国内英语新闻:Britain hopes to strengthen economic cooperation with China, says business secretary

LONDON, Sept. 5 (Xinhua) -- Britain hopes to further expand cooperation with China in economic, financial and trade sectors, Business Secretary Lord Mandelson said Saturday.

    In a written interview with Xinhua on the eve of his visit to China, Mandelson, also the First Secretary of State, said economic and political relations between Britain and China are very strong.

    The High-Level Economic & Financial Dialogue would lead to collaboration in areas such as the development of financial services, the protection of intellectual property rights, and the establishment of a comprehensive social security system in China, Mandelson said.

    During Mandelson's visit, which begins Monday, he will give a speech at a low carbon business solution event in Beijing attended by about 250 British and Chinese companies. He will also sign a "Sustainable City" memorandum of understanding with Changsha, the capital of south central China's Hunan province.

    "The UK is keen to share its low carbon technology," Mandelson said, noting that Britain would like to export even more high-tech goods to China.

    Mandelson said the UK, by far, is the largest European investor in China and transfers much of its technology to the country through wholly owned subsidiaries and joint ventures.

    The business secretary expressed hope that China would improve its regulations to facilitate British companies' participation in its hi-tech sectors.

    China, Mandelson said, has taken every measure possible to mitigate the impact of the global financial crisis, which also has contributed to the recovery of the world economy.

    He called China's huge stimulus package "a very impressive commitment to rebuilding its economy and the welcome effects are already being felt."

    China has contributed to the rebalancing of the world economy by re-orienting its own growth model to stimulate domestic consumption, the business secretary said.

    Meanwhile, Mandelson also expected China to play a bigger part in pushing forward multilateral trade talks

    "I hope China will play an important role in achieving a conclusion to the Doha Development Round and I hope that the global recession has provided a sense of renewed urgency for this agreement", he said.

    As the former EU Trade Commissioner, Mandelson has never shied from voicing his objections to protectionism.

    Imposing tariffs on imports, he said, creates distortions in the global economy, which result in poverty and inequality.

    Trade is essential to the prosperity of the world economy and remains one of the main avenues open to increase productivity and growth, he said.

    "I hope that UK and China's joint efforts to foster closer trade and investment links in China's rapidly developing regional business centers will stimulate and serve to support new business partnerships," the business secretary said.

    Mandelson said China's process of gradually opening its capital market would deepen the capital and expertise available to Chinese companies as they increasingly look to expand overseas.

    "We are equally keen to work with the Chinese authorities and markets to enable foreign firms to list on its exchanges," he said.

    "We are very supportive of the State Council's desire for Shanghai to develop into a truly international financial center over the next 10 to 15 years and believe that an important step to building this profile will be the continued growth and diversification of China's capital markets."

    Mandelson also emphasized that there are many benefits from an internationalized Chinese yuan, which would promote greater stability in global foreign exchange markets.

    "A more widely traded Chinese currency will help Chinese companies win business in overseas markets," he said, "And a more market-oriented exchange rate will help China re-orient its economy towards domestic consumption, which would be in China's own interests."

    When it comes to the climate change issue, Mandelson noted that China is making strong efforts to reduce the growth of its greenhouse gas emissions. He pointed out that China currently aims to reduce consumption of energy per unit of GDP by 20 percent between 2005 and 2010.

    "Tackling climate change is a win-win business opportunity for both the UK and China," he said.

    Mandelson also called for international cooperation to deal with the world's other thorny issues.

    The global downturn has powerfully illustrated how important it is to have constructive engagement at the international level, he said.

    "We need international solutions to financial regulation, to tackling pollution and in fighting proliferation and terrorism. These are global challenges that require a global response," Mandelson said.