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CBBC, Wuhan sign MoU to boost economic ties

Xinhua, March 12, 2015 Adjust font size:

China-British Business Council (CBBC) and China's Wuhan Municipal People's government Wednesday sign a Memorandum of Understanding (MoU) to boost the economic, trade and cultural ties between the two sides.

Li Zuoqing, Vice Secretary-General of Wuhan Municipal People's government, said in CBBC's Business Conference 2015 here that Wuhan is the political, economic, cultural and business center of Central China that has a population of more than 10 million and a GDP scale of over one trillion RMB.

Li is also Director of Wuhan Commerce Bureau.

By voicing Wuhan's strengths in geographic location, infrastructure, transport, industries, technology and human capital, Li said the city is committed to building itself into national advanced manufacturing center, national commerce and logistics center as well as innovation center.

The China's central city aims at doubling its GDP in 2021, compared with that of 2014, he noted.

With the above prospects and blueprint, Wuhan is looking forward to further cooperation between Britain and Wuhan, Li said.

Data showed that by the end of 2014, there have been 281 UK-invested enterprises in Wuhan, with total investment volume of 4.93 billion U.S. dollars. The bilateral trade volume last year was 267 million dollars, accounting for 10.1 percent of Wuhan's total import-export volume.

Li highlighted that Britain is very competitive in sectors of automobiles, finance, manufacturing, exhibition, culture and education, both Wuhan and Britain see countless opportunities in these areas if both sides could cooperate together.

Nick Whittingham, Consul General of British Consulate-General Wuhan, said Britain also sees numerous opportunities in Wuhan's development, specifically in the sectors of healthcare, environmental protection, sustainable growth program and advanced manufacturing such as cars production.

He said Wuhan is a city with a quick pace of changes. It currently has more than 10,000 building plots and a massive transportation system that is under constructed.

Citing data from a forecasting report, Whittingham said by 2030 Wuhan will has the third largest city economy in China, strengthening its hub city status in the country.

CBBC is a business body helping British companies grow and develop their business in China. Endit