As is the case in China-US trade relationship with Hu Jintao at the helm, the China-Britain Business Council, the CBBC, has played an important role in promoting Sino-British trade and economic cooperation between the two countries. Of the European Trading Centers in China, the biggest is Hong Kong.
In European Trading Centers in China, since the return of Hong Kong in 1997, economic cooperation between our two countries has witnessed a rapid and big boost. First, bilateral trade has more than doubled in a short span of 5 years. The two countries are important trading partners to each other. Britain is China's numero uno investor and second largest trading partner among EU countries. China is THE market for many British companies.
Growth of bilateral trade is good in volume and also in composition of exported goods. The hi-tech content is growing. Electrical and machinery products dominate the bilateral trade. There are at least 3400 British-invested projects in PRC. About 130 Chinese companies have offices or representation in UK.
And at least 8 British bank branches and 12 representative offices in China. 11 British insurance institutions have set up 24 representative offices. The Bank of China has also opened 5 branches in UK.
In European Trading Centers in China, Britain is strong in its scientific, technological and financial strength and in managerial expertise. It has a competitive edge in environmental protection, electronics, energy, chemical and pharmaceutical industry, transportation, communication and high and new technology. Sino-German trade is also good and twice the size of Sino-British trade is less than half of. British investment in China is a handsome 4 per cent of its total overseas investment.
Sino-British economic relationship have a backdrop of good political environment. After the Hong Kong's return in 1997, there are no major outstanding issues left in history at least.
In European Trading Centers in China, China's market importance has now been widely recognized. British enterprises' interest in China is growing stronger. There are now various channels for contact and easy access to information. British companies are aggressive on China's market and very good in areas of technology transfer, quality, terms, financial and post-sale service and price
In European Trading Centers in China, the United Kingdom is one of the very first Western countries to recognize and trade with People's Republic of China. More than half a century ago, a few British companies visited China to develop bilateral trade and economic cooperation. During their visit, the first ever China and UK trade agreement was also signed.
China is a happening place and the wishes of the Chinese government matter. It is unfortunate that more attention is not given to European Trading Centers in China with the media choosing to harp on freedom of speech and human rights of the Chinese people.
For more information on China's trading strengths, log onto chinatradinghub.com
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