British Prime Minister Gordon Brown arrived in China yesterday, hailing Chinese investment and outlining an ambitious target to boost bilateral trade by 50 percent by 2010.
Brown opened an office of the London Stock Exchange in Beijing and also discussed the sensitive issues of Sudan and Myanmar, which have close ties to China, during a visit seen as vital to boosting ties between London and Beijing.
"I want Britain to be the first location for Chinese investment, in Europe and in the rest of the world," Brown told a joint press conference after he met Chinese Premier Wen Jiabao (
Brown also said he had invited China's new sovereign wealth fund, China Investment Corp, or CIC, to set up an office in London.
The CIC is charged with investing US$200 billion of China's US$1.5-trillion foreign exchange reserve, setting off some concerns abroad about China's growing financial clout.
"I recognize in some countries it's controversial but having talked to Premier Wen ... I think it's true that Britain will welcome the substantial investment from the Chinese in the years to come," Brown said.
Brown's two-day trip is the first by a European leader this year to China.
In a sign of the weight being given to the visit, he is being accompanied by 25 leading figures from the banking, financial services, pharmaceuticals, insurance, high-tech and energy sectors.
Brown and Wen oversaw signing ceremonies for eight agreements covering education, a sustainable cities project, climate change and agreements with British Petroleum involving the development of clean energy technology.
Both said they had set a target to raise two-way trade between China and Britain to US$60 billion by 2010, roughly 50 percent higher than the present level.
Later yesterday, Brown opened a representative office of the London Stock Exchange in the Chinese capital, following in the wake of similar offices established by the New York Stock Exchange and NASDAQ last month.
"I will be asking the Chinese government to consider removing the restrictions on Chinese companies able to raise capital overseas," Brown said at the launch.
He added the aim was to double the number of Chinese companies listing on the London Stock Exchange within the next five years.
Brown was due to meet Chinese President Hu Jintao (胡錦濤) later yesterday.
Wen and Brown also discussed Sudan's region of Darfur and Myanmar, both areas of diplomacy where China has previously been seen as dragging its feet.
On Darfur, Wen said he agreed with Brown that the dialogue between the UN, EU, and Sudanese government should continue to try to bring about peace in the region.
On Myanmar, the two leaders said they had agreed that UN envoy Ibrahim Gambari should return there "as soon as possible" to help with reform and reconciliation efforts.
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