|
BEIJING, Oct. 21 (Xinhuanet) -- It is expected President Xi's visit to the UK will results in as many as 150 deals - worth as much as 30-billion pounds, or over 46 billion US dollars - between the two nations. The deals will cover an array of sectors, - including energy, infrastructure, aircraft manufacturing and healthcare. And, arguably the jewel in the crown is an agreement that China will build - and own a stake in - a new UK nuclear power plant. Xing Zheming takes a look at the possible deals that could be signed.
President Xi is expected to preside over the signing of some multi-billion US dollar business deals.
One is to bring China into the heart of Britain's civil nuclear power program. State-run firms China General Nuclear Corporation and China National Nuclear Corporation are expected to join hands with French Electricity giant EDF to invest in building two Next Generation nuclear reactors in southwest England. The Hinkley Point C nuclear power station will be located in Somerset. It's estimated to cost about 25 billion pounds, nearly 40 billion US dollars. The Chinese companies are expected to have around a 40 percent stake in the plant. Authorities hope it will contribute to about seven percent of Britain's power supply. There are currently 16 reactors generating about 18 percent of its electricity.
Another major deal is an investment of about 50 billion pounds, or nearly 80 billion US dollars, in the High Speed 2 rail project. HS2 is a planned high-speed railway to directly link the city centers of London, Birmingham, Leeds and Manchester. The orange line, phase one... is a route between London Euston and the proposed new Birmingham Curzon Street station. The red line, phase two will create two branch lines from Birmingham running to Manchester and Leeds via Sheffield.
As for the local and national benefits according to the Go High Speed2.com website, the project will boost the local economy, and provide jobs for the region. Environmentally, there will be a reduction of tons of carbon emissions. Travel time will almost be halved between these urban areas. It will only take three quarters of an hour from Birmingham to the World Financial Center in London, which is also the center for Renminbi business.
Financial cooperation between is something else to look forward to. The UK was the first Western nation to sign up for the Asian Infrastructure and Investment Bank...and its goal is to be a major hub for trading the Chinese yuan. It's already the first Western country that the Chinese central bank has issued RMB bonds in. And plans are pushing forward to make London the largest off-shore RMB center outside China. The People's Bank of China is set to issue government debt in renminbi in London to offer the Asian country's sovereign debt. The move could be formally announced during Xi's visit. Britain is China's top destination for investment in Europe. While China is Britain's second largest non-EU trade partner in the world. The British Chancellor of the Exchequer -- George Osborne, wants to transform China from being the UK's sixth largest trading partner, into its second by 2025.
Some 150 company representatives from China are also joining Xi's trip to the UK, from a wide range of areas like education, creative industry, sports, oil and gas and high-technology.
(Source: CNTV.cn)
