Cameron to promote trade

Following the opening of the Shanghai Free Trade Zone, China and the UK have agreed to hold a joint symposium in 2014 to promote bilateral cooperation in free trade and the service sector.

During Osborne's visit to China, the two sides agreed to promote London as a renminbi hub. This will for the first time enable investors in London to apply for licences to invest under the Renminbi Qualified Foreign Institutional Investor quota. London will be the first place outside China to be allocated such a quota and Chinese banks will be able to establish wholesale branches in the UK, which would enable them to significantly increase their activities in the UK.

Chinese investments are spread across the UK. The Beijing Construction and Engineering Group is helping build Manchester's 800 million pounds "Airport City". China Investment Corporation took an 8.68 percent stake in Thames Water and a 10 percent stake in Heathrow Airport last year, and the China General Nuclear Power Group has taken one-third stake in the French utility EDF to build a nuclear power station on the south coast of England. Also, Chinese companies are involved in developing London's Royal Albert Docks and the Nine Elms residential and office complex at London's South Bank.