Britain seals stronger economic ties with China as two countries announce £2.4bn in new commercial deals

Britain is to forge closer economic ties with China after Chancellor George Osborne announced £2.4billion in new commercial deals with the People’s Republic.



As the annual economic summit between the two countries began in London, which already has a vibrant Chinatown, pictured, the Chinese bank ICBC won a UK branch licence.



And up to 25,000 Chinese visitors to this country will see the cost of their visas refunded.



Popular area: The vibrant Chinatown in London

The concession addresses criticisms by businesses that it is too costly for Chinese people to enter the country.

The two nations will also collaborate on building new cities, in a partnership that the Chancellor said would feed into the government’s proposal to build a ‘Northern Powerhouse’.

This refers to a plan to link up northern cities more effectively – in an effort to provide a counterbalance to London’s economic dominance.



The Chancellor and Chinese vice-premier Ma Kai announced a series of concrete deals that they had concluded.

