Mayor of London keen to strengthen China trade and cultural links

Khan eager to keep links alive after Brexit

The Mayor of London Sadiq Khan has told a meeting of Chinese business leaders in London that trade and investment relations with China remain a high priority for the United Kingdom, despite its future departure from the European Union.

Speaking at City Hall to an audience which included the China’s Ambassador to the UK, Liu Xiaoming, Khan reiterated that “London remains open”.

“Chinese businesses and the thriving Chinese community make a huge contribution to our city,” he said. “As one of the world’s fastest-growing economies, China is one of the leading sources of investment into the capital.”

China is the second-biggest overseas investor in London after the United States, according to London and Partners, the Mayor's promotional agency. It said there was a 255 percent increase in Chinese foreign direct investment projects in London from 2007 to 2017.

Since 2011, about 200 Chinese companies have set up in London, generating 2,800 jobs. China has accounted for 12 percent of all foreign direct investment in London over this period, according to London and Partners.

Last month, Pudong Bank launched its new branch in London, the latest major Chinese investment project in the capital. This came after China Mobile started new businesses in the UK in December.

Also, HNA Airlines has announced it will open a London-Changsha route this month, in addition to the London-Qingdao route launched by Beijing Capital Airlines.

Meanwhile, China's State-owned construction firm CITIC is the lead contractor on the ABP building project in East London's Royal Albert Dock.

London and Partners and the City of London Corporation have also launched a digital hub for the Belt and Road initiative. The online platform aims to strengthen trade and investment ties between London and China by highlighting areas for collaboration and investment opportunities linked to the initiative.

“The Belt and Road initiative will unlock a whole new range of opportunities for both London and Chinese businesses and will further strengthen economic and cultural links between our cities,” said Khan.

The City Hall event was attended by investors from all sectors, including financial, tech, creative, media and real estate, exploring investment opportunities and helping Chinese companies looking to expand into London.

Liu said as China pushes ahead with efforts of reform and opening-up, it offers opportunities for greater openness and cooperation with Britain.

“Going forward, China will further expand and deepen opening-up by improving the structure, institutions and mechanisms,” he said.

“China will adopt internationally accepted rules in trade and economy and provide world-class business environment.”