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Brown seeks to boost British trade with China

Brown seeks to boost British trade with China
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British Prime Minister Gordon Brown is in Beijing for a three day visit to improve economic cooperation. One of this first engagements was watching a ping pong game between Chinese and British players along with Premier Wen Jiabao and Brown hopes that UK businesses will be the winners from a series of agreements signed on education, climate change and renewable energy.

He said: “We want Britain to be the number one destination of choice for Chinese business as it invests in the rest of the world. And I believe that the new level of partnership will raise the level of investment from Chinese firms into Britain and raise the amount of trade between our two countries.”

The two prime ministers agreed to increase trade between their countries by 50% to 40 billion euros in the next two years. Agreements worth 550 million euros were signed and the London Stock Exchange is opening a Beijing office.

The LSE is hoping to beat its US rivals in attracting lucrative Chinese initial public offerings of shares. The New York Stock Exchange and the Nasdaq opened offices in Beijing late last year.

At the ribbon cutting ceremony, Brown told reporters he would be urging Chinese leaders to consider allowing more companies to seek investors abroad and said he’d like to see a doubling in the number of Chinese firms listing their shares on the LSE within the next five years.