British Prime Minister Theresa May's upcoming official visit to China, the first since she took office in 2016, is set to chart a new course for bilateral relations.
Britain is China's second largest trading partner within the European Union (EU) and China is Britain's second largest non-EU trading partner.Trade volume between the two countries hit 79 billion U.S. dollars in 2017, up nearly 6.2 percent from the previous year, with Britain's exports to China increasing 19.4 percent.
More than 500 Chinese enterprises have set up their offices in Britain, with a total of 21.8 billion dollars invested in projects ranging from traditional areas like trade, finance and telecommunications to such emerging areas as new energy, high-end manufacturing, infrastructure and research centers.
1. First China-Britain freight train
A freight train from Yiwu City in east China's Zhejiang Province, arrives in Barking, east London, Britain, on Jan. 18, 2017. After its 18-day journey, the first freight train from China to Britain arrived in London on Wednesday. [Photo/Xinhua]
The first freight train from China to Britain departed east China's Yiwu city in Zhejiang province and arrived in Barking, east London, Britain, on Jan. 18, 2017 after a 18-day journey.
The first China-bound freight train carrying British products left DP World London Gateway terminal on April 10, 2017 and arrived at Yiwu after a 19-day journey.
London is the 15th city in Europe added to the China-Europe freight train services.
2. Bike-sharing service
[File photo/Xinhua]
Chinese bike-sharing company Mobike announced the launch of its popular service in London, starting in the West London borough of Ealing, on July. 31, 2017.
3. AIIB membership
[File photo/Xinhua]
Britain led the way for other Western countries to join the China-proposed Asian Infrastructure Investment Bank (AIIB) on Mar. 12, 2015.
It was the bank's first Western founding member.
The British government decided to contribute 50 million U.S. dollars to the bank's project preparation special fund in December of 2017.
4. Hinkley Point C project in progress
An undated handout image released by EDF Energy in London on July 28, 2016, shows a computer generated image (CGI) of the French energy producer's proposed two nuclear reactors, Hinkley Point C (HPC), at their Hinkley Point power plant in south-west England. [Photo/AFP]
The Hinkley Point nuclear project is Britain's first nuclear power plant in two decades and it is also a flagship project of China-Britain cooperation. It is co-built by China General Nuclear Power Corp., which has a one-third stake, and French state-owned company EDF.
The British government decided to approve it on Sept.15, 2016. Now Construction is underway on the main part of Hinkley Point C project.
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CGN and EDF are cooperating on another two British nuclear projects at Sizewell and Bradwell. The Bradwell project will use the Hualong One design, China's third-generation nuclear reactor design, if the technology passes British regulatory inspections. Now the Hualong One design has completed the first phase of assessment and is progressing to the next phase.
5. Shanghai-London Stock Connect
A woman walks by the London Stock Exchange. [Photo/Xinhua]
China and Britain agree to accelerate the final preparations for the Shanghai-London Stock Connect and to review the timeline for its launch when conditions permit.
6. UK-China bond market connect arrangement
[File photo/Xinhua]
China and Britain agree to start feasibility study on a UK-China bond market connect arrangement to help facilitate greater two-way investment into each other's bond markets.
7. London is the world's leading hub for offshore renminbi
[File photo/Xinhua]
London ranks first for offshore RMB FX transactions, as more than one third of all offshore Chinese renminbi foreign exchange transactions are carried out in the United Kingdom.
China and Britain will jointly host a UK-China RMB Internationalization Dialogue in London in 2018, to promote London's role as a Western Hub for RMB and encourage greater use of RMB in international markets, and to support the use of RMB as the settlement currency in bilateral trade and investment.
8. Electric London taxi cabs produced by Chinese automaker
Photo shows the famous black London taxi cabs. [Photo/Xinhua]
Chinese automaker Geely has invested 300 million pounds (373.59 million U.S. dollars) in a new factory to build electric versions of the famous black London taxi cabs. The opening of the new plant would help create and safeguard 1,000 jobs in London.
9. Belt and Road Initiative
[File photo/Xinhua]
Britain welcomes the China Investment Corporation to open its London office and supports London to play an active role under the Belt and Road Initiative.
In a bid to support British businesses' involvement in the initiative, the British government recently pledged up to 25 billion British pounds (33.3 billion dollars) worth of financial support for companies participating in the Belt and Road projects in Asia.
10. 9th China-UK Economic and Financial Dialogue (EFD)
Chinese Vice Premier Ma Kai and British Chancellor of the Exchequer Philip Hammond co-chair the Ninth China-UK Economic and Financial Dialogue in Beijing, capital of China, Dec. 16, 2017. [Photo/Xinhua]
The 9th China-UK Economic and Financial Dialogue concluded in Beijing in December of 2017. 72 policy outcomes were reached on macro-economy, trade and investment, industrial strategies, financial reforms and development, as well as cooperation within the framework of the Belt and Road construction.
