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| China, UK growing ever closer in trade |
| CCTV.COM 2003-07-20 13:07:03 |
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The UK is currently China's second largest trade partner in the European Union, after Germany. Sino－British cooperation in all sectors has experienced constant expansion in recent years.
Despite the impact of the September 11 tragedy and the global economic slowdown, both of which had a significant impact on levels of world trade, bilateral trade volume between China and the UK exceeded 10 billion US dollars in 2001, and hit a record high of 11.4 billion US dollars in 2003.
Statistics show, the UK had invested in more than 3,400 projects in China by the end of 2002, with a total value of 10.7 billion US dollars.
However, an increasing trade deficit towards China in recent years has made the UK slightly on edge. But avenues of cooperation abound, China could step up its involvement in the UK's strong performing sectors such as telecom, power equipment and biotech industry, which also helps improve China's economic structure.
Trade disputes are an unavoidable issue between China and the UK. Altogether, the EU carried out 21 dumping investigations in 2002, covering the fields of bicycles, lighters, shoes and fax machines. The dumping charges have caused considerable losses to the nation's trade, and China is taking a more pro－active stance in responding to these accusations.
Finally, membership of the World Trade Organization and the 2008 Beijing Olympics are expected to bring more openings for two－way investments and trade.
Sino-UK Trade:
-- Trade volume exceeded US$10 bln in 2001
-- Witnessed a record high of US$11.4 bln in 2003
UK Investment in China:
-- Invested in more than 3,400 projects by 2002
-- With a total value of US$10.7 bln
Dumping Issue:
-- EU carried out 21 dumping investigations in 2002
-- Covering bicycles, lighters, shoes and fax machines
Source: China Council for the Promotion of International Trade
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Editor: Xiao Wei CCTV.com
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