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British FM to attend China-UK financial meet
October 12, 2013, 11:24 am

According to a report in the London-based Financial Times on Saturday, Osborne will sign a memorandum of understanding with China during his trip next week to allow a Chinese state-owned nuclear firm to build a nuclear plant in Britain [Getty Images]

Osborne will sign an agreement with China during his trip next week to allow a Chinese state-owned nuclear firm to build a nuclear plant in Britain, according to a report [Getty Images]

The fifth China-UK Economic and Financial Dialogue will be held in Beijing on October 15, Chinese Foreign Ministry Spokeswoman Hua Chunying announced on Saturday.

Chinese Vice Premier Ma Kai and British Finance Minister George Osborne will co-chair the dialogue, which attracts high-level financial officials from the two countries, Hua said.

China and the UK will discuss macro-economic conditions and policies, international economic policy coordination, trade, investment relations and financial management as well as development and cooperation, she added.

The annual dialogue was initiated in 2008. UK is the only European country to hold this type of dialogue with the Chinese Government.

In June this year, China and Britain agreed on a currency swap deal, allowing exchanges of up to 200 billion RMB or 20 billion pounds.

According to a report in the London-based Financial Times on Saturday, Osborne will sign a memorandum of understanding with China during his trip next week to allow a Chinese state-owned nuclear firm to build a nuclear plant in Britain.

The deal would allow China’s largest nuclear power firm, Chinese General Nuclear Power Group (CGNPG) to operate a nuclear reactor in Britain.

With total assets of 268.9 billion yuan ($43.7 billion) reported in the first quarter, the company had an installed nuclear power generating capacity of 7.2 million kilowatts, accounting for 53 per cent of the country’s total.

CGNPG also operates in Namibia and Kazakstan, and is bidding for a nuclear power project in Turkey.

Source: Agencies

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