Xi stated that China will continue to open its market to the world and actively participate in the global economy in order to create win-win partnerships. (Photo : www.chinalawandpolicy.com)
President Xi Jinping left Beijing on Monday, Oct. 19, for his first state visit to the U.K. accompanied by a delegation of some 150 business leaders, the Global Times reported.
The report said that the four-day visit is the first state visit by a Chinese president to the U.K. in 10 years, which analysts said can enhance bilateral ties as deals are expected to be signed.
The delegation was organized by the China Council for the Promotion of International Trade, made up of businessmen from industries that include finance, infrastructure, energy and investment.
News portal yicai.com reported that the Chinese delegation to the U.K. is in contrast with the group, which featured Internet companies that accompanied Xi during his visit to the U.S.
Meanwhile, Downing Street announced on Monday, Oct. 19, that British Prime Minister David Cameron has appointed Alibaba founder Jack Ma as a business adviser.
According to Cameron's spokesman, Ma will "provide particular help and advice on how to get small and medium sized British businesses boosting their exports and in particular accessing Chinese markets through platforms like Alibaba."
The yicai.com report said that among the business leaders, He Yu, general manager of China General Nuclear Power Group, and Yu Peigen, deputy general manager of China National Nuclear Corporation, received much attention since the media is anticipating that China will announce a deal for a nuclear plant at Hinkley Point in Somerset during Xi's visit.
The report said that the other infrastructure and communications companies in the delegation include China Three Gorges Corporation and Sany Group.
Chinese high-speed train manufacturer China Railway Rolling Stock Corporation (CRRC) was reportedly absent from the delegation, despite speculation of the announcement of China's investment in the planned HS2 high-speed rail line from London to Manchester.
Chen Feng, chairman of the HNA Group, was also on the list as the group is planning to purchase most of the stock rights of Manchester Airport. Although HNA Group refused to comment when asked, an anonymous source with Hainan Airlines, which operates under parent company HNA, told the Global Times that the company will launch new flight routes from China to the U.K. during Xi's visit.
Leaders in the banking industry were also part of the delegation, including the chairmen of the Industrial and Commercial Bank of China, the Agricultural Bank of China and the Construction Bank of China. It was reported that the Construction Bank of China would open a branch in London on Oct. 19.
Meanwhile, Wang Chaoyong, founding chairman of China Equity Group, is expected to set up a Sino-British innovative technology fund with an initial capital of 6 million pounds ($9.29 million). Wang will be traveling with Xi along with other heads of investment corporations.
The other business leaders in the delegation include Geely Group Chairman Li Shufu and the founder of Chinese battery and electric car maker BYD, Wang Chuanfu, along with six company heads from the China Poly Group Corporation, which is involved in the culture, real estate, security and energy sectors.
The BBC reported that a strategic alliance between BP and China National Petroleum Corporation to develop oil resources will also be discussed during the visit.
"Sino-U.K. relations are a model for China and developing countries to tap into the potential for cooperation and gain mutual benefit and win-win, but it still requires careful management in the face of challenges from within the U.K. and from the E.U. and the US," Wang Yiwei, director of the Institute of International Affairs at the Renmin University of China, wrote in an article published on guancha.cn.
