Xi heaps praise on ‘visionary’ Britain
Print Edition
PRESIDENT Xi Jinping heaped praise on Britain for what he called a “visionary and strategic choice” to strengthen commercial ties with China, as he prepared for a state visit to the United Kingdom.
Xi acknowledged “concerns about the Chinese economy,” but he expressed confidence in a written interview with Reuters that China would weather the current downturn as it reshapes its economy to be more resilient in the future.
China is worried about the slowing of the broader global economy, Xi said.
That confidence will be on display when Xi arrives in London tonight at the start of a four-day visit that is expected to cement ties between Britain and China, including through a host of business deals.
“The UK has stated that it will be the Western country that is most open to China. This is a visionary and strategic choice that fully meets Britain’s own long-term interest,” Xi said in a written response to questions.
“China looks forward to engaging with the UK in a wider range, at a higher level and in greater depth.”
Xi’s visit to Britain, during which he and his wife Peng Liyuan will stay at Buckingham Palace as guests of Queen Elizabeth II, could be the start of a “golden time” in bilateral relations, according to Xi.
Britain was the first Western nation to join the China-led Asian Infrastructure Investment Bank (AIIB) earlier this year, leading to a stampede of other countries signing up and embarrassing Washington, which had been pressing its allies not to join.
At the time, Britain said joining the AIIB at the founding stage would “create an unrivaled opportunity for the UK and Asia to invest and grow together”.
British finance minister George Osborne set the tone with a preparatory visit to China last month, when he courted Chinese investment into Britain.
Xi called on Britain and other countries to avoid bias against Chinese companies, as Beijing supports businesses in fields from high-speed rail to nuclear technology in their efforts to compete for contracts overseas.
“Competition is necessary for a business to grow, and no one will give away a market to its rivals,” Xi said in comments provided in English.
“We hope that such competition is benign and market-based. There should be no swing doors or glass doors which are placed as non-economic or non-market-based barriers.”
One deal expected to be signed during Xi’s visit is a plan for two state-owned Chinese utilities to invest in a 16 billion pound (US$25 billion) nuclear power project being built by French utility EDF at Hinkley Point in southwest England.
EDF Energy’s head Vincent de Rivaz has described Xi’s visit as a “timely opportunity” to seal the deal.
China has ambitions to sell its own nuclear technology overseas, including in Western nations.
While some critics have said that Chinese government support, including cheap financing, for companies in that and other sectors could amount to unfair competition, Xi defended China’s approach.
“Even under market conditions, countries support the growth of their companies in various ways, and such measures should not be all labeled as government subsidy,” Xi said in his answers.
Xi also underscored China’s readiness to strengthen financial cooperation with London, which aims to be an important hub for yuan trading and offshore yuan business and is set to be the first location outside China’s mainland and Hong Kong to host the issuance of Chinese central bank and finance ministry debt.
“When conditions are in place, China is ready to consider strengthening the connectivity of the financial markets of the two countries,” he said.
Xi acknowledged its slowing economy was a concern.
“As an economy closely linked to international markets, China cannot stay immune to the lackluster performance of the global economy. We do have concerns about the Chinese economy, and we are working hard to address them. We also worry about the sluggish world economy, which affects all countries, especially developing ones,” he said.
Xi said the slowdown was normal as a part of structural adjustments, as the government seeks to wean it off an over-reliance on investment in infrastructure and housing and to develop new drivers of growth, such as the services sector and high-tech industry.
Xi said the monetary easing steps China had taken, as well as its adjustment to the exchange rate mechanism for the yuan in August, which was accompanied by a devaluation, had helped defuse risks.
“Going forward, we will deepen market-oriented financial reforms according to law to cultivate an open and transparent capital market that enjoys long-term, stable and sound development,” he said.
Xi said China would continue to seek to attract foreign investment, improve the rule of law to enhance the business environment, protect intellectual property rights and promote fair competition.
Xi defended China’s right to develop the South China Sea.
“The islands and reefs in the South China Sea are Chinese territory since ancient times. They are left to us by our ancestors. The Chinese people will not allow anyone to infringe on China’s sovereignty and related rights and interests in the South China Sea,” he said, adding that it was not in China’s interests for there to be instability.
On a lighter note, Xi, a football fan, highlighted the potential for further China-UK cooperation on the sport. Xi will visit Manchester City football club on Friday, accompanied by UK Prime Minister David Cameron.
“My greatest expectation on Chinese football is for the Chinese team to be one of the best in the world and for football to play an important role in making people stronger in body and mind,” Xi said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
