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September 8, 2009

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Home » Business » Economy

Call for Britain to note status

CHINA yesterday urged Britain to recognize its status as a market economy during a British trade mission's visit to Beijing.

"We expect Britain to make continuous efforts to recognize China's market economy status," Chinese Vice Premier Wang Qishan told British Business Secretary Peter Mandelson, who was leading a trade delegation to the country.

During their talks, Wang urged Britain to oppose trade protectionism and restart the stalled Doha talks under the World Trade Organization.

Mandelson, who is also First Secretary of State, started his talks with Wang by bringing up "a very ambitious trade target set by our two prime ministers."

China and Britain are working toward a two-way trade volume of US$60 billion by next year, a figure touted by Chinese Premier Wen Jiabao and British Prime Minister Gordon Brown when he visited Beijing in January 2008.

Despite the global economic downturn, China-Britain trade hit a record high of US$45.6 billion last year.

Mandelson pinned much hope on his Beijing visit, describing his delegation as "a delegation of delivery."

On the global economy, Wang said it "showed some signs of recovery, but uncertainty and instability remained."

Wang called for all countries to continuously coordinate on macro-economic policies and lift the world out of recession at an early date.

Wang attributed the global economic imbalance to the uneven growth worldwide and proposed a gradual solution of seeking common prosperity and narrowing disparities.

Mandelson said his country would foster stronger ties with China on trade and investment.

"We would like to export even more high-technology goods to China," Mandelson said before visiting Beijing.

Britain is by far the largest European investor in China and transfers much of its technology to the country through wholly owned subsidiaries and joint ventures, Mandelson said.

Wen will also meet Mandelson in Beijing. His visit ends on Thursday.

Mandelson will give a speech at a low carbon business solution event for about 250 Chinese and British firms.


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