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UK's strengths valued in Belt and Road construction
From:Belt and Road Portal  |  2017-08-16 10:47

Helen Brand visits China frequently. She is the chief executive of the Association of Chartered Certified Accountants, a global body of accountants headquartered in Glasgow, Scotland.

The organization has issued two reports with its Chinese partners about the Belt and Road Initiative so far. One is about the challenges and opportunities of the Initiative, and the other is the status quo of the accounting infrastructure along the Belt and Road routes, especially differences of accounting standards and taxation systems, so as to remove barriers to Belt and Road trade and economic cooperation.

The U.K. has much strength in legal, consultation affairs, think tank, education and research resources. Also, it has historical and cultural connections with many countries along the Belt and Road routes.

In the first five months this year, the cargo trade volume between the U.K. and China rose 6.5 percent year-on-year. The U.K. is China's second largest trade partner in the European Union, and China is the U.K.'s second largest trade partner outside of the EU.

China's investment in the U.K. has hit $18 billion, the most in Europe. There are 60 pairs of sister cities between the two countries. More than 1.5 million visitor trips are made between the two sides. London and Yiwu, East China's Zhejiang province, are now connected by the China-Europe Freight Train services.

Catherine McGuinness, deputy chairman of the City's Policy Committee in London, said the City of London Corporation can better the Belt and Road Initiative's financial service works. 

She said the corporation is happy to take part in the Belt and Road construction, not only because it's the most ambitious infrastructure project, but also because of the benefits it can gain.

President Xi Jinping's state visit to the U.K. is regarded as a milestone in bilateral relations, marking the beginning of Golden Era of the Sino-UK ties, and the U.K. is considered an important partner with China in the construction of the Belt and Road.