BUSINESS secretary Vince Cable and Chancellor George Osborne have arrived in China in the UK’s biggest ever delegation to the world’s largest emerging economy.
The aim is to conduct talks furthering trade between the UK and China and includes 50 businesspeople as well as five cabinet ministers.
Yesterday, Cable’s department claimed that British firms had already struck over £20m’s worth of business deals with Chinese organisations.
The deals include a £4m agreement between architecture firm Benoy and Chinese clients, a £2m agreement under which Clyde Blowers will supply coal injection technology to Yima Coal Industry Group and a £1m deal for Eco-Solids to process sewage into fertiliser.
It is not clear if the agreements had anything to do with Cable’s visit, but the government is hoping that, in total, deals worth £1.7bn will be struck in the coming days.
Osborne will also talk over the UK and China’s positions on controversial issues to be discussed at the G20 summit in Seoul, such as national current account surpluses and currency devaluations. He will then meet business leaders in Hong Kong.