In a 2-stage visit to Beijing and Shenzhen, Dr Fox will
meet the Chinese Minister of Commerce Zhong Shan and
the chairman of one of the world’s largest insurance
companies, Ma Mingzhe from Ping An. He will also
promote the government-backed GREAT ‘Festival
of Innovation’ taking place in Hong Kong later
this year to showcase the latest technology from the UK
and Asia.
China is the UK’s fifth largest trading partner in the
world, with trade between the countries worth £59.1
billion based on the latest figures (2016). In the same
period the UK exported £16.8 billion of goods and
services, making China the UK’s eighth largest export
market.
The Department for International Trade has also just
announced up to £25 billion in financial support –
including loan guarantees – for UK businesses operating
along the Belt and Road Initiative (BRI). The
initiative, set up by the Chinese government, aims to
increase economic cooperation with countries around the
world along key transport routes.
International Trade Secretary, said:
China as a world leading economy and the UK’s fifth
largest trading partner is an important market for
British companies as we look to build independent
trading relationships across the world.
As an international economic department, we want 2018
to be the year of exporting with businesses across
the UK seizing the opportunities that the world
provides.
That’s why we’re determined to make exporting even
easier, and we have announced we’re making up to £25
billion of funding available for UK exporters and
buyers of UK goods and services along the Belt and
Road Initiative so that no viable export fails for a
lack of funding.
The Trade Secretary’s visit follows the Economic
Financial Dialogue in Chinalast month (December
2017) where more than £1.4 billion of trade and
investment was agreed in Beijing. Trade Minister
supported the
Chancellor as they reaffirmed their commitment to
developing a global partnership, establishing the next
steps for a deeper trade and investment relationship as
the UK builds an economy fit for the future.
The UK has also attracted more foreign direct
investment projects than ever before (year 2016 to
2017). With 2,265 projects recorded, figures show an
increase of 2% on the previous year. This means more
than 75,000 new jobs were created, and 32,600
safeguarded, amounting to over 2,000 jobs per week
across the country.
Further information
Total trade in goods and services (that is exports plus
imports) between the UK and China totalled £59.1
billion in 2016 an 8.9% increase from 2015
(Source: ONS Pink Book
2017).
In 2016, UK exports to China amounted to £16.8 billion
(a 2.4% increase from 2015).
The top 5 UK goods exported to China in 2016 were:
87 - vehicles other than railway or tramway stock
(27.6% of all UK goods exported to China)
27 - mineral fuels or oils, products of their
distillation (12.1%)
84 - machinery and mechanical appliances (10.5%)
85 - electrical machinery and equipment (6.8%)
71 - precious stones and metals (6.5%)
