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March 4, 2015

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Home » Business » Finance

Shanghai deals boost for UK economy

By Ding Yining | March 4, 2015, Wednesday | Print Edition

DEALS estimated to be worth 150 million pounds (US$230 million) to the UK economy were signed on the second day of the Great Festival of Creativity in Shanghai yesterday.

At the festival venue in the Long Museum, UK trade minister Lord Livingston praised Chinese and British efforts to drive trade and said the UK would always welcome investment from China. “We’re very proud to be one of the most welcoming and open countries to Chinese investment,” he said.

UK investment in China had doubled in the past five years to US$80.9 billion in 2014, he said, and Chinese investment in Britain had grown at 85 percent a year over the same period.

The UK was the most popular destination in Europe for Chinese investment, reflecting vibrant partnerships in both directions in a wide range of areas, he added.

Among the deals agreed yesterday, Shanghai Asian Brokers Co Ltd is to become one of the first Chinese insurance brokers to set up in the UK.

There was also an agreement on movie co-productions that will pave the way for UK producers and Chinese counterparts to share creative expertise, according to UK officials.

And there was an agreement to set up an area for UK merchants on Tmall Global, a section for imported goods on Alibaba’s B2C website.

Meanwhile, it was announced that an ingredient used in Oxford-based life science company Phynova’s joint and muscle relief tablets had become the first traditional Chinese medicine to be granted official approval by British health authorities.

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