paper reported.