Sino-UK trade needs to be expanded: official
15/5/2007 16:12
China's policy shifting emphasis on import rather than export should offer
good chances to both countries to further expand trade, a Chinese official said
in London yesterday.
Sun Yongfu, director general of the Department of
European Affairs with the Ministry of Commerce of China, said at the Policy
Briefing on China's New Emphasis on Import in London that though the number one
investor among EU members, UK ranks as the third trading partner with China,
following Germany and Netherlands, and the bilateral trade volume accounts for
only 3.5 percent of UK's total and 1.7 percent of that of China.
In
technology trade and transfer, UK ranks fifth, after EU peers like Germany,
France, Italy, and Sweden, and even its position as the first EU investor in
China is challenged by Germany with its bigger annual investment in China three
years in a row, the visiting Chinese trade official said.
UK, which is very
strong in its machinery, space, aviation, environmental protection and services
sector, should encourage more companies to trade with China, especially in
fields like high technology, environment protection and service sector for a
balanced and sustainable trade ties.
While maintaining the growth of export
and foreign direct investment, China has begun to make "import and strategic"
adjustments to its foreign trade policy in 2007, with more emphasis on import
through tax refund on energy, environment protection and hi-tech import, Sun
said.
About 80 experts and officials from Britain and China attended the
policy briefing co-sponsored by the Economic and Commercial Counsellor's Office
of Chinese Embassy.
Xinhua
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