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World / Political Ties

Emotional send-off for Xi shows confidence in country's future

By Andrew Moody in Manchester (China Daily) Updated: 2015-10-26 07:56

Emotional send-off for Xi shows confidence in country's future

President Xi Jinping (R) and British Prime Minister David Cameron (2nd R) plant an oak tree symbolizing the China-Britain friendship in Cameron's country retreat, Chequers, England, Oct 22, 2015. [Photo/Xinhua]

The ground was laid for a new financial partnership between the two countries in March when Britain agreed to become a founding member of the Asian Infrastructure Investment Bank, which is largely Chinese funded.

Some see the bank as the beginning of a new global financial order that challenges the World Bank and International Monetary Fund.

Martin Jacques, author of When China Rules the World, the second edition of which is about to be published in China, believes the UK's involvement could prove to be a historic moment.

"The United States was actively campaigning against countries joining the new bank, and the country you would least expect to join and go against the American position was the UK, given the history of the 'special relationship'," he said.

"It was the most extraordinary event. There was no precedent for a non-Asian country joining."

Many of the key announcements made last week were about the long-term investments the Chinese are set to make in the UK's infrastructure.

China's State-owned China General Nuclear Power Corp is to take a 33.5 percent stake in the new French-designed Hinkley Point power station in Somerset, which is scheduled to be completed in 2025. The Chinese are also likely to invest in a plant at Sizewell in Suffolk in eastern England.

Xi's visit is also likely to be followed up by announcements of proposed Chinese investment in the next phase of Britain's high-speed rail network to link Birmingham, Manchester and Leeds.

Additionally, a cluster of Chinese businesses is to be set up at a cost of 130 million pounds at Airport City, itself an 800 million pound joint venture between State-owned Beijing Construction Engineering Group and UK construction company Carillion at Manchester's airport.

Such investments will help bolster Chancellor of the Exchequer Osborne's vision of a Northern powerhouse, making the UK economy more balanced and less London-centric.

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