British business leaders have been meeting in London exploring ways on how they can profit or benefit from China's new title as the world's biggest trader in goods.
Most recent figures from Beijing show proof that China, the world's second largest economy, has now overtaken the United States to become the biggest trading nation in the world. Reporting from London, Richard Bestic says British businesses are eager to have a share.
China's ever busy ports indicate increased trade, as it marks another achievement in the road to becoming one the most powerful nations in the world.
According to the customs administration, the value of China's total imports and exports in 2013 reached more than 24,185,840,000,000.00 yuan ($ 4 four trillion). British businesses are eyeing to take advantage of this situation. Government ministers, on the other hand, welcome trade with China.
British businesses are setting their eyes on Chinese construction, as the rapid growth of urbanization in the country draws it toward the direction of 200 cities with more than a million within 10 years. There are also huge Chinese-financed infrastructure projects which include ports and nuclear power plants. Britain is likewise moving to the direction of becoming an offshore center for trade in the Chinese Renminbi.
There is a new generation of business people aware of the opportunities that China offers the UK economy. Trade between China and UK is setting new records, according to the national statistics of Britain, and is aiding to close UK's trade gap with the rest of world.
Despite its low starting point, it is evident that Britain is targeting trade in all areas of business and becoming the new best ally inside the European Union of the biggest trader in the world.