China, Britain must fully tap potential in trade

BEIJING - China and Britain should fully tap their potential in bilateral trade, particularly of high value-added and hi-tech products, and in service trade and infrastructure projects, Commerce Minister Gao Hucheng said on Sunday.

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, Gao said in an interview with Xinhua.

He mentioned President Xi Jinping's upcoming state visit to Britain between Oct 19 and 23.

"It is the first such visit by a Chinese president in a decade, which heralds an upgraded and closer bilateral relationship between China and Britain in all aspects, especially in economic and trade exchanges," Gao said.

Cooperation in bilateral service trade such as technological innovation, e-commerce, financial and legal services, medical care and creative industries, should be enhanced, Gao added.

The two countries could also achieve progress in new industrial cooperation such as high-speed train, nuclear power, life science, satellite application, new energy, and new energy car, Gao said.

China hopes Britain will play a positive role in promoting the export of European high-tech products to China, Gao said, adding that an early realization 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.

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 percent year on year to $80.87 billion, with the growth rate ranking the first among all China's trade partners in the European Union.