China to invest $60 billion in UK
2015-10-26 09:42:00

Deals worth of billions of dollars have been struck between China and the United Kingdom. China and the UK reached 59 deals, including 28 in business, worth 60 billion US dollars.


Making global headlines is the Hinkley Point nuclear plant.


China's state-owned General Nuclear Corporation will take a one-third stake in the planned 28 billion-dollar plant.


They also agreed on construction of two other nuclear power stations, with one installed with the Chinese reactor called Hualong One.


High-speed rail is also a major area for investment. Britain opened the bidding for construction of its new high-speed rail links worth 18 billion dollars last month during Chancellor of the Exchequer George Osborne's visit to China.


China's Central Bank has issued its first offshore Renminbi bond in London.


It's worth 5 billion yuan, or 800 million US dollars, with an interest rate of 3.1 percent, and falls due in 2016.


It's the first time a yuan denominated bond has been issued outside China, effectively a gesture to fortify London's role as a non-Asian yuan trading centre.


Other highlights include multiple infrastructure deals struck between the two countries. China already holds stakes in British infastructure, including two airports and North Sea oil projects.


And on Wedsnesday, the two countries signed a 500 million US dollar deal, encompassing film, television, music and advanced engineering.


They also signed deals on education, science research, and football training programs for Chinese schools. And a two-year multiple-entry UK visa for Chinese tourists will start next year.


Leaders are hoping to take that cooperation even further. Editor:Rose