US$1.2b engine deal as China and UK affirm ties
Source: Agencies |
November 10, 2010, Wednesday
|
Print Edition
Print Edition
British Prime Minister David Cameron's efforts to double trade with China by 2015 received a boost yesterday when aero-engine maker Rolls-Royce won a US$1.2 billion order from China Eastern Airlines.
Cameron, making his first visit to China since taking office in May, has targeted annual trade of more than US$100 billion with the world's second-largest economy within five years.
The Rolls-Royce order, signed in the presence of Cameron and Premier Wen Jiabao, is for Trent 700 engines to power 16 Airbus A330 aircraft and is by far the largest deal sealed during a trip by the largest British delegation ever to visit China.
Britain is competing with other Western nations in seeking to sell more to China and its vast population.
China and France clinched deals valued at around US$20 billion last week during a trip by President Hu Jintao.
British officials say UK-based companies would secure US$5 billion worth of business as part of a deal signed by China with Airbus in France last week.
Cameron's two-day visit to China comes ahead of a G20 summit in So uth Korea later this week.
Cameron met Wen yesterday in the Great Hall of the People and is scheduled to have talks with Hu today before travelling on to the G20 summit.
"My new government does highly value the relationship between Britain and China, and we believe that this is an area where there should be great continuity with the last government who helped establish this very strong relationship," Cameron told Wen.
Cameron is accompanied by four senior ministers and more than 40 business leaders seeking deals to fill order books while the government embarks on severe spending cuts at home.
A number of relatively small deals had already been announced this week, including measures to increase sales of Scotch whisky and allow the import of breeding pigs into China.
Underlining the centrality of trade on the trip, Cameron's first stop in the Beijing area was a visit to a supermarket run by British retail giant Tesco.
Tesco plans US$3 billion of investment to build new shopping malls in China over the next five years. It competes with other international food retailers such as Carrefour and Wal-Mart.
Meanwhile, the third China-UK Economic and Financial Dialogue concluded in Beijing yesterday, with both sides coming out of it committed to a range of policies to return the world economy back to strong and sustainable growth.
Chinese Vice Premier Wang Qishan said both China and the UK agreed the world should "jointly promote strong, sustainable and balanced global growth."
The two nations "pledged to continue implementing economic policies conducive to sustainable economic growth," while "the UK has committed to a clear, credible, ambitious and growth-friendly medium-term fiscal consolidation plan."
Cameron, making his first visit to China since taking office in May, has targeted annual trade of more than US$100 billion with the world's second-largest economy within five years.
The Rolls-Royce order, signed in the presence of Cameron and Premier Wen Jiabao, is for Trent 700 engines to power 16 Airbus A330 aircraft and is by far the largest deal sealed during a trip by the largest British delegation ever to visit China.
Britain is competing with other Western nations in seeking to sell more to China and its vast population.
China and France clinched deals valued at around US$20 billion last week during a trip by President Hu Jintao.
British officials say UK-based companies would secure US$5 billion worth of business as part of a deal signed by China with Airbus in France last week.
Cameron's two-day visit to China comes ahead of a G20 summit in So uth Korea later this week.
Cameron met Wen yesterday in the Great Hall of the People and is scheduled to have talks with Hu today before travelling on to the G20 summit.
"My new government does highly value the relationship between Britain and China, and we believe that this is an area where there should be great continuity with the last government who helped establish this very strong relationship," Cameron told Wen.
Cameron is accompanied by four senior ministers and more than 40 business leaders seeking deals to fill order books while the government embarks on severe spending cuts at home.
A number of relatively small deals had already been announced this week, including measures to increase sales of Scotch whisky and allow the import of breeding pigs into China.
Underlining the centrality of trade on the trip, Cameron's first stop in the Beijing area was a visit to a supermarket run by British retail giant Tesco.
Tesco plans US$3 billion of investment to build new shopping malls in China over the next five years. It competes with other international food retailers such as Carrefour and Wal-Mart.
Meanwhile, the third China-UK Economic and Financial Dialogue concluded in Beijing yesterday, with both sides coming out of it committed to a range of policies to return the world economy back to strong and sustainable growth.
Chinese Vice Premier Wang Qishan said both China and the UK agreed the world should "jointly promote strong, sustainable and balanced global growth."
The two nations "pledged to continue implementing economic policies conducive to sustainable economic growth," while "the UK has committed to a clear, credible, ambitious and growth-friendly medium-term fiscal consolidation plan."
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