or-politics.com
October 23, 2015
The Bank of England has signed an agreement with the People’s Bank of China to renew a currency swap line worth up to 35 billion pounds over the next three years.
The pub’s landlord Steve Hollings told AFP that Cameron and Xi had chatted for around three-quarters of an hour and had been “extremely friendly”.
In a joint statement the leaders said they were heralding in a “golden era” in the relationship between the two countries.
Most notably, China’s General Nuclear Corporation (CGN) is going to take one-third of the total share of the planned $28 billion Hinkley Point nuclear plant controlled by Électricité de France (EDF), which due to be built by 2025.
A pact on commercial cyber theft was also sealed, Cameron said.
Asked about the declining fortunes of the global steel industry, Xi said that capacity had already been reduced by 700 million tons in China, and that the woes of the sector resulted from the global economic crisis. Extending the period of validity of the visas and expanding the United Kingdom mobile fingerprinting service from 9 Chinese cities to 50 is an important step by the government to welcome more Chinese travelers to the country.
The warmth of the reception for Xi has raised a few eyebrows and many concerns that London is ignoring China’s human rights record.
He said a balance was possible. “We are prioritising China because of the huge potential we think it has”.
Cameron’s spokesperson said the new agreement establishes a foundation for the two countries to tackle the increasingly painful issue.
“Entering the UK’s nuclear market marks a new phase for CGN”, added CGN chairman He Yu.
“This will create a bridge between the northern powerhouse and China”, said a Government source close to the plans.
Queen Elizabeth II hosted Xi on the London leg of his trip, throwing a banquet in his honor on Tuesday.
China and the UK Image copyrightGetty Images Image caption President Xi and the Duchess of Cambridge met kung-fu star Jackie Chan at the “Creative Collaborations” event What does China own in the UK? The biggest of these is a $10 billion deal for Britain’s BP to supply China’s state owned power station, Huadian, with liquefied natural gas.
“New nuclear construction around the world is at the highest level for 25 years, but we need to see more countries learning from the UK’s example to support nuclear energy among a mix of generation technologies that are fit for the future”.
King’s College, London is also launching collaborations on health with partners in China for research and training in medicine, dentistry and nursing.
Education partnerships including schools and universities are also set to be agreed.
