Featured Image: Pixabay
Forty years ago, China’s GDP was $175 billion. Today, it is more than $12 trillion, which is growth of 68%. Over forty years, China has grown from the tenth to the second largest economy in the world. These were some figures discussed by Liu Xiaoming, the Chinese Ambassador to the UK at the “Vision China” event, hosted by China Daily.
This coming November, China is set to host its first ever International Import Expo. Ambassador Liu said that the UK will be a country of honour at the event. The Ambassador said “I sincerely hope that China and the UK will follow the trend of the times, and seize the invaluable opportunities of China’s further reform and opening up in the new era. Together we will create a brighter future”.
British exports to China have increased by 64% since 2010. According to a recent House of Commons briefing paper. In 2017, UK exports to China were worth £22.3 billion, up from £17.4 billion in 2016, and their highest level on record, surpassing the previous high of £19.1 billion set in 2014.
Earlier this month, Zhong Shan a Minister in China’s Commerce Ministry said, in a statement, that the UK and China had agreed to “actively explore the possibility of discussing a top-notch free trade agreement between the two sides after Brexit”.
International Trade Secretary Liam Fox was meeting with Minister Zhong, and with China’s General Administration of Customs. The two parties reached an agreement which allows the import of UK dairy products made with milk from third countries. The agreement is estimated to be worth £240 million over 5 years to the UK.