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Big power diplomacy: China, Britain enhance trust and trade(2)

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2015-10-27 08:38Xinhua Editor: Gu Liping

"Britain [...] lacks the funds for the nuclear power plant due to the international financial crisis and the European debt crisis," said Wang Yiwei, a professor of international relations at Renmin University.

For China, the gains from the project go beyond economics. More important is the knock-on affect the project will have for China in the overseas nuclear market.

"Investment into overseas nuclear power plant is usually more substantial than at home. We will get returns from electricity sales and equipment procurement, because a large amount of this will be done in China," said Zhou Dadi, a researcher with the energy studies center of the National Development and Reform Commission.

China and France also plan to cooperate on another two British nuclear projects, one at Sizewell in Suffolk and the other at Bradwell in Essex. According to plan, China's third-generation nuclear reactor design, known as the Hualong One design, will be used after the technology passes British regulatory inspections.

"The nuclear power plants in Britain will be benchmark projects for Chinese companies to develop the global market and increase people's confidence in Hualong One in emerging markets," CGN chair He Yu said.

Other deals included an agreement for BP to sell Huadian up to 1 million tonnes of liquefied natural gas per year; and Carnival UK and CSSC agreed to build seven new cruise ships over the next 10 years, among others.

During Xi's visit, China's central bank issued its first offshore renminbi note worth 5 billion yuan in London, and the two countries agreed to increase currency swaps.

These close economic and trade collaborations show that Britain is confident of China's economic growth, and its leaders are aware of the opportunities emerging from China as it transitions from an economy driven by export and manufacturing to investment and services.

"By working with China to usher in a 'golden era', Britain has made it clear that they are willing to seize all the opportunities from China's reform and growth," Wang added.

RICH CULTURAL EXCHANGES

The president often attends cultural activities during his foreign visits, his time in Britain was no different.

Cameron accompanied Xi to a pub and the two enjoyed a plate of fish and chips washed down with a pint of British ale. Xi also watched a performance featuring British and Chinese artists at an creative-industry exhibition.

Xi also addressed the opening ceremony of the annual Confucius Institute meeting, saying the essence of Chinese and British culture had sparked a fantastic "chemical reaction" into the thinking and lifestyles of both nationalities through people-to-people exchanges.

"Britain is the birth place of modern culture and sports. President Xi's activities reflect this admiration," said Cui Hongjian, a researcher at the China Institute of International Studies.

Xi, a well known soccer fan, visited Manchester City Football Academy with Cameron. Xi called for more exchanges and cooperation between China and Britain on soccer as well as other sports.

For Britain, tourism has been pegged as an area that will generate more revenue. Britain announced that from 2016 the validity of new visitor visas for Chinese tourists will be extended from six months to two years.

For its part, during Xi's time in Manchester, China announced that a direct flight linking Beijing and Manchester will be opened June 2016.

By strengthening people-to-people exchanges, China-Britain relations will have a more solid social foundation, analysts say.

  

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