Billions of pounds in UK-China business deals agreed at business summit

22 Oct 2015 02:00 PM

Billions of pounds in business deals have been signed at the UK-China Business Summit at Mansion House.

Prime Minister David Cameron and Chinese President Xi Jinping yesterday (21 October 2015) witnessed the signing of billions of pounds in business deals, further strengthening UK-China relations.

The deals, which were completed at a UK-China Business Summit at Mansion House this afternoon, included:

• Hinkley: Chinese investment to build 2 new nuclear reactors at Hinkley Point C in Somerset. Hinkley Point C will generate a stable source of clean power to nearly 6 million homes, and will provide up to 25,000 employment opportunities (with 5,600 at the peak of construction). In operation Hinkley Point C will employ around 900 permanent staff
• BP and China Huadian Corporation: Yesterday signed a sale and purchase agreement for BP to sell Huadian up to 1 million tonnes of liquefied natural gas (LNG) per year

In an expansion of their ongoing global partnership, BP and China National Petroleum Corporation (CNPC) yesterday entered into a framework agreement on strategic cooperation covering potential shale gas exploration and production in the Sichuan Basin, future fuel retailing ventures in China, and other international partnerships.

• Rolls-Royce yesterday announced a deal with HNA Group to provide Trent 700 engines to power 20 Airbus A330s. This includes TotalCare® service support for the engines. Rolls-Royce and HNA Group have also agreed a TotalCare package for a further 9 Trent 700 engines and 15 Trent XWB engines. The Trent 700 and Trent XWB engines are 2 of Rolls-Royce’s best-selling engines and are assembled in Derby
• Carnival UK and CSSC agreed a 50/50 joint venture to build 7 new cruise ships over the next 10 years
• CITIC, a major state owned Chinese investment group, will become the main contractor for the Royal Albert Docks regeneration project

Business Secretary Sajid Javid said:

It is a pleasure to take part in a UK-China business summit which will allow us to further cement the growing trade relationships between our 2 nations. A forum like this where business leaders from both countries can come together and make deals for our mutual benefit is greatly rewarding for the prosperity of all our people.

Other business deals agreed over the course of the day included:

• partnership agreement between Lloyd’s of London and China Taiping. They agreed to commit to achieve complementary and collaborative development of local and global markets. Lloyd’s will help China Taiping to expand its global business network by supporting Taiping Reinsurance Company’s initiative to become a member of Lloyd’s and establish a Lloyd’s syndicate as well as Taiping Reinsurance Brokers Ltd’s initiative to become a Lloyd’s registered broker
• a partnership between Ambassadors Theatre Group and China’s Poly Group which will draw on the UK’s successful theatre heritage to enable China’s cultural offering to grow
• Jaguar Land Rover (JLR) will invest into a new aluminium body plant at their factory in China. This is the first of its kind in the country and a significant transfer of knowledge and expertise to the company’s joint venture with Chery Automobile Company
• Canary Wharf Group ‘China Britain Innovation Hub’: An initiative between the Canary Wharf Group’s Level 39 and International University Innovation Alliance (IUIA) (Beijing), a company supported by the Chinese Ministry of Commerce and China Investment Promotion Agency and a number of Chinese Government organisations which has, established a ‘China Britain Innovation Hub’ at Canary Wharf’s Level39 to promote trade innovation and investment between British and Chinese companies and to invest in UK start-ups and provide resources for accessing the Chinese market
• bond listings on the London Stock Exchange including those by China Development Bank, China Construction Bank and the Renminbi green bond listed by Agricultural Bank of China
• Sinophi will be building 6 hospitals in China, 4 of which will be Sinophi Oncology Centres with top AAA hospitals in China and AVO technology

Notes to editors:

1. UK Trade and Investment (UKTI) is the government department that helps UK-based companies succeed in the global economy. We also help overseas companies bring their high quality investment to the UK’s economy – acknowledged as Europe’s best place from which to succeed in global business. UKTI offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. We provide companies with the tools they require to be competitive on the world stage. For more information on UKTI.