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Deals between British and Chinese companies worth more than £500 million were announced on Monday, during a visit to the UK by Chinese Vice Premier Hu Chunhua.
New business deals representing commercial signings, future contract commitments and MoUs were agreed by British and Chinese companies as part of the 10th UK China Economic and Financial Dialogue (EFD) taking place in London this week.
Among the signed agreements was a commitment to establish a new UK-China Fund, targeting £1 billion delivered in partnership by Charterhouse Capital, China Investment Corporation and HSBC to invest in UK SMEs with growth plans linked to China.
The announcements were welcomed by the International Trade Secretary, Dr Liam Fox. In total, the commercial deals are expected to deliver 175 new jobs in the UK, and significant wins for the financial services, education, creative, food and agriculture and technology sectors.
Also announced was a landmark market access agreement for British farmers, supported by the Department for International Trade (DIT) and the Department for Environment, Food and Rural Affairs (Defra), which could put UK producers on track to export British beef to China by the end of 2019, the government said.
The agreement is expected to be worth an estimated £230 million in the first five years.
"Britain is a key partner for Chinese trade and investment, and is one of China’s most important trading partners in Europe," Dr Fox said.
"Today’s announcements show the breadth and depth of our trading relationship, the success UK firms are having in China, and the huge opportunity the Chinese market holds for British companies, particularly with regards to market access."