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China is 'major engine' in global economy

(Xinhua)
Updated: 2009-02-28 14:27

Peter Mandelson, British Secretary for Business, Enterprise and Regulatory Reform, on Feb 27 hailed China as a major engine in the global economy.

Related readings:  China signs $2b purchase deals with Britain  China, Spain sign trade deals worth $320m  Trade pacts inked with European countries  EU sees ties with China important: Barroso

At a joint press conference with visiting Chinese Commerce Minister Chen Deming in London on Friday afternoon, Mandelson said the Chinese business delegation of 150-strong members signals China's central role in British trade and economy.

"China is the fastest growing trade partner for Britain, with bilateral trade growing in double digits," he said, adding Britain is the biggest investor in China among European Union member countries in terms of total trade value.

The two countries reached deals worth $2 billion on Feb 27 in key areas such as automobile and aeroplane, medical equipment, metal and textile materials, while further intent has been expressed in creative industry, industrial design and software collaboration.

Mandelson said he was impressed that on a relatively "short notice," over 600 businesses have been drawn to Friday's symposium titled "UK & China: Partners in Business."

It indicates the political will, business enthusiasm and managerial efforts, he noted, adding that the target to boost bilateral trade to $60 billion by 2010 is "ambitious and doable."

"Britain has expertise in low carbon, advanced engineering, bio- technology, new energy and space industry which could provide China in addition to knowledge and innovation. Our economic ambitions are bound together," he noted.

Mandelson will lead a British business delegation to China at the end of April to explore more trade and investment opportunities as part of a return visit following Chinese Premier Wen Jiabao's "trip of confidence" to Europe.

He dubbed his upcoming visit to China a "trip to deliver" which will demonstrate Britain's business confidence by working together with China.